; (B) in paragraph (6), by striking the period at the end and inserting ; and ; and (C) by adding at the end the following: (7) provide that the institution accepts the institutional risk-sharing requirements under subsection (d), if applicable. ; and (2) by adding at the end the following: (d) Institutional risk-Sharing based on cohort nonrepayment loan balances (1) In general Beginning with fiscal year 2022 and each succeeding fiscal year, each institution of higher education participating in the direct student loan program under this part shall remit to the Secretary, at such times as the Secretary may specify, a risk-sharing payment based on the cohort nonrepayment loan balance of the institution, as determined under paragraph (2). (2) Determination of risk-sharing payments (A) Determination of cohort loan balance The cohort loan balance of an institution for a fiscal year equals the total principal amount of all loans made under this part to attend such institution for the cohort of borrowers who entered repayment, deferment, or forbearance on such loans in the third preceding fiscal year for which the determination is made. (B) Determination of cohort nonrepayment loan balance (i) In general The cohort nonrepayment loan balance of an institution for a fiscal year equals, from the total amount of the loans described in subparagraph (A), the total loan balance of those borrowers who have not made at least a 1 dollar reduction in their principal balance in the 3 consecutive fiscal years since their loans entered repayment, deferment, or forbearance. (ii) Exception The cohort nonrepayment loan balance calculation under clause (i) shall not take into consideration a borrower who was— (I) in deferment on repayment of a loan described in subparagraph (A) in the 3 consecutive fiscal years described in clause (i) due to study in an approved graduate fellowship program or in an approved rehabilitation training program for the disabled