; (bb) be signed by the student entering such student loan contract after completion of such counseling; and (cc) be used only for the award year for which the initial loans are made under the contract, and shall not be valid for additional loans for the same or subsequent periods of enrollment. . (b) Loan disclosures Section 432(m)(1)(D) of the Higher Education Act of 1965 ( 20 U.S.C. 1082(m)(1)(D) ) is further amended by adding after clause (iv) (as amended) the following: (v) Loan disclosures For loans made for periods of enrollment beginning on or after the date of enactment of the Aim Higher Act, the Secretary shall take such steps as are necessary to streamline the student loan disclosure requirements under this Act. The Secretary shall ensure that information required to be disclosed to a student who is applying for, receiving, or preparing to repay a loan under part D of this Act shall be streamlined in a manner that— (I) reduces and simplifies the paperwork students are required to complete; and (II) limits the number of times students are presented with disclosures by incorporating the streamlined disclosures into required student loan counseling under section 485(l), the student loan contract under this subparagraph, or both. . 4045. Cohort default rates (a) Ineligibility based on high default rates (1) In general Section 435(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1085(a) ) is amended— (A) in paragraph (7)(A), by adding at the end the following: (iii) Default management plan The default management plan required under clause (II) may not include placing students in forbearance as a means of reducing the cohort default rate of the institution.