; and and inserting the option of repaying the loan in accordance with a repayment plan described in paragraph (9)(C) established by the lender in accordance with regulations of the Secretary; and ; and (2) in paragraph (9), by adding at the end the following: (C) Selection of repayment plans on and after july 1, 2019 (i) Opportunity to change repayment plans Notwithstanding any other provision of this paragraph, or any other provision of law, and in accordance with regulations, beginning on July 1, 2019, the lender shall offer a borrower of a loan made, insured, or guaranteed under this part the opportunity to change repayment plans, and to enroll in one of the following repayment plans: (I) A fixed repayment plan described in section 493E. (II) The income-based repayment plan under section 493C(f). . 4042. Conforming amendment to separate joint consolidation loans Section 428C(a)(3)(B)(i)(V) of the Higher Education Act of 1965 ( 20 U.S.C. 1078–3(3)(B)(i)(V) ) is amended— (1) by striking or at the end of item (bb); (2) by striking the period at the end of item (cc) and inserting ; or ; and (3) by adding at the end the following: (dd) for the purpose of separating a joint consolidation loan into 2 separate Federal Direct Consolidation Loans under section 455(g)(2). . 4043. Disbursement of student loans Section 428G of the Higher Education Act of 1965 ( 20 U.S.C. 1078–7(a) ) is amended— (1) in subsection (a) by adding at the end the following: (5) Adjusted cohort default rate Beginning on the date on which the final adjusted cohort default rates are published by the Secretary for not less than 3 fiscal years under section 435(m), an institution whose adjusted cohort default rate (as determined under section 435(m)) for each of the 3 most recent fiscal years for which data are available is less than 5 percent may disburse any loan made, insured, or guaranteed under this part in a single installment for any period of enrollment that is not more than 1 semester, 1 trimester, 1 quarter, or 4 months.