; and (ii) in subparagraph (B)(i), by substituting adjusted cohort default rate is equal to or greater than 20 percent for cohort default rate is equal to or greater than the threshold percentage specified in paragraph (2)(B)(iv) ; and (G) paragraph (8) shall be applied by substituting adjusted cohort default rate for cohort default rate both places it appears. (11) Exception for transition to adjusted cohort default rate metric (A) In general During a period of transition to using an adjusted cohort default rate, any public institution with an adjusted cohort default rate that equals or exceeds 20 percent may request a transition exception to continue to be an eligible institution for purposes of title IV. (B) Exception review The Secretary, with respect to an institution requesting an exception under subparagraph (A), shall— (i) review such institution to determine whether during year 4 of repayment the institution’s default rate rose higher than the default rate during year 3 of repayment; and (ii) if such rate is higher than 10 percent, require such institution to develop a default management plan as specified in section 435(a)(7). (C) Transition period limit An exception under subparagraph (A) shall expire not later than 2 years after the date on which the first year of the adjusted cohort default rate is published with respect to the institution for which the exception applies. . (2) Conforming amendments Section 435(a)(2) of the Higher Education Act of 1965 ( 20 U.S.C. 1085(a) ) is amended— (A) in the paragraph heading, by adding at the end the following: before fiscal year 2016