; or (B) creating a new educational program that is substantially similar to a program determined to be ineligible under subsection (a). (4) Collection and reporting of loan repayment rates (A) In general The Secretary shall publish not less often than once every fiscal year a report showing final loan repayment data for each program at each institution of higher education for which a loan repayment rate is calculated under this section. (B) Publication The Secretary shall publish the report described in subparagraph (A) by September 30 of each year. (C) Drafts (i) In general The Secretary shall provide institutions with draft loan repayment rates for each educational program at the institution at least 6 months prior to the release of the final rates under subparagraph (A). (ii) Challenge of draft rates An institution may challenge a program’s draft loan repayment rate provided under clause (i) for any fiscal year by demonstrating to the satisfaction of the Secretary that such draft loan repayment rate is not accurate. (e) Transition period (1) During the transition period During the transition period, the cohort default rate for each institution of higher education shall be calculated under section 435(m)(1) for each fiscal year for which such rate has not yet been calculated and any requirements with respect to such rates shall continue to apply, except that the loans with respect to which such cohort default rate shall be calculated shall be the covered loans defined in subsection (c)(4). (2) After the transition period After the transition period, no new cohort default rates shall be calculated for an institution of higher education and any requirements with respect to such rates shall cease to apply. (3) Definitions For purposes of this subsection— (A) the term cohort default rate has the meaning given the term in section 435(m); and (B) the term transition period means the period— (i) beginning on the date of enactment of the PROSPER Act