; and (ii) with respect to a borrower who seeks to enter into an agreement under paragraph (2) after the initial qualifying date, means— (I) a borrower of an eligible Federal Direct loan who is not entitled to collect old-age insurance benefits under title II of the Social Security Act as of the date of the agreement under paragraph (2), including a borrower who is a defaulted borrower; and (II) who was eligible for a deferment under subsection (f)(2)(A) at any time during the five-year period preceding the date of the agreement under paragraph (2). (E) Student loan forgiveness credit The term student loan forgiveness credit means the cancellation of the obligation of a qualified borrower to repay $550 in eligible Federal Direct loans in exchange for delayed eligibility for old-age insurance benefits as specified in title II of the Social Security Act (as amended by the Student Security Act of 2017). . 3. Delayed eligibility for old-age insurance benefits (a) Retirement age; early retirement age Section 216(l) of the Social Security Act ( 42 U.S.C. 416(l) ) is amended by adding at the end the following: (4) Notwithstanding the preceding paragraphs of this subsection, in the case of an individual who receives one or more student loan forgiveness credits under section 455(r) of the Higher Education Act of 1965— (A) the retirement age with respect to such individual shall be deemed to be— (i) the retirement age determined with respect to such individual under paragraph (1); plus (ii) a number of additional months equal to the number of student loan forgiveness credits received by the individual under such section 455(r); and (B) the early retirement age with respect to such individual shall be deemed to be— (i) the early retirement age determined with respect to such individual under paragraph (2)