; and (cc) any such student who is in a period of forbearance for 3 or more years shall be counted as in default and included in the institution’s total number of students in default. (II) Such rate shall be multiplied by the percentage of students enrolled at the institution for such fiscal year who are borrowing a loan under part D of this title. (ii) The result obtained under this subparagraph for an institution shall be referred to in this Act as the adjusted cohort default rate . . (c) Publication of adjusted cohort default rate Section 435(m) of the Higher Education Act of 1965 ( 20 U.S.C. 1085(m) ) is amended by adding at the end the following: (5) Beginning on the date on which the final adjusted cohort default rates for fiscal year 2016 are made available for publication by the Secretary, paragraph (4) shall be applied by substituting adjusted cohort default with cohort default . . 4046. Conforming amendments The Higher Education Act of 1965 ( 20 U.S.C. 1001 et seq.) is amended in section 435(a)(5)(A)(i)(I) ( 20 U.S.C. 1085(a)(5)(A)(i)(I) ), by striking under section 401(b)(2)(A) and inserting , as appropriate, under section 401(b)(2)(A) (as in effect on the day before the effective date of the Aim Higher Act) or section 401(b)(1). . 4047. Automatic income monitoring procedures after a total and permanent disability discharge Section 437(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1087(a) ) is amended by adding at the end the following: (3) Automatic income monitoring (A) In general Not later than 2 years after the date of enactment of the Aim Higher Act, the Secretary shall establish and implement, with respect to any borrower described in subparagraph (B), procedures to— (i) obtain (for each year of the income-monitoring period described in subparagraph (B) and without further action by the borrower) such information as is reasonably necessary regarding the income of such borrower (and the borrower’s spouse, if applicable) for the purpose of determining the borrower’s continued eligibility for