; (iii) the options of the borrower to prepay the IDEA Consolidation Loan; (iv) the consequences of default on the IDEA Consolidation Loan; and (v) that by applying for an IDEA Consolidation Loan, the borrower is not obligated to agree to take the consolidation loan. (b) Interest rate Notwithstanding section 499B(e), an IDEA Consolidation Loan for which the application is received on or after July 1, 2018, shall bear interest at an annual rate on the unpaid principal balance of the loan that is equal to the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of one percent. Interest that accrues on such an IDEA Consolidation Loan shall not be capitalized. 2 IDEA Loan Repayment Program 1 Establishment of the IDEA Loan Repayment Program 499D. Dutiesof the Secretary ofthe Treasury (a) In general As part of the IDEA Loan Repayment Program established under this subpart, the Secretary of the Treasury shall, with respect to each individual for whom a loan made under this part is in repayment status during a taxable year, transmit to the Secretary of Education— (1) in the case of such an individual who files an income tax return for such taxable year, such tax information as is necessary to determine the individual’s income-based repayment obligation under section 499E