; and (B) shall conduct a program review under this subsection of each institution of higher education that poses a significant risk of failure to comply with this title, as described in paragraphs (2) and (3). (2) Mandatory reviews (A) In general The Secretary shall, on an annual basis, conduct program reviews of each institution of higher education participating in a program authorized under this title that meets 1 or more of the following criteria: (i) The Secretary determines that— (I) more than 15 percent of the students enrolled at the institution have received a Federal Direct Unsubsidized Stafford Loan during the previous year; and (II) the institution has a cohort default rate, as defined in section 435(m), that is more than 20 percent. (ii) The Secretary determines that— (I) the institution has a cohort default rate, as defined in section 435(m), that exceeds the national average, as determined by the Secretary in accordance with such section