; and (II) notify the borrower, in writing, prior to such consolidation that— (aa) the borrower's loans under this part have been consolidated at a lower interest rate; and (bb) the borrower's repayment plan and the other terms and conditions of the borrower's loan remain unchanged. (ii) Other Loans In the case of a borrower who has 1 or more loans described under clause (ii) or (iii) of subparagraph (B), the Secretary shall— (I) initiate the loan consolidation process for the loans described under clause (ii) or (iii) of subparagraph (B), not later than 90 days after the date of enactment of the Federal Student Loan Refinancing Act , by sending a completed loan consolidation application to the borrower; (II) notify the borrower, as part of such application, that a fee will be assessed and that the interest rate of the Federal Direct Consolidation Loan will be set in accordance with paragraph (2); and (III) notify the borrower, as part of such application, that if the borrower wishes to consolidate in accordance with the completed application, the borrower must endorse the application and submit the application to the Secretary not more than 6 months after receipt of the application. (2) Terms of loans The following terms and conditions shall apply to a Federal Direct Consolidation Loan made under this subsection: (A) The applicable rate of interest on a Federal Direct Consolidation Loan made under this subsection shall be— (i) 4 percent; or (ii) in a case in which the weighted average of the interest rates on the outstanding loans of a borrower that will be consolidated is less than 4 percent, the lesser of— (I) the weighted average of the interest rates on the outstanding loans of a borrower that will be consolidated; or (II) a rate of interest equal to— (aa) 4 percent