the closure date (or in the case of exceptional circumstances described in subparagraph (B), not more than the period by which such 120-day period is extended under such subparagraph. In the case of a loan made, insured, or guaranteed under this part, a guaranty agency shall notify the Secretary immediately whenever it becomes aware of reliable information indicating an institution may have closed. (ii) Borrower address (I) Known If the borrower's current address is known, the Secretary shall mail the borrower a discharge application and an explanation of the qualifications and procedures for obtaining a discharge. The Secretary or the guaranty agency shall promptly suspend any efforts to collect from the borrower on any affected loan. The Secretary may continue to receive borrower payments of the loan for which the discharge application has been filed. (II) Unknown If the borrower's current address is unknown, the Secretary shall attempt to locate the borrower and determine the borrower's potential eligibility for a discharge described in subparagraph (A) by consulting with representatives of the closed institution, the institution's licensing agency, the institution's accrediting agency, and other appropriate parties. If the Secretary learns the new address of a borrower, the Secretary shall mail to the borrower a discharge application and explanation, and shall suspend collection on the loan, as described in subclause (I). (iii) Sworn statement If a borrower fails to submit the written request and sworn statement described subparagraph (A) not later than 60 days after date on which the Secretary mails the discharge application under clause (ii), the Secretary— (I) shall resume collection on the loan and grant forbearance of principal and interest for the period in which collection activity was suspended