; and (2) a Monthly Insurance Fee payable each month calculated on annual basis equal to 1.05 percent of the average principal plus accrued unpaid interest for the prior month of the Refinancing Loans disbursed under this section. (g) No special allowance No special allowance under section 438 shall be paid with respect to the portion of any Refinancing Loan. (h) Terms and conditions of refinancing loans (1) In general A Refinancing Loan made under this section shall have the same terms and conditions as the loans authorized under section 455, except as otherwise provided in this section. (2) No automatic extension of repayment period Refinancing a loan under this section may, at the behest of the eligible borrower, result in the extension of the duration of the repayment period of the loan. In addition, a borrower may, at the time of making the Refinancing Loan, enroll in any repayment plan for which the eligible borrower is eligible in accordance with section 455(d)(3). (3) Borrower benefits Eligible lenders may offer any borrower benefits, including interest rate and principal reductions as desirable in connection with Refinancing Loans. In addition to such benefits, and any other benefits required of Consolidation loans authorized under section 455— (A) Refinancing Loans may, to the extent offered under the Direct Loan Program, also offer— (i) an income contingent repayment plan; (ii) an income-based repayment plan; (iii) a Pay As You Earn (PAYE) Repayment Plan; and (iv) the public service loan forgiveness program under section 455(m); and (B) Refinancing Loans shall, to the extent offered under the Direct Loan Program, also offer— (i) the benefit for active duty service members benefit offered under section 455(o); (ii) deferment as provided for in section 435; (iii) forbearance as provided for in section 435