; or (bb) if more than one income-driven repayment plan would offer the borrower the same lowest monthly payment amount, provide the borrower with the income-driven repayment plan that has the most favorable terms for the borrower; and (II) if the plan selected under subclause (I) is not the income-driven repayment plan that would have the lowest monthly payment amount if the borrower were eligible for such plan for the borrower’s covered loans and noncovered loans, notify the borrower of the actions, if any, the borrower may take to become eligible for such income-driven repayment plan; and (ii) in a case in which none of the borrower’s covered loans are eligible for an income-driven repayment plan, notify the borrower of the actions, if any, the borrower may take for such a loan to become eligible for such a plan. (D) Opt-out A borrower of a covered loan shall have the right to opt out of the procedures under this paragraph. (E) Procedures The Secretary shall establish procedures as are necessary to effectively implement this paragraph. . (2) Definitions Section 455(d) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(d) ), as amended by paragraph (1), is further amended by adding at the end the following: (8) Definitions In this subsection: (A) Covered loan The term covered loan means— (i) a loan made under this part; (ii) a loan purchased under section 459A