; and (2) include in the campaign under paragraph (1) a disclosure that a private loan that results from refinancing under a program established under the authority of this section is not eligible for income driven repayment or loan forgiveness. (c) Expiration of authority Three years after the date on which a credit facility is established under this Act, and not later than 5 years after the date of enactment of this Act, any new lending, purchase, or other activity initiated through the facilities established by the Secretary under subsection (a) shall cease, except the Federal guarantee described in subsection (a)(3) shall continue for the life of the private loan. II Exclusion for employer payment of interest on certain refinanced student loans 201. Exclusion for employer payment of interest on certain refinanced student loans (a) In general Paragraph (1) of section 127(c) of the Internal Revenue Code of 1986 is amended by striking and at the end of subparagraph (A), by redesignating subparagraph (B) as subparagraph (C), and by inserting after subparagraph (A) the following new subparagraph: (B) the payment by an employer, whether paid to the employee or to a lender, of any indebtedness of the employee under a qualified education refinance loan or any interest relating to such a loan, and . (b) Qualified education refinance loan Subsection (c) of section 127 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (8) Qualified education refinance loan The term qualified education refinance loan means any indebtedness used solely to refinance a qualified education loan (within the meaning of section 221(d)(1)) with respect to which the lender offers the borrower protection in the event of unemployment or financial hardship (as reasonably determined by the lender, including periods of forbearance or career assistance). . (c) Conforming amendment