(and such student's subsequent repayment or monthly payment on such loan) is attributed to each institution for attendance at which the student received such loan for which the student entered the 3rd year of repayment in the fiscal year for which the on-time repayment rate is being determined. (B) Treatment of consolidation loans For purposes of determining whether a student is in repayment (or has paid a monthly payment) on a loan under section 428C or a Federal Direct Consolidation Loan, only the portion of such loan that is used to repay a covered loan received for attendance at the institution whose on-time repayment rate is being determined shall be considered for purposes of such rate. (3) Determination of when monthly payment is paid For purposes of determining the on-time repayment rate of an institution, a student shall be considered to have paid a monthly payment on a covered loan if one of the following applies: (A) The amount of such monthly payment has been paid not later than 30 days after the date on which such monthly payment is due, except that a monthly payment by the institution, such institution’s owner, agent, contractor, employee, or any other entity or individual affiliated with such institution made on behalf of a student who is not employed by the institution shall not be considered a paid monthly payment on such loan. (B) The monthly payment amount due on such loan is equal to zero. (C) The full amount due on the loan has been repaid or the liability on the loan has been otherwise discharged under this Act. (D) The student is in a period of deferment, other than— (i) a deferment due to an economic hardship described section 427(a)(2)(C)(iii), 428(b)(1)(M)(iv), or 455(f)(2)(D)