from a borrower who has a loan obligation on an eligible private education loan, shall issue such borrower a loan under this section in accordance with the following: (A) The loan issued under this section shall be in an amount equal to the sum of the unpaid principal, accrued unpaid interest, and late charges of the private education loan. (B) The Secretary shall pay the proceeds of the loan issued under this section to the private educational lender (or subsequent holder) of the private education loan, in order to discharge the borrower and any cosigners from any remaining obligation to the lender with respect to the private education loan. (C) The Secretary shall require that the borrower undergo loan counseling that provides all of the information and counseling required under clauses (i) through (viii) of section 485(b)(1)(A) before the carrying out subparagraphs (A) and (B) with respect to such borrower. (D) The Secretary shall issue the loan as a Federal Direct Stafford Loan with a rate of interest determined under subsection (b). (b) Interest rate (1) In general The interest rate for a Federal Direct Stafford Loan issued under this section shall be— (A) in the case of a Federal Direct Stafford Loan discharging the liability on a private education loan issued for undergraduate postsecondary educational expenses, a rate equal to the rate for Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans issued to undergraduate students for the 12-month period beginning on July 1, 2021, and ending on June 30, 2022