; (B) the interest rate for the loan, as determined under subsection (e); and (C) a field in which an authorized representative of an institution participating in the program may cosign the note on behalf of the institution; and (2) ensure that each institution participating in the program signs the note applicable to each new eligible direct loan made to a student at the institution for the academic year concerned. (d) Cosigner and borrower liability (1) In general Notwithstanding any other provision of law, an institution of higher education that is a cosigner of an eligible direct loan of a borrower shall assume the obligation to repay, in accordance with paragraph (2), the outstanding balance of principal and interest due on the loan if— (A) the borrower defaulted on the loan; (B) a period of 90 days has elapsed since the date on which the loan entered default; and (C) the loan has not been rehabilitated. (2) Amount and schedule of repayment An institution that is obligated to repay an eligible direct loan under paragraph (1) shall make payments on the loan pursuant to a standard repayment plan under section 455(d)(1)(A) with a repayment period of 10 years. (3) Termination of obligation The obligation of an institution to repay an eligible direct loan under paragraph (1) shall terminate on the earlier of— (A) the date on which the loan is rehabilitated