; or (2) $10,000. (b) Notification of borrowers Not later than 270 days after the last day of the COVID–19 emergency period, the Secretaries concerned shall notify each qualified borrower of— (1) the requirements to provide loan relief to such borrower under this section; and (2) the opportunity for such borrower to make an election under subsection (c)(1) with respect to the application of such loan relief to the covered loans and private education loans of such borrower. (c) Distribution of funding (1) Election by borrower Not later than 45 days after a notice is sent under subsection (b), a qualified borrower may elect to apply the amount determined with respect to such borrower under subsection (a) to— (A) any covered loan of the borrower; (B) any private education loan of the borrower