; and (2) reduced below such standard rate by a percentage that is proportionate to the reduced risk posed by the loan, as determined by the Secretary. (f) List of participating institutions On an annual basis, the Secretary shall publish, on a publicly accessible website of the Department of Education, a list that identifies each institution participating in the program under this section for an academic year. (g) Eligible direct loan defined In this section, the term eligible direct loan means a loan made under this part on or after July 1, 2020. . 3. Modification of cohort default rate threshold (a) In general Section 435(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1085(a) ) is amended— (1) in paragraph (2)— (A) by striking subparagraphs (B) and (C) and inserting the following: (B) For purposes of determinations under subparagraph (A), the threshold percentage is— (i) 40 percent, in the case of an institution that is participating in the institutional cosigner program under section 454A in the year in which the cohort default rate is determined; or (ii) 30 percent, in the case of an institution that is not participating in such program in the year in which the cohort default rate is determined. ; and (B) by redesignating subparagraph (D) as subparagraph (C); (2) in paragraph (3), by striking paragraph (2)(B)(iv) and inserting paragraph (2)(B) ; and (3) in paragraph (7), by striking paragraph (2)(B)(iv) each place it appears and inserting paragraph (2)(B) . (b) Effective date The amendments made by subsection (a) shall take effect on July 1, 2020.