; or (B) loans made before July 1, 2026; whichever occurs earlier. . IV School Accountability for Student Loans 401. School accountability for student loans (a) Default rate fine Section 487 of the Higher Education Act of 1965 ( 20 U.S.C. 1094 ), as amended by section 201, is further amended— (1) in subsection (a), by adding at the end the following: (31) The institution will pay a default rate fine that is determined pursuant to subsection (k).