; or (II) the interest rate on the original loan. (iv) The interest rate for any such original loan that is a loan under section 428C or a Federal Direct Consolidation Loan shall be the weighted average of the interest rates determined under this subparagraph for each loan for which the liability is discharged by the proceeds of such consolidation loan. (v) The interest rate for any original loan for which the liability was discharged with the proceeds of a loan made under section 428C or a Federal Direct Consolidation Loan and is not described in clauses (i) through (iv) shall be the interest rate on such original loan. (3) Fixed rate The applicable rate of interest determined under paragraph (1) for a loan issued under this section shall be fixed for the period of the loan. (d) Repayment periods A loan issued under this section shall not result in the extension of the duration of the repayment period of the original loan, and the borrower shall retain the same repayment term that was in effect on the original loan. Nothing in this paragraph shall be construed to prevent a borrower from electing a different repayment plan at any time in accordance with section 455(d)(3). (e) Original loan defined In this section, the term original loan means a loan for which the liability is discharged with the proceeds of a loan issued under this section. 460B. Refinancing of private education loans (a) Program authorized (1) In general During the period beginning on the date that is 6 months after the date of enactment of the Student Loan Debt Relief Act of 2020, and ending on the date that is 9 months after such date of enactment, the Secretary, in consultation with the Secretary of the Treasury, shall carry out a program under which the Secretary, upon receiving an application 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