; or (ii) make a one-time election to— (I) terminate repayment pursuant to the repayment plan described in clause (i) and enter the income-based repayment plan under this subsection; or (II) terminate repayment pursuant to the repayment plan described in clause (i) and enter a fixed repayment plan described in section 493E; and (B) who makes an election under subparagraph (A)(ii), shall not repay a loan described in paragraph (1)(B) under a repayment plan that is not an income-based repayment plan under this subsection or a fixed repayment plan described in section 493E. . 5. Fixed repayment plan Part G of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1088 et seq.) is further amended by adding at the end the following: 493E. Fixed repayment plan (a) In general A borrower of a loan made under this part on or after July 1, 2021, and a borrower who is in repayment on a loan made, insured, or guaranteed under part B or part D before July 1, 2021, may elect to repay such loan under the fixed repayment plan described in this section. (b) Fixed repayment plan Under the fixed repayment plan, a borrower whose total outstanding amount of principal and interest on such a loan (as of the day before entering repayment on such loan)— (1) is equal to or less than $20,000, shall repay such loan with a fixed monthly repayment amount paid over a period of 10 years; (2) is more than $20,000 and less than $30,000, shall repay such loan with a fixed monthly repayment amount paid over a period of— (A) 15 years; or (B) the period described in paragraph (1), if the borrower elects such period; (3) is equal to or greater than $30,000, and less than $40,000, shall repay such loan with a fixed monthly repayment amount paid over a period of— (A) 20 years; or (B) the period described in paragraph (1) or (2), if the borrower elects such period; and (4) is equal to or greater than $40,000, shall repay such loan with a fixed monthly repayment amount paid over a period of— (A) 25 years