; and (ii) for the 3-year period beginning on the date of the closure of such eligible institution, will not require a student enrolled in such eligible institution on the date of such closure (and students withdrawn from such eligible institution in the 120 days prior to such date) who requests the student records of such student to purchase such records or otherwise charge such student a fee with respect to such records. (C) Report Not later than 60 days after submitting an application under paragraph (1), an eligible institution shall submit the record-management plan required under subparagraph (A) and the assurance under subparagraph (B) to the accrediting agency and, if applicable, the State authorizing agency, of such eligible institution. (4) Teach-out plan Not later than 60 days after submitting an application under paragraph (1), an eligible institution shall submit a teach-out plan approved by the accrediting agency of such eligible institution to the Secretary and, if applicable, the State authorizing agency of such eligible institution. (5) Letter of credit during pending application Notwithstanding section 498(c)(3)(A) of the Higher Education Act of 1965 ( 20 U.S.C. 1099c(c)(3)(A) ), the Secretary may not use the composite score of an eligible institution (as determined under section 668.171(b)(1) of title 34, Code of Federal Regulations) to require the eligible institution to submit a new letter of credit or increase the value of an existing letter of credit while the institution has an application pending under paragraph (1) . (6) Notification of application and status The eligible institution shall notify the accrediting agency and, if applicable, the State authorizing agency, of such institution— (A) that the institution has submitted an application under paragraph (1) to the Secretary not later than 10 days after submitting such application