; and (2) by inserting ; and (3) to make loans under section 460A and section 460B after section 459A . (b) Refinancing Program Part D of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087a et seq.) is amended by adding at the end the following: 460A. Refinancing FFEL and Federal Direct Loans (a) In general Beginning not later than 12 months after the date of enactment of the Student Loan Debt Relief Act of 2020, the Secretary shall establish a program under which the Secretary automatically refinances loans made under this part in accordance with the provisions of this section, in order to lower the rate of interest on such loans. (b) Refinancing Direct Loans (1) Federal Direct Loans With respect to each Federal Direct Stafford Loan, Federal Direct Unsubsidized Stafford Loan, Federal Direct PLUS Loan, and Federal Direct Consolidation Loan, for which the first disbursement was made to a borrower, or the application for the consolidation loan was received from a borrower, on or before the date of enactment of the Student Loan Debt Relief Act of 2020, the Secretary shall, without any further action by the borrower (other than under subparagraph (C))— (A) discharge the liability on such Federal Direct Stafford Loan, Federal Direct Unsubsidized Stafford Loan, Federal Direct PLUS Loan, or Federal Direct Consolidation Loan; (B) issue to the borrower a new Federal Direct Stafford Loan, Federal Direct Unsubsidized Stafford Loan, Federal Direct PLUS Loan, or Federal Direct Consolidation Loan, respectively— (i) in an amount equal to the sum of the unpaid principal, accrued unpaid interest, and late charges of the loan for which the liability is being discharged under subparagraph (A); and (ii) which has the same terms and conditions as the original loan, except that the rate of interest shall be determined under subsection (c)