; 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); and (C) provide the borrower an opportunity to opt-out of the refinancing under this paragraph. (2) Refinancing FFEL program loans as refinanced Federal Direct Loans (A) In general With respect to each loan that was made, insured, or guaranteed under part B and for which the first disbursement was made to a borrower, or the application for the consolidation loan was received from a borrower, before July 1, 2010, the Secretary shall, without any further action by the borrower (other than to provide the borrower an opportunity to opt-out of the refinancing under this paragraph), issue to the borrower a loan made under this part— (i) in an amount equal to the sum of the unpaid principal, accrued unpaid interest, and late charges of the loan selected to be so refinanced; (ii) the proceeds of which shall be paid to the holder of the loan selected to be so refinanced to discharge the liability on such loan; and (iii) which has a rate of interest determined under subsection (c). (B) Designation of loans A loan issued under this section the proceeds of which is discharging the liability on a loan made, insured, or guaranteed— (i) under section 428 shall be a Federal Direct Stafford Loan; (ii) under section 428B shall be a Federal Direct PLUS Loan; (iii) under section 428H shall be a Federal Direct Unsubsidized Stafford Loan