; and (B) the opportunity for such borrower to make an election under paragraph (3)(A) with respect to the application of such loan relief to the private education loans of such borrower. (3) Distribution of funding (A) Election by borrower Not later than 45 days after a notice is sent under paragraph (2), a borrower may elect to apply the amount determined with respect to such borrower under paragraph (1) to any private education loan of the borrower. (B) Automatic payment (i) In general In the case of a borrower who does not make an election under subparagraph (A) before the date described in such subparagraph, the Secretary of the Treasury shall apply the amount determined with respect to such borrower under paragraph (1) in order of the private education loan of the borrower with the highest interest rate. (ii) Equal interest rates In case of two or more private education loans described in clause (i) with equal interest rates, the Secretary of the Treasury shall apply the amount determined with respect to such borrower under paragraph (1) first to the loan with the highest principal. (c) Application only to economically distressed borrowers This section shall only apply to a borrower of a private education loan who is an economically distressed borrower. (d) Definitions In this section: (1) Fair debt collection practices act terms The terms creditor and debt collector have the meaning given those terms, respectively, under section 803 of the Fair Debt Collection Practices Act ( 15 U.S.C. 1692a ). (2) Private education loan The term private education loan has the meaning given the term in section 140 of the Truth in Lending Act ( 15 U.S.C. 1650 ). (3) Economically distressed borrower defined The term economically distressed borrower has the meaning given that term under section 140(h)(8) of the Truth in Lending Act, as added by section 501. VI Standing Up for Small Businesses, Minority-Owned Businesses, and Non-Profits 601. Restrictions on collections of small business and nonprofit debt during a national