; (B) providing borrowers with an easily accessible method to opt out of the benefits provided under this subsection; and (C) notifying the borrower that the program under this subsection is a temporary program and will end on February 1, 2021. (5) Suspension of involuntary collection Until February 1, 2021, the holder of a private education loan shall immediately take action to halt all involuntary collection related to the loan. (6) Mandatory forbearance During the period in which the Secretary of the Treasury is making payments on a loan under paragraph (1), the servicer of such loan shall grant the borrower forbearance as follows: (A) A temporary cessation of all payments on the loan other than the payments of interest and principal on the loan that are made under paragraph (1). (B) For borrowers who are delinquent but who are not yet in default before the date on which the Secretary begins making payments under paragraph (1), the retroactive application of forbearance to address any delinquency. (7) Data to implement Holders and servicers of private education loans shall report, to the satisfaction of the Secretary of the Treasury, the information necessary to calculate the amount to be paid under this subsection. (8) Application only to economically distressed borrowers (A) In general This subsection shall only apply to a borrower of a private education loan who is an economically distressed borrower. (B) Economically distressed borrower defined In this paragraph, the term economically distressed borrower means a borrower of a private education loan who, as of March 12, 2020— (i) based on financial state or other conditions, would be otherwise eligible, if the borrower instead had a Federal student loan, of having a monthly payment due on such loan of $0 pursuant to an income-contingent repayment plan under section 455(d)(1)(D) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(d)(1)(D) ) or an income-based repayment plan under section 493C of such Act ( 20 U.S.C. 1098e )