; and (B) refund the amount of interest calculated under subparagraph (A), by— (i) paying the holder of the loan the amount of the interest calculated under subparagraph (A), to be applied to the loan balance for the borrower of such loan; or (ii) if there is no outstanding balance or payment due on the loan as of the date on which the refund is to be provided, providing a payment in the amount of the interest calculated under subparagraph (A) directly to the borrower. (3) Suspension of interest capitalization (A) In general With respect to any Federal student loan, interest that accrued but had not been paid prior to March 13, 2020, and had not been capitalized as of such date, shall not be capitalized. (B) Transition The Secretary or, as applicable, the Secretary of Health and Human Services, shall ensure that any interest on a Federal student loan that had been capitalized in violation of subparagraph (A) is corrected and the balance of principal and interest due for the Federal student loan is adjusted accordingly. . 134. Notice to borrowers Section 3513(g) of division A of the Coronavirus Aid, Relief, and Economic Security Act ( Public Law 116–136 ) is amended— (1) in the matter preceding paragraph (1), by striking the Secretary and inserting the Secretary or, as applicable, the Secretary of Health and Human Services, ; (2) in paragraph (1)(D), by striking the period and inserting a semicolon; (3) in paragraph (2)— (A) in the matter preceding subparagraph (A), by striking August 1, 2020 and inserting August 1, 2021 ; and (B) by amending subparagraph (B) to read as follows: (B) that— (i) a borrower of a Federal student loan made, insured, or guaranteed under part B or D of title IV of the Higher Education Act of 1965 may be eligible to enroll in 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 ), including a brief description of such repayment plans