rate, until the payment is exhausted. A borrower may instruct or expressly authorize a covered lender, servicer, or assignee to allocate such excess payments in a different manner. (3) Allocation of exact payments Unless otherwise directed by the borrower upon receipt of a payment that exactly satisfies the monthly payments for each loan, the covered lender, servicer, or assignee shall allocate payments to satisfy each monthly payment. (4) Promulgation of rules The Bureau may issue rules for the allocation of payments among multiple postsecondary education loans that comply with the requirements of subsection (f)(2). (5) Method that best benefits borrower In promulgating the rules under paragraph (4), the Director shall choose the allocation method that best benefits the borrower and is compatible with existing repayment options. (h) Late fees (1) In general A late fee may not be charged to a borrower for a postsecondary education loan under any of the following circumstances, either individually or in combination: (A) On a per-loan basis when a borrower has multiple postsecondary education loans. (B) In an amount greater than 4 percent of the amount of the payment past due. (C) Before the end of the 15-day period beginning on the date the payment is due. (D) More than once with respect to a single late payment. (E) The borrower fails to make a singular, non-successive regularly scheduled payment on the postsecondary education loan. (2) Coordination with subsequent late fees No late fee may be charged to a borrower for a postsecondary education loan relating to an insufficient payment if the payment is made on or before the due date of the payment, or within any applicable grace period for the payment, if the insufficiency is attributable only to a late fee relating to an earlier payment, and the payment is otherwise a full payment for the applicable period. (3) Payments at local branches If the loan holder, in the case of a postsecondary education loan account, is a financial institution that maintains a branch