; (ii) any private education loan of the borrower; and (iii) any combination of the loans described in clauses (i) and (ii). (B) Automatic payment (i) In general In the case of a qualified borrower who does not make an election under subparagraph (A) before the date described in such paragraph, the Secretaries concerned shall apply the amount determined with respect to such borrower under paragraph (1) in order of the covered loan or private education loan of the qualified borrower with the highest interest rate. (ii) Equal interest rates In case of two or more covered loans or private education loans described in clause (i) with equal interest rates, the Secretaries concerned shall apply the amount determined with respect to such borrower under paragraph (1) first to the loan with the highest principal. (4) Data to implement (A) Secretary of education Contractors of the Secretary of Education and lenders and guaranty agencies holding loans made, insured, or guaranteed under part B shall report, to the satisfaction of the Secretary of Education, the information necessary to calculate the amount to be applied under paragraph (1). (B) Secretary of treasury 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 applied under paragraph (1). (5) Memorandum of understanding The Secretaries concerned shall enter into a memorandum of understanding to carry out this subsection. (6) Definitions In this subsection: (A) Covered loan The term covered loan means— (i) a loan made, insured, or guaranteed under part B of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1071 et seq.); (ii) a loan made under part D of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087a et seq.)