; or (B) $10,000. (2) Notification of borrowers Not later than 270 days after the last day of the COVID–19 emergency period, the Secretary of the Treasury shall notify each qualified borrower of— (A) the requirements to provide loan relief to such borrower under this section; 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 covered loans and 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 qualified 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 qualified borrower who does not make an election under subparagraph (A) before the date described in such paragraph, 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 qualified 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. (4) 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.)