; and (B) before the borrower selects a new repayment plan, the Secretary shall notify the borrower of the most affordable and generous repayment plan available to the borrower. (3) Economic hardship (A) In general A borrower of a covered loan who, due to an economic hardship, is unable to make payments with respect to such loan on or after the first day on which the borrower’s payment obligations on such loan are no longer suspended, may apply to the Secretary for an economic hardship deferment for the period beginning on the date of enactment of the Student Loan Borrower Safety Net Act of 2023 and ending on the date that is one year after the first day on which the borrower’s payment obligations on such loan are no longer suspended. To apply for such a deferment, a borrower shall submit a written, verbal, or electronic certification of such economic hardship to the Secretary. (B) Notification The Secretary and any other servicer of a covered loan shall notify borrowers who miss a payment on such a loan of the availability of— (i) income-driven repayment plans available in accordance with paragraph (1) ; and (ii) an economic hardship deferment under this paragraph. (C) Treatment of borrower with economic hardship In the case of a borrower who submits certification of an economic hardship under subparagraph (A) , the Secretary shall treat such borrower in the same manner as a borrower with an economic hardship under section 435(o) of the Higher Education Act of 1965 ( 20 U.S.C. 1085(o) ). (j) Missed payments In the case of a borrower of a covered loan who misses a payment or payments on such a loan for the 60-day period beginning on the first day on which the borrower’s payment obligations on such loan are no longer suspended, the Secretary or the holder of a loan described in subsection (k)(2) shall— (1) hold such loan in administrative forbearance for a 90-day period beginning on the date that is 60 days after the first day on which the borrower’s payment obligations on such loan are no longer suspended