; and (2) by adding at the end the following: (k) Default rate fine (1) In general Each institution shall pay to the Secretary an annual default rate fine in accordance with this subsection in an amount determined under paragraph (2). (2) Fine (A) In general Each institution shall pay a default rate fine for a fiscal year in an amount that is equal to the applicable percentage of outstanding loans. (B) Applicable percentage In this paragraph the term applicable percentage means a percentage equal to— (i) 15 percent