; and (ii) repay the loan pursuant to the repayment assistance plan under section 455(e)(9). (E) Prohibitions The Secretary may not— (i) authorize a borrower of a loan made under this part on or after July 1, 2024, to repay such loan pursuant to a repayment plan that is not described in clause (i) or (ii) of subparagraph (A); or (ii) carry out or modify a repayment plan for any loan made under this part on or after July 1, 2024, that is not described in such clause (i) or (ii). . (b) Repayment assistance plan Section 455(e) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(e) ) is amended by adding at the end the following: (9) Repayment assistance plan (A) In general Notwithstanding any other provision of this Act, beginning on July 1, 2024, the Secretary shall carry out a repayment assistance program that shall have the terms and conditions of an income-contingent repayment plan described in paragraphs (1) through (8), except that— (i) a borrower of any loan made under this part (other than an excepted PLUS loan or excepted consolidation loan), may elect to have the borrower’s aggregate monthly payment for all such loans not exceed the applicable monthly payment for the borrower, except that a borrower may not be precluded from repaying an amount that exceeds such applicable monthly payment for any month; (ii) the Secretary shall apply the borrower’s monthly payment under this paragraph first toward interest due on such a loan, next toward any fees due on the loan, and then toward the principal of the loan; (iii) any principal due and not paid under clause (ii) shall be deferred; (iv) the amount of time the borrower makes monthly payments under clause (i) may exceed 10 years; (v) notwithstanding paragraph (7), the Secretary shall repay or cancel any outstanding balance of principal and interest due on all loans made under this part (other than excepted PLUS loans or excepted consolidation loans) to a borrower— (I) who, at any time, elected to participate in a repayment assistance plan under clause (i)