; and (B) by inserting and before July 1, 2024, after July 1, 2013, each place it appears; (2) by redesignating paragraphs (9) and (10) as paragraphs (10) and (11), respectively; and (3) by inserting after paragraph (8) the following new paragraph: (9) Interest rate provisions for new loans on or after July 1, 2024 (A) Rate for FDSL, FDUSL, and PLUS loans Notwithstanding the preceding paragraphs of this subsection, for Federal Direct Stafford Loans, Federal Direct Unsubsidized Stafford Loans, and Federal Direct PLUS Loans, for which the first disbursement is made on or after July 1, 2024, the applicable rate of interest shall, for loans disbursed during any 12-month period beginning on July 1 and ending on June 30, be determined on the preceding June 1 and be equal to the lesser of— (i) a rate equal to the high yield of the 10-year Treasury note auctioned at the final auction held prior to such June 1; or (ii) 5.0 percent. (B) Consolidation loans Notwithstanding the preceding paragraphs of this subsection, any Federal Direct Consolidation Loan for which the application is received on or after July 1, 2024, shall— (i) bear interest at an annual rate on the unpaid principal balance of the loan that is equal to the lesser of— (I) the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of one percent; or (II) 5.0 percent; and (ii) only accrue interest on the percentage of such Federal Direct Consolidation Loan that is equal to— (I) the amount of the sum of the unpaid principal on the loans consolidated