; (B) by redesignating paragraph (6) as paragraph (7); and (C) by inserting after paragraph (5) the following new paragraph: (6) remit annual risk-sharing payments to the Secretary in accordance with the requirements under subsection (d); and ; and (2) by adding at the end the following new subsection: (d) Risk-Sharing requirements (1) Annual risk-sharing payments required Beginning in award year 2024–2025, each institution of higher education participating in the direct student loan program under this part shall, for qualifying student loans, remit to the Secretary, at such time as the Secretary may specify, an annual risk-sharing payment for each student cohort of the institution, based on the non-repayment balance of such cohort and calculated in accordance with paragraph (3) . (2) Student cohorts (A) Cohorts established For each institution of higher education, the Secretary shall establish student cohorts, beginning with award year 2023–2024, as follows: (i) Completing student cohort For each program of study at such institution, a student cohort comprised of all students who received Federal financial assistance under this title and who completed such program during such award year. (ii) Undergraduate non-completing student cohort For such institution, a student cohort comprised of all students who received Federal financial assistance under this title, who were enrolled in the institution during the previous award year in a program of study leading to an undergraduate credential, and who at the time the cohort is established— (I) have not completed such program of study