; (bb) such a student shall be counted as entering repayment for the first fiscal year for which the student ceases to be in a period of forbearance and otherwise meets the requirements for being in repayment; and (cc) any such student who is in a period of forbearance for three or more years shall be counted as in default and included in the institution’s total number of students in default. (II) Such rate shall be multiplied by the percentage of students enrolled at the institution for such fiscal year who are borrowing a loan under part D of this title. (ii) The result obtained under this subparagraph for an institution shall be referred to in this Act as the adjusted cohort default rate . . (c) Publication of adjusted cohort default rate Section 435(m) of the Higher Education Act of 1965 ( 20 U.S.C. 1085(m) ) is further amended by adding at the end the following: (5) Beginning on the date on which the final adjusted cohort default rates for fiscal year 2023 are made available for publication by the Secretary, paragraph (4) shall be applied by substituting adjusted cohort default for cohort default each place it appears. . 7. Adjusted cohort default rate Section 487(a)(14) of the Higher Education Act of 1965 is amended by adding at the end the following: (D) Beginning on the date on which the final adjusted cohort default rates are published by the Secretary for fiscal year 2023 under section 435(m), subparagraph (C) shall be applied by substituting adjusted cohort default rate in excess of 5 percent for cohort default rate in excess of 10 percent each place it appears. . 8. Program review and data Section 498A of the Higher Education Act of 1965 ( 20 U.S.C. 1099c–1 ) is amended in subsection (a)(2), by striking subparagraph (A) and inserting the following: (A) institutions with an adjusted cohort default rate for loans under part D of this title in excess of 18 percent or which places such institutions in the highest 25 percent of such institutions