; and (2) in paragraph (2), by inserting , final adjusted cohort default rate, or on-time repayment rate, before determination . (b) Effective date The amendment made by paragraph (1) shall take effect as if included in section 703 of the FAFSA Simplification Act (title VII of division FF of Public Law 116–260 ) and subject to the effective date of section 701(b) of such Act, as amended by section 102(a) of the FAFSA Simplification Act Technical Corrections Act (division R of Public Law 117–103 ) (including the authorization provided under section 102(c)(1)(A) of such Act). 5. Disbursement of student loans Section 428G of the Higher Education Act of 1965 ( 20 U.S.C. 1078–7(a) ) is amended— (1) in subsection (a), by adding at the end the following: (5) Adjusted cohort default rate Beginning on the date on which the final adjusted cohort default rates are published by the Secretary for not less than 3 fiscal years under section 435(m), an institution whose adjusted cohort default rate (as determined under section 435(m)) for each of the 3 most recent fiscal years for which data are available is less than 5 percent may disburse any loan made, insured, or guaranteed under this part in a single installment for any period of enrollment that is not more than 1 semester, 1 trimester, 1 quarter, or 4 months.