; and (2) who has one or more loans described in paragraph (1) or (2) of subsection (b) with an interest rate that exceeds 5 percent. (f) Notification to borrowers The Secretary, in coordination with the Director of the Bureau of Consumer Financial Protection, shall undertake a campaign to alert borrowers of loans that are eligible for refinancing under this section that the borrowers are eligible to apply for such refinancing. The campaign shall include the following activities: (1) Developing consumer information materials about the availability of Federal student loan refinancing. (2) Requiring servicers of loans under this part or part B to provide such consumer information to borrowers in a manner determined appropriate by the Secretary, in consultation with the Director of the Bureau of Consumer Financial Protection. . 403. Refinancing private student loans Part D of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087a et seq. ), as amended by section 402 , is further amended by adding at the end the following: 460B. Federal Direct Refinanced Private Loan program (a) Definitions In this section: (1) Eligible private education loan The term eligible private education loan means a private education loan, as defined in section 140(a) of the Truth in Lending Act ( 15 U.S.C. 1650(a) ), that— (A) was disbursed to the borrower before July 1, 2024; and (B) was for the borrower’s own postsecondary educational expenses for an eligible program at an institution of higher education participating in the loan program under this part, as of the date that the loan was disbursed. (2) Federal direct refinanced private loan The term Federal Direct Refinanced Private Loan means a loan issued under subsection (b)(1) . (3) Private educational lender The term private educational lender has the meaning given the term in section 140(a) of the Truth in Lending Act ( 15 U.S.C. 1650(a) ). (4) Qualified borrower The term qualified borrower means an individual who— (A) has an eligible private education loan