; (C) paragraph (4) shall be applied— (i) in subparagraph (C), by substituting adjusted cohort default rate is greater than 15 percent for cohort default rate equals or exceeds 20 percent ; and (ii) in the matter following subparagraph (C), by substituting adjusted cohort default rate to reflect the percentage of defaulted loans in the representative sample that are required to be excluded pursuant to subsection (m)(1)(B) for cohort default rate to reflect the percentage of defaulted loans in the representative sample that are required to be excluded pursuant to subsection (m)(1)(B) ; (D) paragraph (5)(A) shall be applied by substituting paragraph (9) for paragraph (2) ; and (E) paragraph (7) shall be applied— (i) in subparagraph (A)(i)— (I) in the matter preceding subclause (I), by substituting adjusted cohort default rate is greater than 20 percent for cohort default rate is equal to or greater than the threshold percentage specified in paragraph (2)(B)(iv) ; and (II) in subclauses (I) and (II), by substituting adjusted cohort default rate for cohort default rate ; and (ii) in subparagraph (B)(i), by substituting adjusted cohort default rate is greater than 20 percent for cohort default rate is equal to or greater than the threshold percentage specified in paragraph (2)(B)(iv) . . (2) Conforming amendments Section 435(a)(2) of the Higher Education Act of 1965 ( 20 U.S.C. 1085(a) ) is amended— (A) in the paragraph heading, by adding at the end the following: before fiscal year 2023