; and (ii) except in the case of a loan described in clause (i) or (ii) of subparagraph (C), is not included in any other student cohort of any institution of higher education. (C) Special circumstances (i) Multiple credentials In the case of a student who completes two or more programs of study during the same award year, each qualifying student loan of the student shall be included in the student cohort for each of such program of study for such award year. (ii) Treatment of certain consolidation loans A Federal Direct Consolidation loan made under this title shall not be considered a qualifying student loan for a student cohort for an award year if all of the loans included in such consolidation loan are attributable to another student cohort. (iii) Consolidation after inclusion in a student cohort If a qualifying student loan is consolidated into a consolidation loan under this title after such qualifying student loan has been included in a student cohort, the percentage of the consolidation loan that was attributable to such student cohort at the time of consolidation shall remain attributable to the student cohort for the life of the consolidation loan. (3) Calculation of risk-sharing payments (A) Risk-sharing payment formula For each student cohort of an institution of higher education established under this subsection, the annual risk-sharing payment for such cohort shall be equal to— (i) the risk-sharing percentage determined for the cohort in accordance with subparagraph (B)