of the loan obligations (including interest and fees) on all covered loans that are outstanding as of the date of completion of such fifth year of qualifying service. (B) Timing The years of qualifying service required under subparagraph (A) may be consecutive or nonconsecutive, and the qualifying educator may elect which years of qualifying service to use for purposes of subparagraph (A). (2) Monthly loan forgiveness Upon application by any qualifying educator who has a covered loan and who is engaged in qualifying service, and in addition to any loan forgiveness under paragraph (1), the Secretary shall enter into an agreement with such qualifying educator, under which— (A) during the period of qualifying service (for qualifying service that occurs after the date of implementation of this Act), the Secretary agrees to assume the obligation to repay the minimum monthly obligation on all covered loans of the qualifying educator, based on the repayment plan selected by the qualifying educator, for— (i) each month of qualifying service