; (2) by striking and (2) and inserting (2) ; and (3) by inserting ; and (3) to make loans under section 460A(b) after section 459A . 102. Program for the loan modification of eligible Federal Direct loans, and refinancing of other Federal student loans (a) Loan modification and refinancing Part D of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087a et seq. ) is amended by adding at the end the following: 460A. Program for the loan modification of eligible Federal Direct loans, and refinancing of other Federal student loans (a) Federal Direct Loan Modification The Secretary shall establish and implement, with respect to each borrower of an eligible Federal direct loan, procedures to— (1) modify, without any action from the borrower, the terms of such loan so that beginning on July 1, 2024, no interest shall accrue on such loan; and (2) allow the borrower, at any time, to opt out of the loan modification under paragraph (1) for such loan. (b) Refinancing eligible non-Federal direct loans as Federal Direct Consolidation Loans (1) In general The Secretary shall establish and implement, with respect to each borrower of an eligible non-Federal direct loan, procedures to— (A) refinance such loan in accordance with procedures listed in paragraph (2)