; and (V) allows the borrower to instruct postsecondary educational lenders or servicers to apply payments in a manner preferred by the borrower, including excess payments. (v) Method that best benefits borrower In promulgating the rules under clause (iv), the Director shall choose the allocation method that best benefits the borrower and is compatible with existing repayment options. (H) Late fees (i) In general A late fee may not be charged to a borrower for a postsecondary education loan under any of the following circumstances, either individually or in combination: (I) On a per-loan basis when a borrower has multiple postsecondary education loans. (II) In an amount greater than 4 percent of the amount of the payment past due. (III) Before the end of the 15-day period beginning on the date the payment is due. (IV) More than once with respect to a single late payment. (V) The borrower fails to make a singular, non-successive regularly-scheduled payment on the postsecondary education loan. (ii) Coordination with subsequent late fees No late fee may be charged to a borrower for a postsecondary education loan relating to an insufficient payment if the payment is made on or before the due date of the payment, or within any applicable grace period for the payment, if the insufficiency is attributable only to a late fee relating to an earlier payment, and the payment is otherwise a full payment for the applicable period. (iii) Payments at local branches If the loan holder, in the case of a postsecondary education loan account referred to in subparagraph (A), is a financial institution that maintains a branch or office at which payments on any such account are accepted from the borrower in person, the date on which the borrower makes a payment on the account at such branch or office shall be considered to be the date on which the payment is made for purposes of determining whether a late fee may be imposed due to the failure of the borrower to make payment on or before the due date for such payment. (I) Borrower