; and (7) by inserting after subparagraph (E) the following: (F) New loans on or after July 1, 2024 (i) In general Notwithstanding the preceding subparagraphs of this paragraph, for Federal Direct Unsubsidized Stafford Loans, Federal Direct PLUS Loans, and Federal Direct Consolidation Loans for which the first disbursement is made, or the application is received, on or after July 1, 2024, the applicable rate of interest shall be as follows: (I) Zero percent For a loan that is disbursed to a borrower with a total adjusted available income (as determined for the most recent award year for which data is available) that is not more than 400 percent of the applicable area median income, 0 percent on the unpaid principal balance of the loan. (II) One percent For a loan that is disbursed to a borrower with a total adjusted available income (as determined for the most recent award year for which data is available) that is more than 400 percent of the applicable area median income, but not more than 500 percent of such applicable median income, 1 percent on the unpaid principal balance of the loan. (III) Two percent For a loan that is disbursed to a borrower with a total adjusted available income (as determined for the most recent award year for which data is available) that is more than 500 percent of the applicable area median income, but not more than 600 percent of such applicable median income, 2 percent on the unpaid principal balance of the loan. (IV) Three percent For a loan that is disbursed to a borrower with a total adjusted available income (as determined for the most recent award year for which data is available) that is more than 600 percent of the applicable area median income, but not more than 700 percent of such applicable median income, 3 percent on the unpaid principal balance of the loan. (V) Four percent For a loan that is disbursed to a borrower with a total adjusted available income (as determined for the most recent award year for which data is available) that is more than 700 percent of the