NY A08450

Amends banking law to require the superintendent of financial services and president of the higher education services corporation to develop a standard financial aid award letter for all colleges and vocational institutions.

Mandates the award letter include estimated loan repayment impact using a standard ten-year repayment term with assumed interest rate, total expected payoff amount (principal and interest), and expected monthly payment.

Requires award letters to clearly present estimated cost of attendance, all financial aid offered, student/family contribution expectations, and campus-specific graduation, median borrowing, and loan default rates.

Mandates all colleges, vocational institutions, and approved programs utilize the standard letter issued by the department of financial services for undergraduate financial aid applicants beginning with the 2016-2017 academic year and thereafter.

Requires the standard letter to include a glossary of standard terms and definitions used on the letter.