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NY A01932
Bill
Status
Introduced
1/18/2019
Primary Sponsor
Kenneth Zebrowski
Click for details
AI Summary
- Amends Banking Law Section 9-w to require the superintendent of financial services to include estimated loan repayment impact in the standard financial aid award letter
- Requires disclosure of loan repayment using a standard ten-year repayment term and assumed interest rate, including total expected payoff amount with principal and interest, and expected monthly payment
- Maintains existing requirements for the award letter including estimated cost of attendance, financial aid offered, student/family contribution, and campus-specific graduation and loan default rates
- Requires all colleges, vocational institutions, and approved program providers to use the department of financial services standard letter for undergraduate financial aid applicants starting in the 2016-2017 academic year and thereafter
- Takes effect immediately upon enactment
Legislative Description
Relates to including information concerning repayment of outstanding loans in the standard financial aid award letter.
Last Action
referred to banks
1/8/2020
Committee Referrals
Banks1/18/2019
Full Bill Text
No bill text available