NY S04652

Requires 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 based on a standard ten-year repayment term, assumed interest rate, total expected payoff amount including principal and interest, and expected monthly payment for outstanding loans.

Requires all colleges, vocational institutions, and approved programs to use the standard letter issued by the Department of Financial Services when responding to undergraduate financial aid applicants beginning with the 2016-2017 academic year.

Award letter must also include estimated cost of attendance, all financial aid offered, student/family contribution expectations, campus-specific graduation rates, median borrowing amounts, loan default rates, and a glossary of standard terms.

Takes effect immediately upon enactment.