NY A05601

Amends Banking Law Section 9-w to require the superintendent of financial services to include estimated loan repayment information in standard financial aid award letters.

Requires award letters to disclose the estimated loan repayment impact using a standard ten-year repayment term and assumed interest rate, including total expected payoff amount (principal and interest) and expected monthly payment.

Maintains existing requirements for award letters to include estimated cost of attendance, all financial aid offered, expected student/family contribution, and campus-specific graduation and loan default rates.

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

Takes effect immediately upon enactment.