NY S00664

Amends banking law Section 9-w to require the standard financial aid award letter to include estimated loan repayment information using a standard ten-year repayment term and assumed interest rate on outstanding loans.

Requires disclosure of total expected loan payoff amount (principal and interest) and expected monthly payment amounts in the financial aid award letter.

Directs the superintendent of financial services in consultation with the president of the higher education services corporation to develop and publish the updated standard letter.

Mandates that all colleges, vocational institutions, and institutions offering approved programs under education law section 601 utilize the updated standard letter for undergraduate financial aid applicants beginning in the 2016-2017 academic year and thereafter.

Superintendent must promulgate regulations to implement this requirement and include a glossary of standard terms and definitions in the award letter.