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NY A09649
Bill
Status
Introduced
3/27/2024
Primary Sponsor
Steven Raga
Click for details
AI Summary
- Amends Banking Law Section 9-w to require standard financial aid award letters include net costs, defined as estimated attendance costs after non-repayable financial aid
- Requires award letters to disclose loan options that require repayment
- Mandates inclusion of campus-specific graduation rates, median borrowing amounts, and loan default rates
- Applies to all colleges, vocational institutions, and other institutions offering approved education programs
- Takes effect 30 days after becoming law
Legislative Description
Requires student financial aid award letters to contain information on net costs, defined as an estimate of the costs of attendance after financial aid which does not require repayment and options for loans which do require repayment.
Last Action
referred to banks
3/27/2024
Committee Referrals
Banks3/27/2024
Full Bill Text
No bill text available