NY S01137

Amends Banking Law Section 9-w to require 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.

Requires the award letter to include estimated loan repayment impact using actual loan terms, expected repayment schedule, payoff amounts, or a standard ten-year repayment term with assumed interest rates if actual terms are unavailable.

Mandates disclosure of total expected payoff amount (principal and interest combined) and expected monthly payment for outstanding loans.

Requires the standard letter to include estimated cost of attendance, all financial aid offered, student/family contribution, campus graduation and loan default rates, and a glossary of standard terms.

Effective immediately upon enactment.