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NY S07859
Bill
Status
Engrossed
6/6/2024
Primary Sponsor
Andrew Gounardes
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 minus non-repayable financial aid
- Mandates award letters display options for loans requiring repayment alongside other aid components
- Requires letters detail estimated costs of attendance for current academic year and each subsequent year needed to earn a degree, with disclaimers that future-year estimates may change
- Specifies award letters must include campus-specific graduation rates, median borrowing amounts, and loan default rates
- Takes effect thirty 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
6/6/2024
Committee Referrals
Banks6/6/2024
Rules5/30/2024
Banks1/3/2024
Full Bill Text
No bill text available