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NY A03464
Bill
Status
1/27/2025
Primary Sponsor
Steven Raga
Click for details
AI Summary
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Requires standard financial aid award letters to include "net costs," defined as the estimated cost of attendance after subtracting financial aid that does not require repayment (grants and scholarships)
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Mandates that award letters include information about loan options that do require repayment as a separate category
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Applies to all colleges, vocational institutions, and other institutions offering approved programs for undergraduate financial aid applicants
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Amends existing banking law requirements for standardized financial aid letters developed by the Superintendent of Financial Services in consultation with the Higher Education Services Corporation
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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
substituted by s4200
6/9/2025