NY S01991

Requires standard financial aid award letters to include estimated loan repayment impact showing expected repayment schedule and total payoff amounts for outstanding student loans

Mandates disclosure of expected monthly payment amounts based on actual loan terms or, if unavailable, assumes a standard 10-year repayment term with assumed interest rate

Requires the total expected payoff amount to include both principal and interest on current outstanding loan balances

Applies to all colleges, vocational institutions, and other institutions offering approved programs under Education Law section 601

Amends Banking Law section 9-w, which already requires financial aid letters to include cost of attendance estimates, aid breakdowns, graduation rates, and loan default rates