|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to higher education|
|Jan 09, 2013||referred to higher education|
senate Bill S1563
Archive: Last Bill Status -
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1563 - Details
S1563 - Summary
Enacts the "financial aid disclosure act"; makes definitions; requires institutions of higher education to disclose financial aid policies relating to contributions to be made by such institution, any changes which may result to such financial aid and the reasons therefor; makes board of regents in charge of enforcement.
S1563 - Sponsor Memo
BILL NUMBER:S1563 TITLE OF BILL: An act to amend the education law, in relation to financial aid disclosure PURPOSE: This legislation protects students and those responsible for the payment of enrollment costs for that student at an institution of higher education by requiring that institutions of higher education disclose their policies regarding adjustments to financial aid awards. SUMMARY OF PROVISIONS: This legislation requires that an institution of higher education disclose to students and prospective students its financial aid policy regarding adjustments made by the institution to an individual's financial aid award. JUSTIFICATION: Due to the rising costs of receiving higher education, students often rely on financial aid awards when choosing which college they will attend. Financial aid is often awarded to students when several factors such as the individual's income, financial need, outside scholarships, grants, the school's available pool of financial aid, etc. are considered. Many times some of these factors change during the course of the individual's attendance at the institution, resulting in a subsequent change in the individual's financial aid package. This legislation would require the institution to disclose its policy concerning how changes in these factors might cause adjustments in the individual's financial aid package. In addition the
S1563 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1563 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sens. LAVALLE, DeFRANCISCO, LARKIN, RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Higher Education AN ACT to amend the education law, in relation to financial aid disclo- sure THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The education law is amended by adding a new article 14-B to read as follows: ARTICLE 14-B FINANCIAL AID DISCLOSURE ACT SECTION 698. SHORT TITLE. 698-A. DEFINITIONS. 698-B. DISCLOSURE OF FINANCIAL AID POLICY. S 698. SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AS THE "FINANCIAL AID DISCLOSURE ACT." S 698-A. DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS UNLESS OTHERWISE SPECIFIED: 1. "INSTITUTION OF HIGHER EDUCATION" SHALL HAVE THE SAME MEANING AS DEFINED IN ARTICLE FOURTEEN-A OF THIS CHAPTER. 2. "STUDENT" MEANS ANY INDIVIDUAL OR GROUP OF INDIVIDUALS RESPONSIBLE FOR PAYING THE COST OF AN ENROLLED STUDENT'S HIGHER EDUCATION, INCLUDING BUT NOT LIMITED TO A STUDENT AND HIS OR HER FAMILY. 3. "FINANCIAL AID AWARD" MEANS ANY SCHOLARSHIP, GRANT, LOAN OR OTHER FINANCIAL AID COMPENSATION AWARDED TO A STUDENT BY OR ADMINISTERED THROUGH AN INSTITUTION OF HIGHER EDUCATION WITH THE PURPOSE OF DECREAS- ING THE STUDENT'S COST OF ATTENDANCE AT AN INSTITUTION OF HIGHER EDUCA- TION. 4. "OUTSIDE FINANCIAL AID AWARD" MEANS ANY SCHOLARSHIP, GRANT, AWARD OR OTHER TYPE OF FINANCIAL ASSISTANCE AWARDED TO A STUDENT BY OR ADMIN- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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