Assembly Bill A9649

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9649
 
                           I N  A S S E M B L Y
 
                              March 27, 2024
                                ___________
 
 Introduced  by  M. of A. RAGA -- read once and referred to the Committee
   on Banks
 
 AN ACT to amend the banking law, in relation to information included  in
   student financial aid award letters
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 9-w of the banking law, as amended by section 1  of
 part  CC  of  chapter  54  of  the  laws  of 2016, is amended to read as
 follows:
   § 9-w. Standard financial aid  award  letter.  The  superintendent  of
 financial  services  in  consultation  with  the president of the higher
 education services corporation shall develop a  standard  financial  aid
 award  letter  which  shall  clearly delineate (a) the estimated cost of
 attendance, including but not limited to, the cost of tuition and  fees,
 room  and  board,  books, and transportation. Such standard letter shall
 provide the estimated cost of attendance for the current  academic  year
 as  well as estimates for each academic year that the student would need
 to attend to earn a degree at such institution with  a  disclaimer  that
 the  cost  of  attendance for years other than the current academic year
 are estimates and may be  subject  to  change,  (b)  all  financial  aid
 offered from the federal government, the state, and the institution with
 an  explanation  as  to which components will require repayment, (c) any
 expected student and/or family contribution, (d) NET COSTS,  DEFINED  AS
 AN  ESTIMATE  OF  THE COSTS OF ATTENDANCE AFTER FINANCIAL AID WHICH DOES
 NOT REQUIRE REPAYMENT, (E) campus-specific graduation, median borrowing,
 and loan default rates, (F) OPTIONS FOR LOANS WHICH  DO  REQUIRE  REPAY-
 MENT,  and  [(e)]  (G) any other information as determined by the super-
 intendent in consultation with the president. Such standard letter shall
 include a glossary of standard terms and definitions used on such stand-
 ard letter. The superintendent shall publish  and  make  available  such
 standard letter by December thirty-first, two thousand fifteen and ther-
 eafter.  Each college, vocational institution, and any other institution
 that offers an approved program as defined in section six hundred one of
 the education law shall  utilize  the  standard  letter  issued  by  the
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD13228-02-3
 A. 9649                             2
 
 department  of  financial  services  in  responding to all undergraduate
 financial aid applicants for  the  two  thousand  sixteen--two  thousand
 seventeen academic year and thereafter. The superintendent shall promul-
 gate regulations implementing this section.
   §  2.  This  act shall take effect on the thirtieth day after it shall
 have become a law.