senate Bill S1137

2023-2024 Legislative Session

Relates to including information concerning repayment of outstanding loans in the standard financial aid award letter

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate

  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 01, 2023 referred to banks
delivered to assembly
passed senate
Jan 23, 2023 advanced to third reading
Jan 18, 2023 2nd report cal.
Jan 17, 2023 1st report cal.124
Jan 10, 2023 referred to banks

Votes

view votes

Jun 1, 2023 - floor Vote

S1137
58
0
floor
58
Aye
0
Nay
0
Absent
5
Excused
0
Abstained
show floor vote details

Floor Vote: Jun 1, 2023

aye (58)
excused (5)

Jan 17, 2023 - Banks committee Vote

S1137
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

Banks Committee Vote: Jan 17, 2023

aye (7)

Co-Sponsors

S1137 (ACTIVE) - Details

See Assembly Version of this Bill:
A4515
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §9-w, Bank L
Versions Introduced in Other Legislative Sessions:
2017-2018: A8450
2019-2020: S4652, A1932
2021-2022: S664, A5601

S1137 (ACTIVE) - Summary

Relates to including information concerning repayment of outstanding loans in the standard financial aid award letter.

S1137 (ACTIVE) - Sponsor Memo

S1137 (ACTIVE) - Bill Text download pdf 

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1137
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 10, 2023
                                ___________
 
 Introduced by Sens. SANDERS, LIU, MANNION, MAY -- read twice and ordered
   printed, and when printed to be committed to the Committee on Banks
 
 AN  ACT  to  amend the banking law, in relation to including information
   concerning repayment of outstanding loans in  the  standard  financial
   aid award letter

   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) campus-specific  gradu-
 ation, median borrowing, and loan default rates, [and] (e) THE ESTIMATED
 LOAN  REPAYMENT  IMPACT  USING  A  STANDARD  TEN YEAR REPAYMENT TERM AND
 ASSUMED INTEREST RATE ON THE CURRENT AMOUNT OF OUTSTANDING LOANS INCLUD-
 ING TOTAL EXPECTED PAYOFF AMOUNT INCLUSIVE OF  PRINCIPAL  AND  INTEREST,
 AND  EXPECTED  MONTHLY  PAYMENT, AND (F) any other information as deter-
 mined by the superintendent in consultation  with  the  president.  Such
 standard  letter  shall  include  a glossary of standard terms and defi-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04743-01-3

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