Requires the higher education services corporation to make a determination of financial eligibility of a student for financial aid, awards and loans within 60 days from the day of the receipt of the financial aid application; where the higher education services corporation fails to make a timely determination the applicant shall be deemed eligible for such aid for the semester for which the application was made; allows for a 30-day extension if notice is given to the educational institution within the initial 60-day period.
S T A T E O F N E W Y O R K
________________________________________________________________________
4897
2025-2026 Regular Sessions
I N A S S E M B L Y
February 10, 2025
___________
Introduced by M. of A. PRETLOW -- read once and referred to the Commit-
tee on Higher Education
AN ACT to amend the education law, in relation to general and academic
performance awards, student loans and tuition assistance program
awards
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 665 of the education law is amended by adding a new
subdivision 8 to read as follows:
8. TIMELINESS OF FINANCIAL AID DETERMINATIONS. NOTWITHSTANDING ANY
OTHER PROVISION OF LAW, THE CORPORATION SHALL MAKE ITS DETERMINATION OF
FINANCIAL AID ELIGIBILITY WITHIN SIXTY DAYS FROM THE DAY OF THE RECEIPT
OF THE COMPLETED FINANCIAL AID APPLICATION FROM THE STUDENT. IN THE
EVENT THAT SUCH FINANCIAL AID DETERMINATION IS NOT MADE BY THE CORPO-
RATION WITHIN SIXTY DAYS AFTER RECEIPT OF THE COMPLETED FINANCIAL AID
APPLICATION FROM THE STUDENT, SUCH STUDENT SHALL BE DEEMED ELIGIBLE TO
RECEIVE FINANCIAL AID FOR THE SEMESTER FOR WHICH THE COMPLETED FINANCIAL
AID APPLICATION IS MADE; PROVIDED, HOWEVER, THAT THE CORPORATION MAY
OBTAIN AN ADDITIONAL THIRTY DAY EXTENSION TO MAKE ITS ELIGIBILITY DETER-
MINATION UPON WRITTEN NOTIFICATION TO THE INSTITUTION WITHIN SIXTY DAYS
THAT ADDITIONAL TIME IS NECESSARY TO EXAMINE AND REVIEW THE COMPLETED
FINANCIAL AID APPLICATION OF SUCH STUDENT.
§ 2. This act shall take effect on the first of July in the second
year next succeeding the year in which it shall have become a law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07676-01-5
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