Bill > A01932

This bill amends the banking law to require that the standard financial aid award letter include information about the repayment of outstanding loans, such as the estimated loan repayment impact, the total expected payoff amount, and the expected monthly payment. The bill also requires colleges and other institutions that offer approved programs to use the standard financial aid award letter starting in the 2016-2017 academic year. The superintendent of financial services, in consultation with the president of the higher education services corporation, is responsible for developing and publishing the standard letter.