Bill > S04652

This bill amends the Banking Law to require the Superintendent of Financial Services, in consultation with the President of the Higher Education Services Corporation, to develop a standard financial aid award letter that includes information about the estimated cost of attendance, all financial aid offered, expected student/family contribution, and campus-specific graduation, median borrowing, and loan default rates. The bill also requires the letter to include the estimated loan repayment impact using a standard 10-year repayment term and assumed interest rate on the current amount of outstanding loans, including total expected payoff amount and expected monthly payment. Colleges and other eligible institutions must use this standard letter when responding to undergraduate financial aid applicants starting in the 2016-2017 academic year.