Bill
Bill > S00664
NY S00664
NY S00664Relates to including information concerning repayment of outstanding loans in the standard financial aid award letter.
summary
Introduced
01/06/2021
01/06/2021
In Committee
05/04/2022
05/04/2022
Crossed Over
05/04/2022
05/04/2022
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to amend the banking law, in relation to including information concerning repayment of outstanding loans in the standard financial aid award letter
AI Summary
This bill amends the Banking Law to require that the standard financial aid award letter include information concerning the repayment of outstanding student loans. Specifically, the letter must provide the estimated loan repayment impact using a standard 10-year repayment term and assumed interest rate, including the total expected payoff amount and expected monthly payment. The bill also requires the letter to include a glossary of standard terms and definitions used in the letter. The letter must be used by all colleges, vocational institutions, and other institutions offering approved programs in responding to undergraduate financial aid applicants starting in the 2016-2017 academic year.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
referred to banks (on 05/04/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/S664 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S00664&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S00664 |
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