Bill
Bill > A05601
NY A05601
NY A05601Relates to including information concerning repayment of outstanding loans in the standard financial aid award letter.
summary
Introduced
02/22/2021
02/22/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
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 the inclusion of information concerning the repayment of outstanding loans in the standard financial aid award letter. The standard financial aid award letter must now include the estimated loan repayment impact using a standard 10-year repayment term and assumed interest rate, as well as the total expected payoff amount inclusive of principal and interest, and the expected monthly payment. This change aims to provide students with more comprehensive information about the financial implications of their student loans when making decisions about their education.
Committee Categories
Business and Industry
Sponsors (9)
Vivian Cook (D)*,
Donna Lupardo (D)*,
Ken Zebrowski (D)*,
Sandy Galef (D),
Aileen Gunther (D),
Kimberly Jean-Pierre (D),
Jo Anne Simon (D),
Michaelle Solages (D),
Clyde Vanel (D),
Last Action
referred to banks (on 01/05/2022)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/A5601 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A05601&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A05601 |
Loading...