Bill > S01137

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. Specifically, the bill mandates that the standard letter provide the estimated loan repayment impact using actual terms, expected repayment schedule, and payoff amounts. Where such information is not available or fixed in the loan agreement, the bill requires the inclusion of a standard 10-year repayment term and assumed interest rate on the current amount of outstanding loans, including the total expected payoff amount and expected monthly payment. This change aims to provide students and families with more transparent information about loan repayment as they make decisions about financing their education.