Bill > A04515

This bill amends the state's banking law to require the inclusion of information concerning the repayment of outstanding loans in the standard financial aid award letter. Specifically, the bill requires the inclusion of the estimated loan repayment impact using actual terms, expected repayment schedule, and payoff amounts, or 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. The bill also requires the use of a standard financial aid award letter developed by the state's banking superintendent and higher education services corporation, which must include a glossary of standard terms and definitions.