Bill > A09649

This bill amends the banking law to require student financial aid award letters to clearly display the estimated cost of attendance, including tuition, fees, room and board, and other expenses, as well as all financial aid offered, the student's and family's expected contribution, the net costs (the costs of attendance after financial aid that does not require repayment), and options for student loans that do require repayment. The bill also requires the use of a standard financial aid award letter developed by the Superintendent of Financial Services and the President of the Higher Education Services Corporation, which will include a glossary of standard terms and definitions. Colleges and other institutions offering approved programs must use this standard letter starting in the 2016-2017 academic year.

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https://www.nysenate.gov/legislation/bills/2023/A9649