Bill > A03464

This bill amends the New York banking law to enhance the transparency of student financial aid award letters by requiring a more comprehensive and informative standard document. Specifically, the bill mandates that financial aid award letters must now include a detailed breakdown of estimated attendance costs (such as tuition, fees, room and board, books, and transportation), clearly explain which financial aid components require repayment, and provide the net costs—defined as the estimated costs of attendance after subtracting financial aid that does not require repayment. The letters must also include additional information like campus-specific graduation rates, median borrowing rates, loan default rates, and specific options for loans that require repayment. The superintendent of financial services, in consultation with the president of the higher education services corporation, is responsible for developing this standardized letter, which must include a glossary of terms. All colleges, vocational institutions, and other approved educational programs must use this standardized letter when responding to undergraduate financial aid applicants, with the goal of providing students and families with clearer, more transparent information about the financial implications of pursuing higher education.

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https://www.nysenate.gov/legislation/bills/2025/A3464