Senate Bill S664

2021-2022 Legislative Session

Relates to including information concerning repayment of outstanding loans in the standard financial aid award letter

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-S664 (ACTIVE) - Details

See Assembly Version of this Bill:
A5601
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Amd §9-w, Bank L
Versions Introduced in Other Legislative Sessions:
2017-2018: A8450
2019-2020: S4652, A1932
2023-2024: S1137, A4515

2021-S664 (ACTIVE) - Summary

Relates to including information concerning repayment of outstanding loans in the standard financial aid award letter.

2021-S664 (ACTIVE) - Sponsor Memo

2021-S664 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    664
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT to amend the banking law, in relation  to  including  information
   concerning  repayment  of  outstanding loans in the standard financial
   aid award letter

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Section 9-w of the banking law, as amended by section 1 of
 part CC of chapter 54 of the  laws  of  2016,  is  amended  to  read  as
 follows:
   §  9-w.  Standard  financial  aid award letter. The superintendent [of
 financial services] in consultation with the  president  of  the  higher
 education  services  corporation  shall develop a standard financial aid
 award letter which shall clearly delineate (a)  the  estimated  cost  of
 attendance,  including but not limited to, the cost of tuition and fees,
 room and board, books, and transportation. Such  standard  letter  shall
 provide  the  estimated cost of attendance for the current academic year
 as well as estimates for each academic year that the student would  need
 to  attend  to  earn a degree at such institution with a disclaimer that
 the cost of attendance for years other than the  current  academic  year
 are  estimates  and  may  be  subject  to  change, (b) all financial aid
 offered from the federal government, the state, and the institution with
 an explanation as to which components will require  repayment,  (c)  any
 expected  student and/or family contribution, (d) campus-specific gradu-
 ation, median borrowing, and loan default rates, [and] (e) THE ESTIMATED
 LOAN REPAYMENT IMPACT USING A  STANDARD  TEN  YEAR  REPAYMENT  TERM  AND
 ASSUMED INTEREST RATE ON THE CURRENT AMOUNT OF OUTSTANDING LOANS INCLUD-
 ING  TOTAL  EXPECTED  PAYOFF AMOUNT INCLUSIVE OF PRINCIPAL AND INTEREST,
 AND EXPECTED MONTHLY PAYMENT, AND (F) any other  information  as  deter-
 mined  by  the  superintendent  in consultation with the president. Such
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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