Assembly Bill A4515

2023-2024 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - Stricken


  • 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

Bill Amendments

co-Sponsors

multi-Sponsors

2023-A4515 - Details

Law Section:
Banking Law
Laws Affected:
Amd §9-w, Bank L
Versions Introduced in Other Legislative Sessions:
2017-2018: A8450
2019-2020: A1932
2021-2022: A5601

2023-A4515 - Summary

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

2023-A4515 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4515
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 16, 2023
                                ___________
 
 Introduced  by M. of A. ZEBROWSKI, JEAN-PIERRE, GUNTHER, SIMON, VANEL --
   Multi-Sponsored by -- M. of A. COOK, LUPARDO -- read once and referred
   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
                       [ ] is old law to be omitted.
                                                            LBD04743-01-3
              

co-Sponsors

multi-Sponsors

2023-A4515A (ACTIVE) - Details

Law Section:
Banking Law
Laws Affected:
Amd §9-w, Bank L
Versions Introduced in Other Legislative Sessions:
2017-2018: A8450
2019-2020: A1932
2021-2022: A5601

2023-A4515A (ACTIVE) - Summary

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

2023-A4515A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4515--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 16, 2023
                                ___________
 
 Introduced  by  M.  of A. ZEBROWSKI, JEAN-PIERRE, GUNTHER, SIMON, VANEL,
   EACHUS -- Multi-Sponsored by -- M. of A. COOK, LUPARDO  --  read  once
   and referred to the Committee on Banks -- recommitted to the Committee
   on  Banks  in  accordance  with  Assembly  Rule 3, sec. 2 -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 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 ACTUAL TERMS,  EXPECTED  REPAYMENT  SCHEDULE
 AND  PAYOFF AMOUNTS OR, WHERE SUCH INFORMATION IS NOT AVAILABLE OR FIXED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04743-03-4
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.