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
              

 A. 4515--A                          2
 
 IN THE LOAN AGREEMENT, A STANDARD TEN YEAR REPAYMENT  TERM  AND  ASSUMED
 INTEREST RATE ON THE CURRENT AMOUNT OF OUTSTANDING LOANS INCLUDING TOTAL
 EXPECTED PAYOFF AMOUNT INCLUSIVE OF PRINCIPAL AND INTEREST, AND EXPECTED
 MONTHLY  PAYMENT,  AND  (F)  any  other information as determined by the
 superintendent in consultation with the president. Such standard  letter
 shall  include a glossary of standard terms and definitions used on such
 standard letter. The superintendent shall  publish  and  make  available
 such  standard letter by December thirty-first, two thousand fifteen and
 thereafter. Each college, vocational institution, and any other institu-
 tion that offers an approved program as defined in section  six  hundred
 one of the education law shall utilize the standard letter issued by the
 department  of  financial  services  in  responding to all undergraduate
 financial aid applicants for  the  two  thousand  sixteen--two  thousand
 seventeen academic year and thereafter. The superintendent shall promul-
 gate regulations implementing this section.
   § 2. This act shall take effect immediately.