S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1137--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 10, 2023
                                ___________
 
 Introduced by Sens. SANDERS, LIU, MANNION, MAY -- read twice and ordered
   printed, and when printed to be committed to the Committee on Banks --
   recommitted  to  the Committee on Banks in accordance with Senate Rule
   6, sec. 8 -- 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
 IN  THE  LOAN  AGREEMENT, A STANDARD TEN YEAR REPAYMENT TERM AND ASSUMED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04743-02-4
              

 S. 1137--A                          2
 
 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.