§ 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
graduation, median borrowing, and loan default rates, and (e) 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 institution 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 promulgate regulations
implementing this section.