N.Y. Banking Law § 9-w: Standard financial aid award letter

§ 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) net costs, defined as

an estimate of the costs of attendance after financial aid which does

not require repayment, (e) campus-specific graduation, median borrowing,

and loan default rates, (f) options for loans which do require

repayment, and (g) 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.