Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 04, 2022 |
referred to banks delivered to assembly passed senate |
Jan 20, 2022 |
advanced to third reading |
Jan 19, 2022 |
2nd report cal. |
Jan 18, 2022 |
1st report cal.213 |
Jan 05, 2022 |
referred to banks returned to senate died in assembly |
Mar 11, 2021 |
referred to banks delivered to assembly passed senate |
Mar 02, 2021 |
advanced to third reading |
Mar 01, 2021 |
2nd report cal. |
Feb 24, 2021 |
1st report cal.431 |
Jan 06, 2021 |
referred to banks |
Senate Bill S664
2021-2022 Legislative Session
Sponsored By
(D) 10th Senate District
Archive: Last Bill Status - In Assembly Committee
- 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
Actions
Votes
co-Sponsors
(D) 16th Senate District
(D) 50th Senate District
(D, WF) 48th Senate District
2021-S664 (ACTIVE) - Details
2021-S664 (ACTIVE) - Sponsor Memo
BILL NUMBER: S664 SPONSOR: SANDERS TITLE OF BILL: An act to amend the banking law, in relation to including information concerning repayment of outstanding loans in the standard financial aid award letter PURPOSE OR GENERAL IDEA OF THE BILL: This bill will require standard financial aid award letters to include the estimated cost of repayment of all outstanding loans including expected monthly payments. SUMMARY OF PROVISIONS: Section one of the bill amends section 9-W of the banking law as it relates to including additional information in the standard financial aid award letter. The standard financial aid award letter will include the estimated loan repayment for the student's outstanding loans using a
2021-S664 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 664 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed 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
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