New York S 1991: Requires minimum standards for nonpublic schools relating to mild traumatic brain injuries

Bill Text

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S01991 Summary:

BILL NOS01991 

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SAME ASNo Same As

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SPONSORSANDERS

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COSPNSRJACKSON, LIU, MAY

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MLTSPNSR

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Amd §9-w, Bank L

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Relates to including information concerning repayment of outstanding loans in the standard financial aid award letter.

Go to top S01991 Actions:

BILL NOS01991 

&nbsp

01/14/2025REFERRED TO BANKS

02/04/20251ST REPORT CAL.283

02/05/20252ND REPORT CAL.

02/10/2025ADVANCED TO THIRD READING 

02/24/2025PASSED SENATE

02/24/2025DELIVERED TO ASSEMBLY

02/24/2025referred to banks

01/07/2026died in assembly

01/07/2026returned to senate

01/07/2026REFERRED TO BANKS

Go to topS01991 Committee&nbspVotes:

Go to topS01991 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS01991 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1991

 2025-2026 Regular Sessions

 IN SENATE

 January 14, 2025
 ___________

 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:

 1 Section 1. Section 9-w of the banking law, as amended by section 1 of
 2 part CC of chapter 54 of the laws of 2016, is amended to read as
 3 follows:
 4 § 9-w. Standard financial aid award letter. The superintendent [of
 5 financial services] in consultation with the president of the higher
 6 education services corporation shall develop a standard financial aid
 7 award letter which shall clearly delineate (a) the estimated cost of
 8 attendance, including but not limited to, the cost of tuition and fees,
 9 room and board, books, and transportation. Such standard letter shall
 10 provide the estimated cost of attendance for the current academic year
 11 as well as estimates for each academic year that the student would need
 12 to attend to earn a degree at such institution with a disclaimer that
 13 the cost of attendance for years other than the current academic year
 14 are estimates and may be subject to change, (b) all financial aid
 15 offered from the federal government, the state, and the institution with
 16 an explanation as to which components will require repayment, (c) any
 17 expected student and/or family contribution, (d) campus-specific gradu-
 18 ation, median borrowing, and loan default rates, [and] (e) the estimated
 19 loan repayment impact using actual terms, expected repayment schedule
 20 and payoff amounts or, where such information is not available or fixed
 21 in the loan agreement, a standard ten year repayment term and assumed
 22 interest rate on the current amount of outstanding loans including total
 23 expected payoff amount inclusive of principal and interest, and expected
 24 monthly payment, and (f) any other information as determined by the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03008-01-5

 S. 1991 2

 1 superintendent in consultation with the president. Such standard letter
 2 shall include a glossary of standard terms and definitions used on such
 3 standard letter. The superintendent shall publish and make available
 4 such standard letter by December thirty-first, two thousand fifteen and
 5 thereafter. Each college, vocational institution, and any other institu-
 6 tion that offers an approved program as defined in section six hundred
 7 one of the education law shall utilize the standard letter issued by the
 8 department of financial services in responding to all undergraduate
 9 financial aid applicants for the two thousand sixteen--two thousand
 10 seventeen academic year and thereafter. The superintendent shall promul-
 11 gate regulations implementing this section.
 12 § 2. This act shall take effect immediately.

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