New York A 3464: Relates to student financial aid award letters

Bill Text

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 Speaker Carl E. Heastie

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A03464 Summary:

BILL NOA03464 

&nbsp

SAME ASSAME AS S04200

&nbsp

SPONSORRaga

&nbsp

COSPNSRAlvarez, Sayegh

&nbsp

MLTSPNSR

&nbsp

Amd §9-w, Bank L

&nbsp

Requires student financial aid award letters to contain information on net costs, defined as an estimate of the costs of attendance after financial aid which does not require repayment and options for loans which do require repayment.

Go to top A03464 Actions:

BILL NOA03464 

&nbsp

01/27/2025referred to banks

05/28/2025reported referred to rules

06/09/2025reported 

06/09/2025rules report cal.492

06/09/2025ordered to third reading rules cal.492

06/09/2025substituted by s4200

&nbspS04200 AMEND= GOUNARDES

&nbsp02/03/2025REFERRED TO BANKS

&nbsp05/05/20251ST REPORT CAL.932

&nbsp05/06/20252ND REPORT CAL.

&nbsp05/07/2025ADVANCED TO THIRD READING 

&nbsp05/19/2025PASSED SENATE

&nbsp05/19/2025DELIVERED TO ASSEMBLY

&nbsp05/19/2025referred to banks

&nbsp06/09/2025substituted for a3464

&nbsp06/09/2025ordered to third reading rules cal.492

&nbsp06/09/2025passed assembly

&nbsp06/09/2025returned to senate

&nbsp12/01/2025DELIVERED TO GOVERNOR

&nbsp12/05/2025SIGNED CHAP.602

Go to topA03464 Committee&nbspVotes:

Committee:BANKS Chair:Vanel 
DATE:05/28/2025AYE/NAY:28/0 Action: Favorable refer to committee Rules VanelAyeBolognaAye

WeprinAyeMikulinAye

TaylorAyeSmullenAye

SternAyeFitzpatrickAye

SayeghAyeLemondesAye

BurkeAyeDiPietroExcused

AndersonAyeChangAye

MitaynesAyeChludzinskiAye

SeptimoAyeMolitorAye

TapiaExcused

De Los SantosAye

CunninghamAye

LeeAye

RagaAye

BurdickAye

DaisAye

JacksonAye

TorresExcused

HooksAye

WiederAye

WrightAye

YegerAye

Committee:RULES Chair:Glick 
DATE:06/09/2025AYE/NAY:25/0 Action: Favorable HeastieExcusedBarclayAye

PretlowAyeHawleyAye

CookAyeBlankenbushAye

GlickAyeRaAye

DinowitzAyeBrabenecAye

ColtonAyePalmesanoAye

MagnarelliExcusedReillyExcused

PaulinAyeSmithAye

Peoples-StokesAyeJensenAye

BenedettoAye

LavineAye

LupardoAye

BraunsteinAye

DavilaExcused

HyndmanExcused

RozicAye

BronsonAye

HevesiAye

HunterAye

TaylorAye

CruzAye

VanelExcused

Go to topA03464 Floor&nbspVotes:

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

Go to topA03464 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3464

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 27, 2025
 ___________

 Introduced by M. of A. RAGA, ALVAREZ -- read once and referred to the
 Committee on Banks

 AN ACT to amend the banking law, in relation to information included in
 student financial aid award letters

 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) net costs, defined as
 18 an estimate of the costs of attendance after financial aid which does
 19 not require repayment, (e) campus-specific graduation, median borrowing,
 20 and loan default rates, (f) options for loans which do require repay-
 21 ment, and [(e)] (g) any other information as determined by the super-
 22 intendent in consultation with the president. Such standard letter shall
 23 include a glossary of standard te