Relates to student financial aid award letters

Clearer financial aid letters for students

Starting with 2016–2017, colleges, vocational schools, and other institutions offering New York-approved programs must use a standard undergraduate aid letter. This applies to responses to all undergraduate financial aid applicants. Letters must show tuition, fees, room and board, books, and transportation costs for the current year and each year needed to graduate. They must warn that future-year estimates can change. Letters must list federal, state, and school aid, identify amounts requiring repayment, and show expected student or family contributions. They must show costs after aid that needs no repayment, plus loan options that require repayment. Letters must also include campus graduation rates, median borrowing rates, loan default rates, and a glossary. The financial services superintendent must develop the letter with the Higher Education Services Corporation president and issue implementing rules. The law requires publication and continued availability beginning December 31, 2015, and takes effect 30 days after becoming law. It does not change aid eligibility, award amounts, or loan terms.