Relates to student financial aid award letters

Standard aid letters for college applicants

New York uses one clear financial aid award letter for undergrads. The Superintendent of Financial Services, with the state higher‑ed agency, created the standard letter. It shows total cost of attendance for the current year and estimated costs for each later year to finish a degree, with a note that future costs can change. It lists all federal, state, and school aid and marks what must be repaid. It shows the expected student or family contribution and the net cost after grants and scholarships. It includes each campus’s graduation rate, median borrowing, and loan default rate, plus loan options that require repayment and a glossary of terms. The letter was published by December 31, 2015. Starting with the 2016–2017 school year and after, colleges, vocational schools, and other state‑approved programs must use it for all undergraduate aid offers. The Superintendent issues rules to enforce these requirements.