2015 New York Laws
BNK - Banking
Article 1 - (Banking) SHORT TITLE; DEFINITIONS; MISCELLANEOUS PROVISIONS.
9-W - Standard financial aide award letter.

  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
  graduation, median borrowing, and loan default rates, and (e) any  other
  information as determined by the superintendent in consultation with the
  president.  Such  standard  letter  shall include a glossary of standard
  terms and definitions used on such standard letter.  The  superintendent
  shall  publish  and  make  available  such  standard  letter by December
  thirty-first,  two  thousand  fifteen  and  thereafter.  Each   college,
  vocational  institution,  and  any  other  institution  that  offers  an
  approved program as defined in section six hundred one of the  education
  law  shall  utilize  the  standard  letter  issued  by the department of
  financial services in responding to all financial aid applicants for the
  two  thousand  sixteen--two  thousand  seventeen   academic   year   and
  thereafter. The superintendent shall promulgate regulations implementing
  this section.