New York S01991 mandates the inclusion of repayment details for outstanding loans in the standard financial aid award letter.
New York S01991 amends the banking law to require the superintendent of financial services to develop a standard financial aid award letter. This letter must include information on the estimated cost of attendance, financial aid from various sources, expected student and family contributions, campus-specific graduation and loan default rates, and details on loan repayment schedules and payoff amounts.
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