N.Y. Banking Law § 9-w

§ 9-w. Standard financial aid award letter. The superintendent of\nfinancial services in consultation with the president of the higher\neducation services corporation shall develop a standard financial aid\naward letter which shall clearly delineate (a) the estimated cost of\nattendance, including but not limited to, the cost of tuition and fees,\nroom and board, books, and transportation. Such standard letter shall\nprovide the estimated cost of attendance for the current academic year\nas well as estimates for each academic year that the student would need\nto attend to earn a degree at such institution with a disclaimer that\nthe cost of attendance for years other than the current academic year\nare estimates and may be subject to change, (b) all financial aid\noffered from the federal government, the state, and the institution with\nan explanation as to which components will require repayment, (c) any\nexpected student and/or family contribution, (d) net costs, defined as\nan estimate of the costs of attendance after financial aid which does\nnot require repayment, (e) campus-specific graduation, median borrowing,\nand loan default rates, (f) options for loans which do require\nrepayment, and (g) any other information as determined by the\nsuperintendent in consultation with the president. Such standard letter\nshall include a glossary of standard terms and definitions used on such\nstandard letter. The superintendent shall publish and make available\nsuch standard letter by December thirty-first, two thousand fifteen and\nthereafter. Each college, vocational institution, and any other\ninstitution that offers an approved program as defined in section six\nhundred one of the education law shall utilize the standard letter\nissued by the department of financial services in responding to all\nundergraduate financial aid applicants for the two thousand sixteen--two\nthousand seventeen academic year and thereafter. The superintendent\nshall promulgate regulations implementing this section.\n