Relates to including information concerning repayment of outstanding loans in the standard financial aid award letter

Latest action Jan 7, 2026

Relates to including information concerning repayment of outstanding loans in the standard financial aid award letter.

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Where it stands

Passed one of the two chambers; it still needs the other.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

New York State Senate

Amends the Banking Law.

Committee

Banks · New York State Assembly

Also referred to Banks · New York State Senate.

Purpose, from the sponsor's memo

Section one of the bill amends section 9-W of the banking law as it relates to including additional information in the standard financial aid award letter. The standard financial aid award letter will include the estimated loan repayment for the student's outstanding loans using a standard ten year repayment term. Section two of the bill relates to the effective date.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Recorded votes

Vote: Floor vote
NY SenateFeb 24, 2025Result: passed
(60) (0) (0) (3)
Vote: Committee vote · Banks
Senate BanksFeb 4, 2025Result: passed
(7) (0) (0) (0)

Cosponsors

John Liu, Rachel May and 1 more on Agora

Democratic3

See the full list on nysenate.gov

The sponsor's argument

Why James Sanders Jr. says this is needed

Debt from student loans has continued to grow over the last two decades with an estimated $1.3 trillion in outstanding debt. The enhancements to annual financial aid award letter will provide students with detailed information on their repayment including the estimated monthly payment amount. The goal is to. better educate students so they are prepared for the debt burden after they graduate. A similar program was started in Indiana University and resulted in a decrease in student borrowing of 16t in the first two years of implementation. This additional informa- tion will help students make informed decisions on their borrowing behavior by estimating their repayment options.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Full history

Jan 7, 2026
Died in Assembly
DIED IN ASSEMBLY
NY Assembly
Jan 7, 2026
Referred to committee
REFERRED TO BANKS
NY Senate
Feb 24, 2025
Sent to the executive
DELIVERED TO ASSEMBLY
NY Senate
Feb 24, 2025
Passed a chamber
PASSED SENATE
NY Senate
Feb 24, 2025
Referred to committee
REFERRED TO BANKS
NY Assembly

Show full history (4 earlier events)

Feb 10, 2025
Advanced to Third Reading
ADVANCED TO THIRD READING
NY Senate
Feb 5, 2025
2ND Report CAL.
2ND REPORT CAL.
NY Senate
Feb 4, 2025
1ST Report CAL.283
1ST REPORT CAL.283
NY Senate
Jan 14, 2025
Referred to committee
REFERRED TO BANKS
NY Senate

About this record

Summary: The summary comes from NY Open Legislation, the New York State Senate's public record. For more, see How we handle summaries.
Cosponsors: The list shows the cosponsors who are on Agora, A to Z. The official record may list more.
Party colors: Parties are shown in the same neutral colors.
Source: From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 31, 2026. About our data

Read the record

Read on NY Senate (opens in a new tab) The official record on nysenate.gov.

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