New York Assembly Bill A04897 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 4897 2025-2026 Regular Sessions  IN ASSEMBLY February 10, 2025 ___________ Introduced by M. of A. PRETLOW -- read once and referred to the Commit- tee on Higher Education AN ACT to amend the education law, in relation to general and academic performance awards, student loans and tuition assistance program awards The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 665 of the education law is amended by adding a new 2 subdivision 8 to read as follows: 3 8. Timeliness of financial aid determinations. Notwithstanding any 4 other provision of law, the corporation shall make its determination of 5 financial aid eligibility within sixty days from the day of the receipt 6 of the completed financial aid application from the student. In the 7 event that such financial aid determination is not made by the corpo- 8 ration within sixty days after receipt of the completed financial aid 9 application from the student, such student shall be deemed eligible to 10 receive financial aid for the semester for which the completed financial 11 aid application is made; provided, however, that the corporation may 12 obtain an additional thirty day extension to make its eligibility deter- 13 mination upon written notification to the institution within sixty days 14 that additional time is necessary to examine and review the completed 15 financial aid application of such student. 16 § 2. This act shall take effect on the first of July in the second 17 year next succeeding the year in which it shall have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07676-01-5