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Financial Services Law Insights and Observations

New NYDFS Regulation Requires All Institutions of Higher Education to Immediately Provide Uniform Financial Aid Award Information Sheet

State Issues Consumer Finance NYDFS Department of Education

State Issues

On November 3, Governor Andrew M. Cuomo announced that the state Department of Financial Services has adopted a new regulation requiring all institutions of higher education and vocational schools in New York to immediately begin providing a uniform Financial Aid Award Information Sheet to undergraduate students when responding to financial aid applications. The U.S. Department of Education utilizes a similar form, however it is less extensive and is not mandatory – except for schools that accept assistance to make loans to military students. Additional information concerning the regulations and model forms can be found here.

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