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Sponsors
Senator · Senate District 62
2 Co-sponsors
History
- Referred to higher education
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to updating reporting requirements for institutions of higher education
In Assembly Committee · Higher Education · Sponsor Chad A. Lupinacci
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the education law, in relation to updating reporting requirements for institutions of higher education
Purpose
The purpose of this bill is to update reporting requirements for institutions of higher education, requiring all higher education institutions that receive State student aid dollars to collect and provide more accurate and complete data on student retention, graduation, and earnings outcomes and to make such information available to current and potential students.
Summary of provisions
Section 1 amends Section 607 of the Education Law to require higher education institutions that receive State aid dollars to provide information concerning institutional and financial aid through the Higher Education Data System to prospective and matriculated students. Such information shall be posted on the State Education Department's website.
This information shall include statistics on students who participate in remedial education and their graduation rates and credentials being sought by students. Additionally required and broken down by institutional and program-specific levels is the percentage of students who receive both federal and private loans, the average amounts of total federal and private loan debt upon student graduation and the same amounts for students who do not complete a program of study. Further information would be required regarding student transfer rates, rates of continuation to higher levels of education, percentages of students who receive the degree they initially sought and median annual earnings and employment metrics broken down by program of study, credentials received, educational institution and state of employment.
Other information deemed necessary by the Commissioner of Education may also be required.
Section 2 provides the effective date.
Justification
Recent statistics show that student debt has had a substantial impact on New York's families. As the cost of education continues to rise, the amount of student loans is also increasing. At the end of 2014, 43.4 million borrowers collectively owed $1.2 trillion in student loan debt. Oftentimes, because the higher education system is becoming antiquated, individuals earn degrees that do not lead to jobs and they are unable to pay back their loans. This legislation would provide future and current students with more detailed information, which is not currently required by law, to help them understand and decide which institutions, programs and degrees would be most beneficial to them based on factors such as retention, financial aid, graduation and earnings.
Legislative history
New Bill.
Fiscal impact on the state
Fiscal implications are unknown. EFFECTIVE DATE : This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.