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

This bill requires colleges and universities to include specific loan repayment details in their standard financial aid award letters. The updated letters must show students how much they will owe after graduation, including estimated monthly payments and total payoff amounts based on a standard ten-year schedule. Institutions are also mandated to provide data on campus graduation rates, median borrowing, and loan default rates to help applicants understand long-term financial commitments. The law applies to all undergraduate financial aid applicants at eligible colleges and vocational schools starting with the 2016-2017 academic year.