Mayor Eric Adams introduced a significant new initiative on Thursday aimed at assisting New York City residents in lowering student loan debt and boosting college savings, with the potential to return $1 billion to working families.
Expanding on a pilot with the company Summer, this initiative makes tools and counseling available to more borrowers, allowing them to cut monthly loan payments and better plan for college expenses. After launching in May for municipal employees, it’s now accessible to all 8.5 million New Yorkers.
Lower Payments, Higher Savings
To date, 2,000 city workers have benefited, eliminating more than $13.8 million in student loans. With the program’s extension, around 1.4 million student borrowers and 1.6 million parents or guardians of college-bound kids can now take advantage of Summer’s free online portal.
This platform lets users compare repayment options, manage federal paperwork, and discover forgiveness programs. Borrowers with advanced degrees might save up to $7,000 a year, while families could cut up to $10,000 per child annually from college expenses.
“Getting an education shouldn’t lead to a lifetime of debt,” Adams said. “We are lowering costs for families, helping them connect to debt relief, and making our city the best place to find opportunity, raise a family, and live the American Dream. New Yorkers deserve their fair share, and our administration is delivering it to them every day.”
One-Stop Tools for Families and Students
With the Summer portal, residents can now estimate college costs, examine savings options, and access federal assistance. These tools enhance established city services like NYC Kids Rise, supporting families in saving for their children’s futures.
“Leading a financially healthy life is a difficult task when you are tackling student loan debt — something I know firsthand,” said Consumer and Worker Protection Commissioner Vilda Vera Mayuga.
Broader Efforts to Ease Financial Strain
This student loan project is part of Adams’ larger efforts to make the city more affordable. The administration has connected residents to more than $30 billion in benefits, improved tax credits, removed $2 billion in medical debt, and aided thousands through DCWP’s financial counseling and free tax prep help.
Lawmakers and advocates praised the move, calling it a national example for local initiatives to tackle student loan challenges.
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