Mayor Eric Adams revealed a wide-ranging new program Thursday to help New Yorkers lessen student loan burdens and increase college savings, a move that could return up to $1 billion to working households.
Expanding from a test collaboration with the company Summer, the initiative now offers tools and guidance citywide to help borrowers reduce monthly payments and better plan for education costs. The program, which originally launched in May exclusively for city staff, is now available to all 8.5 million residents.
Lower Payments, Higher Savings
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Already, 2,000 municipal employees have used the program to erase over $13.8 million in debt. With its expansion, approximately 1.4 million student loan borrowers and 1.6 million families with college-bound children will have free access to Summer’s online platform.
The platform enables users to compare payment plans, organize federal loan paperwork, and seek out debt forgiveness options. People with advanced degrees could save an estimated $7,000 annually, and families might lower yearly college expenses by up to $10,000 for each child.
“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
Residents can access the Summer portal to calculate potential college costs, investigate savings tactics, and enroll in federal programs. These resources build on city programs like NYC Kids Rise, which supports family savings for students’ 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 Reduce Financial Burdens
This new debt initiative is one element of Adams’ larger agenda to enhance city affordability. The administration has linked residents to $30 billion in benefits, boosted tax credits, wiped out $2 billion in medical debt, and guided thousands using DCWP’s financial counseling and free tax services.
The announcement has drawn support from lawmakers and advocates, who praised the program as a national model for confronting the student loan problem locally.
