Mayor Eric Adams announced a sweeping new initiative Thursday to help New York City residents lower student loan debt and save for college, potentially putting $1 billion back in the pockets of working families.
Building on a pilot partnership with the company Summer, the new program expands access to tools and counseling that help borrowers reduce monthly loan payments and plan for college costs. Initially launched in May for city employees, the program is now open to all 8.5 million residents.
Lower Payments, Higher Savings
The initiative has already helped 2,000 civil servants, wiping out more than $13.8 million in student loan debt. With Thursday’s expansion, an estimated 1.4 million student borrowers and 1.6 million parents or guardians of college-bound children will gain access to Summer’s free online portal.
The tools help users compare repayment plans, manage federal loan paperwork, and identify forgiveness options. Borrowers with advanced degrees could save up to $7,000 annually, and families could cut college costs by as much as $10,000 per child, per year.
“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 now use Summer’s portal to estimate college costs, explore savings strategies, and access federal programs. The new tools will supplement existing city initiatives like NYC Kids Rise, which helps families save for public school 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 Lighten Financial Burdens
The student debt initiative is part of Adams’ broader push to make New York City more affordable. His administration has connected residents to over $30 billion in benefits, expanded tax credits, eliminated $2 billion in medical debt, and helped thousands through DCWP’s financial counseling and free tax prep services.
The announcement also earned praise from lawmakers and advocates, who called the program a national model for addressing the student loan crisis at the local level.
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