If student loan bills or future college costs are stressing you out, Mayor Eric Adams has some good news. Today, he announced a new citywide program that could put serious cash back in New Yorkers’ pockets.
The city is teaming up with the student loan assistance company Summer to give everyone in the five boroughs—not just city workers—free access to tools and guidance. That means about 1.4 million borrowers and 1.6 million parents of college-bound kids can now get help.
Here’s what that looks like: the average borrower could save around $3,000 a year on payments, while people with advanced degrees might save closer to $7,000. Parents planning ahead for college could shave up to $10,000 per child off the cost.
“Getting an education shouldn’t lead to a lifetime of debt,” Adams said, framing the program as a way to make living in NYC a little more affordable for everyday people.
Through the Summer portal, you can check if you’re eligible for payment reductions, sign up for loan forgiveness plans, or even start a smart college savings plan—all for free.
Sounds like a win for New Yorkers with big dreams and big bills.
