New York City is starting an initiative aimed at alleviating student loan debt for over 100,000 city employees. Mayor Eric Adams announced the plan, which focuses on enrolling them in federal programs like Public Service Loan Forgiveness (PSLF) and Income Driven Repayment (IDR). Partnering with the company Summer, the city will provide free resources to employees seeking loan assistance. A pilot program has begun with select departments, and all employees can join by September. This effort aims to ease the financial burden, allowing public servants to focus on their critical roles.
"Public servants wake up early and stay up late to keep our city running, but too many of them still struggle with expensive student loan debt. But our administration is helping to change that by putting hundreds of millions of dollars back into the pockets of our city employees and giving them the peace of mind they deserve through the Public Service Loan Forgiveness program," Adams said.
"This initiative will provide a critical resource to thousands of New York City employees and their families. Paying back student loans shouldn't be a barrier to pursuing a career in public service," said Will Sealy, founder and CEO of Summer.
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