New York City is expanding a pilot program to assist residents with student loan debt by connecting them to repayment options. The program helps individuals qualify for income-driven repayment plans that lower monthly payments. The city partners with a company named Summer, which guides borrowers in finding suitable programs and assists in enrollment. All New Yorkers with federal loans can access this free service, estimated to save each participant around $3,000 annually on loan payments.
"So if you have ability to qualify for income driven repayment plans, which would lower your monthly payments, you would be guided to which programs are right for you and then direct assistance to enroll."
Officials estimate the program will reduce annual student loan payments for New Yorkers by an average of three thousand dollars a year.
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