© Gary Cosby Jr. / USA TODAY NETWORK via Imagn Images
(New York, NY) — Mayor Adams’ administration is offering help to New Yorkers with student loan debt. A pilot student loan reduction and college savings program that helps borrowers navigate repayment options has been offered to city employees and is now being expanded citywide.
Officials estimate this will reduce annual student loan payments for New Yorkers by an average of three thousand dollars a year. City officials say any resident with federal student loans will have access to a financial assistance platform where they can receive customized guidance to programs including income driven repayment and loan forgiveness plans.
Eligible New Yorkers can bring down their monthly student loan payments by an average of $3,000 per year. New Yorkers can also learn how to save an average of $10,000 per child through college planning resources.
This program is part of the Adams administration’s commitment to making New York City a more affordable city, from wiping out medical debt to launching universal after-school programs and expanding access to early childhood education.
