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Student Loans
IMPORTANT NOTICES
Following a federal court injunction, the Department of Education (ED) has announced that interest on federal student loans in the SAVE Plan will begin accruing on August 1, 2025. According to ED, these changes are part of their compliance with legal rulings that block provisions of the SAVE Plan, including the 0% interest rate previously applied to some borrowers. Borrowers will be responsible for making monthly payments that include accrued interest and principal. ED is encouraging SAVE borrowers to begin transitioning to legally compliant repayment plans
Borrowers are encouraged to enroll in an existing IDR plan (e.g. Pay As You Earn (PAYE) or Income Contingent Repayment (ICR)). Borrowers can compare repayment options using the Loan Simulator and access updated guidance at StudentAid.gov/courtactions.
Need help navigating student loans? Get free professional financial counseling at an NYC Financial Empowerment Center.
Student Loans
Student loan debt has a profound impact on the financial health of New Yorkers. DCWP provides free resources, including tips and financial counseling, to support New Yorkers with student loans. We also advocate for stronger protections for all student loan borrowers.
Save for College and Manage Student Loan Debt
Announced on August 7, the City will expand its recent partnership with Summer — a leading company that helps borrowers navigate student loan repayment options — to offer assistance to an estimated 1.4 million New Yorkers who have student loan debt or are enrolling in college.
Student Loan Forgiveness Programs
If you have ever worked for a government or 501c3 organization, you may be eligible for federal loan forgiveness programs. Depending on your profession, you may also qualify for state repayment assistance programs. Please review Important Notice for Employees with Student Loan Debt to see if you may be eligible for programs and how to apply.
- Learn more about Public Service Loan Forgiveness (PSLF).
- Learn more about other federal student loan cancellation programs.
- Learn more about State loan cancellation programs.
How to Avoid Student Loan Debt Distress
Read tips before enrolling in a school or training program
Read tips before taking out student loans for yourself or a child
Read tips once you have student loans
Advocacy Work to Help Student Loan Borrowers
Additional Help
Make a plan to manage your debt. Get free in-person help
Learn about other resources for student loans