Transcript: Mayor Adams Mayor Adams, Student Loan Benefits Company Summer Launch Partnership to Help Wipe Out Estimated $360 Million in Student Loan Debt for 100,000 Public Servants

May 5, 2025

Commissioner Vilda Vera Mayuga, Department of Consumer and Worker Protection: Good morning, everyone. My name is Vilda Vera Mayuga. I am commissioner of the Department of Consumer and Worker Protection. Thank you all for being here today as we celebrate a new partnership with Summer to expand our efforts to help New Yorkers reduce millions of dollars of student loan debt and make our city more affordable for working class families.  

I received my Public Service Loan Forgiveness in 2023, and it truly changed my life and my family's financial outlook. My graduation day in 1998, many years ago, was one of my proudest days of my life. But I remember just how quickly that joy just turned into anxiety when I found out, it was great, I got my degree, but I had all this debt now to repay, somehow, at some point. And I was so grateful for having the opportunity to pursue my dream of becoming a lawyer and helping my neighbors, but I just had no idea where to begin and how to start paying off my loans.  

Fast forward to 2007, when I was working at the New York State Attorney General's office, I began hearing my workers excitedly talk about this program called Public Student Loan Forgiveness. It sounded great, but when I looked into it, I was confused on how to apply. I thought maybe by being a lawyer, I had all the wisdom and intelligence I needed to go through any form, and I just couldn't. And I figured at some point, it would be clear to me.  

For years, I doubted myself and my choices. I have had a successful career, an advanced degree, a loving family, but I couldn't figure out how to get out of this debt. I even wonder if I made the wrong career choice and would have been better off just going into the private sector. It wasn't until 2022, when I became commissioner of DCWP, that I discovered our Financial Empowerment Centers and finally got the help I needed.  

My financial counselor not only helped me sort out my family's finances, but she worked with me to navigate the Public Service Loan Forgiveness program. And on February 15th, just one day after Valentine's in 2023, almost 25 years after I received my undergrad degree, I received a letter notifying me that my loans had been forgiven.  

I still have difficulty expressing my gratitude, but the unfortunate reality is that I know my story is not unique. More than 42 million Americans have federal student loans. Close to home, there are thousands of public employees in New York City, many in this very room with us, who are burdened by the student loan debt they carry with them. And I'm sure they too have wondered if public service was the right career choice for them.  

That's why we are so proud to work with Summer, who can provide comprehensive loan and education assistance to every city worker who needs it. They will help workers understand the rapidly evolving loan servicer, repayment and collection landscape, and help them manage their student loans easier.  

Those in public service make so many sacrifices to serve their neighbors, but choosing to serve your community shouldn't come at the cost of your financial health. Please, I urge you to take advantage of these groundbreaking opportunities for specialized student loan debt information unique to your financial situation. Seeking help with your finances can be scary, but it's truly changed my life. And I know it can help thousands of other city workers. And with that, I'd love to turn it over to our mayor, Mayor Eric Adams. 

Mayor Eric Adams: Thank you. A powerful story, and really I think hidden in the commissioner's story is many layers to why people, number one, leave so much resources on the field. Far too often we leave large dollar amounts and the assistance that we need. She should not have had to find out about loan forgiveness by chance, because her colleagues were having a conversation.  

We must be clear on how we bring the resources we fight for. We got it, now they must get it. And everyday people live in the dark Winter of student loans. It's good to know that we have a Summer. And so, during Budget Week, we talked about some of the great victories we put in place during the week last week, but we just couldn't fit it all. And so Budget Week is going to be extended, because they're just real wins for working class people in the City of New York, with what we like to say the best budget ever.  

From hundreds of millions of dollars for universal after-school programming, so parents don't have to choose between earning a paycheck and having care for their children, to many of the investments in our public safety as we ensure that the city remains the safest big city in America.  

The 2026 budget is also leaning into what we can do for public service. Another part of the commissioner's story is about having to sacrifice from doing your calling, of helping everyday New Yorkers, to ensuring that you have the adequate resources to provide for your family. And you should not have to make that trade-off.  

And too many New Yorkers know firsthand how expensive student loan debt is. We all know a family member, a friend, a colleague, or a loved one who's going through paying off debt. I'll never forget President Obama saying when he paid off his final student loan debt, he was far into his career in politics. And just to hear you just paid off yours 25 years later, you know, everyone knows that story.  

But hundreds of thousands of public servants wake up early and stay up late to keep our city running. And we need to have their backs like they have our backs. They teach our children, they connect people to homes, they keep us safe, but too many of them are struggling. They're struggling in so many ways, and one of the ways that we know is the student loan debt situation.  

New Yorkers shouldn't live in fear that their student loans will break their bank. And so today, we are helping connect them to the relief and to the action that they deserve and they are owed by our city. Just like we promised in our State of the City Address earlier this year, we are launching programs to help wipe out $360 million of student loan debt for more than 100,000 city employees. That's almost a third of our city employees will watch their student loan debt disappear.  

The Federal Government's Public Service Loan Forgiveness Program forgives government employees' student loan debt after 10 years of service. But it can be incredibly difficult. Here you heard a lawyer say she found challenges and it was confusing in the operation. And so that is why we must have real partners to help us address it and to navigate the challenges.  

And right now, thousands of city employees can get their debt wiped out and they do not even know it. So matched with the partnership with Summer, we want to make sure the information is out there and that's our campaign of letting everyday working class civil servants know that it's available.  

We are partnering with a leading student loan forgiveness service, the organization called Summer, to offer counseling, online resources, and valuable tools to help public servants enroll in the program and get their debt forgiven once and for all. City employees at the Administration for Children's Services, the Department of Social Services, and NYCHA are now eligible as part of the pilot phase of this program. And come September, we will roll this program out for all New York City government employees.  

With the rising cost of living, we know that every dollar counts, every dollar matters. Our city employees especially know how challenging it is as they try to assist our various constituents who are dealing with financial concerns. This also impacts everyday working class New York City employees. So we're stepping up to ease the student loan debt burden for thousands of New Yorkers.  

And I know the hustle is real. I saw what my parents went through, what my mom went through as she raised us. That situation of affordability is still present today. But over the last three years, we have launched in this administration and we've advocated for a broad range of benefits. We've placed $30 billion back in the pockets of everyday working class people. $30 billion. I like to say we are not in charge of the price of bread, but we can put bread back in your pocket. And that is what we have been doing.  

This includes saving families and working New Yorkers millions of dollars through the New York City Earned Income Tax Credit. Our Big Apple Connect program that connects NYCHA residents to free high-speed broadband. And we're beginning to wipe out $2 billion in medical debt for working class people. The number one cause of bankruptcy is medical debt. And we're wiping out $2 billion of it.  

This year, we're fighting Albany to do the Axe the Tax for the Working Class. This would allow no taxes, no city income tax for anyone who's making 150 percent of the poverty line, or lower. And this is a huge benefit. And hopefully we get it through Albany. 582 filers would benefit from this. And we'll put $63 million back into the pockets of working class, low-income New Yorkers. This is money our city residents have worked for and they deserve to have it in their pockets. And we're looking forward to getting this bill passed.  

And right now, we are proud of this announcement. It's just about the people already serving our cities, giving them the support they need, and it's about the next generation. So it's not only who are serving the city, but the next generation as well. And at CUNY colleges like this one, and schools across our city, young people are making an investment in their future.  

We've been proud to support CUNY, restoring $96 million of savings last week, so CUNY can continue to serve our students in the years ahead. And a program that I am really pleased with, $30 million more in programs like ACE, that provide counseling, textbooks, and transportation. 

 But students in the classroom, all around us right now, will have to choose whether to go into the private sector or pursue a career in public service. I think the commissioner stated it well. They second-guess when they see these additional debts they have to pay, that they make the right choice. But with this program, we can tell them, yes, you can make that right choice and go on with your passion as you serve the city, and also provide the relief that you deserve.  

So the program we are rolling out today is for them as well. It is a commitment that if you come serve your city, we will help you access these critical resources and pay down your debt. That public service is not an honorable career, but a smart, savvy one too. So not only is it honorable, it is smart and savvy as well. And that together, we can make life more affordable for this generation of public service. So I am pleased to introduce a key partner in how we are getting this program done, our tireless commissioner of Citywide Administrative Services, Commissioner Louis Molina. Thank you. 

Commissioner Louis Molina, Department of Citywide Administrative Services: Thank you, Mr. Mayor. Good morning, everyone. I'm DCAS Commissioner Louis Molina, and it is an absolute pleasure to be with you all this morning. Today, we take an incredible step towards empowering the city's workforce.  

This new initiative tackles the current student loan crisis by connecting city employees with the Public Service Loan Forgiveness Program and many other services all through one online platform. As we launch our pilot program today, we mark unprecedented progress in delivering widespread student loan education, guidance, and relief.  

Mayor Adams has been steadfast in his efforts to deliver employee resources, and I want to thank him for his support in such a groundbreaking initiative. With that, I would also like to thank our invaluable partners here today whose efforts brought this idea to life, including DCWP Commissioner Mayuga, our new partners at Summer, and of course ACS, DSS, and NYCHA, the agencies who will be kicking off this initiative in its pilot stage.  

I would also like to offer special thanks to these agencies, as their participation will be instrumental for a citywide rollout later this year. The pursuit of knowledge often comes as a costly price, and I'm sure many of us here today can attest to the challenges of navigating the student loan process. Through this partnership, we are ensuring that those who are tirelessly serving our communities will have the support and resources to avoid these roadblocks and successfully gain loan forgiveness.  

As you have heard, this resource elevates a large financial burden, but it also provides an invaluable mental clarity. In this, the impact of this initiative will be deeply and widely felt. Knowing that 100,000 individuals will soon benefit from the access to countless tools and tailored guidance for student loan payment, I am filled with immense joy this morning.  

Public servants are at the heart of our great city, and these are the resources that have undoubtedly earned. This initiative is a reflection of the city's enduring commitment to employee empowerment, and I encourage you all to take advantage of it when the time comes.  

We will continue to recognize the challenges city employees face and conceive of innovative solutions to strengthen our workforce for the future. And with that, I'd now like to invite the CEO of Summer, Mr. Will Sealy, to the podium. Thank you.  

Will Sealy, CEO, Summer: Good morning, everyone, and thank you for that very warm welcome. It's a real privilege to be here today alongside Mayor Adams, the commissioners, and the incredible public servants who keep this city moving day in and day out, a city that represents the beating heart of public service in this country.  

Summer is honored to support this work. Across the country, we've partnered with public sector employers, from state agencies to hospital systems to school districts, and we've seen firsthand how life-changing the Public Service Loan Forgiveness program can be when it works the way it was intended.  

Public Service Loan Forgiveness is more than just a policy. It's a promise. A promise that if you dedicate your career to serving your community, the system will support you in return. But we know that promise has often been out of reach, tangled in red tape and confusion. In fact, only 11 percent of student loan borrowers in public service who applied for forgiveness have actually achieved it. That's where Summer helps.  

Summer simplifies the path to student debt relief. We take something complicated and make it clear, actionable, and achievable. We've helped tens of thousands of public servants navigate repayment and unlock nearly $2 billion in loan forgiveness so far. Our tools help borrowers check their eligibility, compare options, and apply or recertify online, and connect with a student loan expert if they need one.  

For the average borrower, that adds up to $278 a month and approximately $45,000 over the life of the loan. And it takes less than 10 minutes to complete the process, and it's now completely free for New York City employees. This program is a positive ROI initiative for the city, thanks to its impact on employee recruitment and retention, and the reduction of overhead for the city in managing PSLF applications.  

Beyond repayment, we also provide tools to help families understand the real cost of college for their children and avoid unmanageable debt in the first place. Student debt shouldn't be a lifelong burden, especially for the teachers, nurses, and first responders who serve their communities.  

At Summer, we're proud to make PSLF and other debt relief more accessible, transparent, and achievable for the people who need it most. And we're ready to walk that path with city employees so that they get the debt relief they've earned. Mayor Adams, commissioners, thank you so much for this partnership. We can't wait to get started. Thank you. 

Question: You brought up Axe the Tax. I know the budget bills in Albany haven't been printed yet, but what are you and your team doing to get the Axe the Tax proposal into the final budget, and same with the child care voucher? I know the state wants 50-50, you want the state to pick up the full freight. What's being done to make that happen? 

Mayor Adams: Going to land the plane. We always do, four years in a row, three years in a row, and this is the fourth. We'll land the plane. It'll be alright. 

Question: Indulge me. What's happening up there with your proposals? 

Mayor Adams: That was a great indulgement I did. We're going to land the plane. Okay. Thank you. Thank you. 

###