Transcript: Mayor Adams Expands Partnership With Student Loan Assistance Company Summer to Help New Yorkers Keep Up to $1 Billion in Their Pockets by Reducing Monthly Student Loan Payments and Identifying Ways to Save on College

August 7, 2025

Shiniqua McCall: Good morning everyone. My name is Shiniqua McCall. I'm a program analyst at HRA helping to connect New Yorkers to affordable housing. I'm here today because after pursuing two master's degrees, including a master's in Public Administration, I was left with hundreds of thousands of dollars of student debt like so many other New Yorkers. My degree left me with two hundred and forty thousand to pay off and I did not know where to begin. 

Therefore, the city partnership with Summer gave me a place to start. The process was very smooth and all my questions were answered and the team was amazing. I'm now on an income-driven repayment plan and I'm on track to getting a full service loan forgiveness, public service loan forgiveness. This program has been a lifesaver. 

My monthly payments have gone down and I can't imagine where I would be without this program. Today I'm proud to be a New Yorker from Harlem. I am proud to be raising my son here and I'm proud to be here to introduce the man who has led this effort to help pay off student loan debt for people like me. Now I'd like to turn it over to Mayor Adams.

Mayor Eric Adams: Thanks so much, Shiniqua, and we're happy to be joined by my good friend, Assemblyman Alec Brook-Krasny, who represents this area. But think about that number for a moment. Over two hundred and forty thousand dollars. That's a mortgage and if you are struggling in the interest rates increase, having to navigate that dollar amount, having to deal with it every day, year after year after year, 20 years, 30 years, and paying off your student loan, that is one heck of a weight to have, particularly when you attempted to make ends meet for your family. 

And as Shiniqua stated, raising her son, when you have that large overhead every month, it is really hard to get it from over your head and it's hard just to catch up. And what we did in this administration, we knew that we must look at ways in which we have the power to put money back in the pockets of New Yorkers. And every agency was responsible with finding those ways, from our DOE and free after-school and pre-k and 3K, to Deputy Mayor Carrión, who was in charge of HPD at the time, to build affordable housing, to high-speed broadband in NYCHA resident facilities. 

You know, go look at your high-speed broadband plans and see how much money that is. And putting the money back into the pockets of New Yorkers is what we will focus on. And when you look at the number that we were successful in doing, 30 billion dollars back into the pockets of working-class New Yorkers. And this is the goal and this is the goal we're going to continue to move towards. And part of making our city more affordable is just really delivering debt relief to working-class families. 

I like to say we can't bring down the price of bread, but we can put bread in your pocket. We can find ways to just connect city resources and services. And that is what we do to make our city more affordable. And getting an education should not be a trade-off. You know, Shiniqua did her job of sitting in the classroom, obtaining her higher learning degrees. We need to be there for her as she moves forward, particularly as a city employee. 

City employees give back so much to the city. We need to be here to give back to them. And that is our goal. Because she could have gone out and worked in the private industry, but instead she decided to stay and work in city government and give back in a real way. And so getting an education should not be a lifetime of debt. Yet for too many New Yorkers, getting a college degree and higher education means more bills, more debt, more money out of their pockets. Families often have to choose between paying for things like food, rent, heat, child care, and saving for a house. Or paying their student loan debt off. 

New Yorkers shouldn't have to live in fear that their loans will break their backs and their bank. That is why earlier this year we announced a partnership with leading Student Loan Forgiveness Service Summer to help wipe out 360 million dollars in student loan debt for a hundred thousand of our hard-working public servants. 

Today we are proud to expand this program to all New York City residents and help working-class New Yorkers keep up to one billion dollars. One billion dollars with a B in their pockets. Now what does that place us? As we like to do all the time, talk about records. This is a record we're breaking. We will be the first major city to provide universal student loan and college saving assistance to all residents. Northern cities in America are doing it, we're getting it done. 

And that's right, this program will help New York City residents get relief with their student loan debts. The first of its kind, municipal student loan and college saving assistance programs, which will help an estimated 3 million New Yorkers with assistance on managing and paying down their existing loans with lower monthly payments and a pathway to debt forgiveness. As well as specialized assistance for parents and guardians of college-age, college-bound children. This includes 1.4 million student loan borrowers who will no longer have to choose between rent, bills, or other utilities and necessities. 

And 1.6 million parents with college-bound children will not have to worry about how they're going to pay for their child's education. We are helping slash monthly student loan payments for New Yorkers with working people reducing their payments an average of $3,000 per year on student loans under this program. And for those with advanced degrees, we expect to reduce average payments by $7,000 per year. 

For those who are public service or nonprofit employees, thanks to the federal government's public service loan forgiveness program, you can have your debt forgiven after 10 years of payments and we're helping you get that benefit. It would also help families save up to $10,000 per year through college planning resources. And thanks to this new program, we're helping deliver both peace of mind and money back in the pockets of working-class New Yorkers. 

And this could not come at a more important time because on August 1st, the student loan interest just kicked in last week for borrowers in the federal saving of valuable education or SAVE Plan as it's called. We have to be front and center and lead on putting money back in the pockets for New Yorkers. For far too many still feel that the deck is stacked against them and we know that we can make that deck even and fair so they can get ahead. 

So let's be clear, we're not going to sit back and allow New Yorkers to drown in debt. We are going to have that life raft to allow them to move to a productive life that they deserve. And over the last three years, as I indicated, $30 billion [is] back in the pockets of New Yorkers in very creative ways from high-speed broadband and NYCHA with Big Apple Connect to delivering relief to working-class New Yorkers with our medical debt relief program. 

And this year we successfully allowed the legislation passed in Albany. We allowed us to have Axe the Tax for working-class, no tax for low-income New Yorkers, no income tax for low-income New Yorkers. Eliminating and cutting city personal income taxes for 582,000 working-class New Yorkers and putting $63 million back into their pockets. So lowering debt, finding ways to do it, and bringing on the right team to make it happen is what we have accomplished. 

And I want to thank First Deputy Mayor Randy Mastro for really moving and navigating and understanding the fullness of this program and actually landing the plane and getting it done. Thank you so much, FDM. And I want to now turn it over to the commissioner with all the excitement, DCWP Commissioner Vera Mayuga.

Commissioner Vilda Vera Mayuga, Department of Consumer and Worker Protection: Good morning, everyone. Yes, I like to stay positive. I like to bring the energy. This is an amazing announcement and we should all just be celebrating. So we're gonna deliver this news in the most positive and exciting way we can. My name is Vilda Vera Mayuga, commissioner of the New York City Department of Consumer and Worker Protection. Thank you all for being here as we celebrate this important expansion. 

You've heard the mayor talk about the stress and the psychological toll that student loan debt brings, right? I think it's like, yes, it's like a number, but all that it does to you psychologically to deal with it and everything else. Individuals and families have to navigate in this difficult economy. If you're like me, you probably have to take student loans to get to your dream jobs and in order to make things work. 

It is the way I was able to become an attorney. It was my dream to go to law school. I had to go through undergrad for that, get my four-year degree, and that's how I incurred in my over $30,000 student loan debt. It's great when you get that diploma, but then I ended up playing the game. The game of forbearance and deferments and how do I make this happen for over half my life having this debt over my shoulders, like in my back, just carrying it even after I got married and had kids and all of that. 

But I love remembering the day when I became commissioner in 2022, thank you mayor, and meeting with one of our financial counselors in one of our financial empowerment centers who was able to walk me through the process of the Public Service Loan Forgiveness Program, like Shiniqua mentioned, right? Trying to get there. I got there and I know you're gonna get there too and you were gonna celebrate. 

And a year after that I was able to celebrate no longer having my student loan debt because we were able to get help. I was able to get help to navigate that process and get that debt forgiven. But not every New Yorker works in public service and that doesn't mean they shouldn't get the help they need as well to navigate this difficult process of managing student loan debt. 

And so with this new expansion we are extending that support to millions of New Yorkers who have or are thinking of taking student loans debt, right? We're in the library, young adult fiction section, when the kids that come here and get inspired and can continue to love learning and not have to think so much about what that means in order to accomplish your career goals. 

It is very important to also remember how much the city is already doing so we know this is also going to complement existing resources like NYC Kids RISE, which helps our kids' youngest public school, our city's youngest public school youth start saving for college and their career dreams. So thank you again Mayor Adams, Commissioner Molina, and our partners at Summer for sharing our commitment to financially empowering all New Yorkers and just simply making our city more affordable for all families. Thank you.

Mayor Adams: Take a few on topics.

Question: Yeah, I was just curious, could you explain a little bit what is the new eligibility? I know there's 1.4 million people who are eligible. They don't go– against what the commissioner said, [they] don't necessarily have to work in public service, so what are the qualifications?

Mayor Adams: Randy, you love this.

First Deputy Mayor Randy Mastro: I do. I do, because there is nothing more important than education and having the opportunity to climb the ladder from a great educational base so that we can do this for all New Yorkers is just a very gratifying thing and it's why we go into public service in the first place. Your question, Katie, and this is a good news story that I know even you will love– 

[Crosstalk.]

We have expanded from a pilot at three agencies, including HRA, to now all public employees. That's all public employees, not just city. Also, there's a related program that is income-based, available to all New Yorkers, that's tied to their income level and their ability to get some relief on the level of their payments based on their income. 

And then, of course, we have a wholly new component of the program, which is to help people with their higher education tuition payments, parents and students trying to pay for higher education. And that's up to, over the course of their higher education experience, up to $10,000 in reductions in payments for higher education payments. 

That covers 1.4 million New Yorkers who've been in public service, who have income-based criteria to be able to get reductions, and covers up to 1.6 million New Yorkers who have higher education tuition. This is a dramatic expansion of a pilot that worked, that provided millions of dollars of relief to hundreds of employees at three pilot agencies. And we're so proud to be able to expand it citywide. Summer, our partner Will is here. They are the experts in the field. 

We are the only major city, they've had huge success in some smaller locations like Alexandria, where 100 percent participation, amazing results. Now we have the greatest city in the world, the largest city in the country, and this being made available to all New Yorkers. So we're very proud of that. And I just wanted to thank Mitchell Baker on my staff, who had Herculean efforts to get this done with Summer, and thank you. Thank you all. It's a very proud day.

Question: So who is eligible?

Will Sealy, Founder and CEO, Summer: This is Will. Thank you to the mayor and the City Hall that has worked really hard to make this benefit available to all New Yorkers. To answer your question about eligibility, if you have federal student loans and you are a New York City resident, you will now have access to a leading financial assistance platform where you can upload your loan information, receive customized guidance on which benefits you might be eligible to receive. 

So if you have the ability to qualify for income-driven repayment plans, which would lower your monthly payments, you would then be guided into which program is right for you, and then direct assistance to enroll into those programs. There are over a hundred and fifty different state and federal programs that exist cumulatively. 

So think of this product in some ways a bit like a TurboTax-esque platform that guides you through which plan is right for you, with direct enrollment into the one that's right. There are other state-based programs, like the New York Get On Your Feet program, that can also supplement the federal programs to help reduce monthly payments for New Yorkers.

Question: So I'm sorry to keep asking questions because I'm so a little confused. This number estimation, you're telling me that any New Yorker who lives, any person who lives in New York City who has federal loans, which is a lot of people, maybe might be eligible for not just the city program that's being announced here, that was announced in May, but other programs. So where do we get the $3,000 a year, $7,000 a year, $10,000 a year, and the three million New Yorkers eligible?

Sealy: Yes, so the $3,000 savings average is the average that a student loan borrower with loans is on average able to lower their annual student loan payments. $10,000 is a cumulative savings estimate that a parent who's saving up for college costs is able to find lower-cost college education programs, be able to identify scholarship and grant programs, save in 529 college savings programs, and a whole host of other ways to reduce college costs to cumulatively add up to about an average of $10,000 per family.

First Deputy Mayor Mastro: One last thing. This is particularly important and timely now because this is basically a financial advisor for all New Yorkers on how to lower their student loan and higher education tuition costs. They don't have access to all of this. Our Federal Department of Education is being cut back drastically, so that support that would have come normally from the Federal Department of Education in the past isn't going to be there now. 

To have this resource, these experts helping guide you through all the programs in which you can reduce your student loans and your higher education tuition payments, what a great benefit to New Yorkers. And it's all New Yorkers who have student loan issues and who have higher education tuition issues. That's why this affects literally millions of New Yorkers in the most positive and profound way.

Mayor Adams: So you often hear people ask us questions, how do we deal with the cuts that's coming out of Washington DC? And I continually say we must find those ways on a city level. And this is one of the many ways that we're finding how to really address the cuts that are coming from DC. We cannot control what happens in Washington, but we can find solutions here in our city. And that's what this administration has been able to do. 

And over and over again we talk about [how] we leave too much on the table when it comes down to resources because of the lack of information. What we're doing is we're going to show those with student loans the information that's available to assist you in decreasing your costs, your monthly payments, and how you can use and utilize those programs and services that are existing now to get you the relief that you deserve.

First Deputy Mayor Mastro: Sorry, I just want to– 

Mayor Adams: I told you that you love this. 

First Deputy Mayor Mastro: I do, I do love this mayor. And I love you. I just want to make sure everyone understands it. As Will explained, for example, those in public service, they can get an average up to $3,000 less in payment obligations each year. They can get the amount that they have to pay each year reduced. 

If they work for 10 straight years as a public employee, there's forgiveness after the 10th year. That's amazing. That's tens of thousands of dollars of value. This is just, we urge all New Yorkers to take advantage of this expertise, this model, this ability to lower student tuition costs and higher education costs.

Mayor Adams: We’ll take some off-topics. Thanks folks. 

Question: There was a story in the New York Times yesterday that said President Trump has been speaking with Andrew Cuomo about his election, about his campaign for mayor, speaking with people who think he's the best chance to defeat Mamdani. That's the ultimate goal. I have a couple questions related to that. One, have you spoken with President Trump at all about your re-election? Asked for his assistance? 

And secondly, I know you speak often of your close relationship with the president, how you're working and not warring with him. Did you read the story and did you think, well then why would he go with Andrew Cuomo instead of me? Did it sting a little that this person you've aligned yourself with might go with your competitor?

Mayor Adams: Okay, one, [find where] you can find one quote where I use the term close relationship. You heard me say I'm going to– 

Question: [Inaudible]... A relationship, I take that close.

Mayor Adams: Exactly, just as I had relationships with other presidents, including President Obama, President Biden, President Trump. Mayors are supposed to work with presidents, not war with them. That's the quote that I said over and over again. And no, I think the president loves New York. I think everyone sees what, you know, the threats that we're facing. And I'm gonna do what I always do. I'm gonna stay focused, no distractions and grind. I have a campaign to run. I'm just gonna run my campaign.

Question: So you can't answer whether you have or have not spoken to President Trump about your re-election?

Mayor Adams: No, my conversations with the president are about bringing resources to the city. That is my conversation with the president. How do I bring resources to the city like the Empire Wind Farm project, a multi-billion dollar project that we had a stop work order on? I flew to Washington and I spoke with him and he lifted that stop work order and we had 1,500 union jobs, 500,000 homes are going to receive power from it. 

That is what mayors are supposed to do. And when we disagree, like I stated, this administration has taken the White House to court more than any mayor in the country. When we felt that the $80 million that we lost in FEMA, that we deserved, we went to court. We signed on with an amicus brief when we felt that New Yorkers had their rights violated in any way. So I'm consistent. That's what you can enjoy about me. 

What I said then, I'm saying now. And when I speak with the president, it's about resources for the City of New York. 

Question: How would you feel if he supported Andrew Cuomo publicly?  

Mayor Adams: I would be more disappointed if you supported him publicly, you know, so don't do that to me because you know, I just adore you. So, you know, when you vote, I want you to do the right thing. So my heart really goes out to what you do, you know, and it doesn't– listen, I've learned in this business of an elected official, you could have as many endorsements as you want. It's what you do on the ground. Go do an analysis of 2021 and see how many people endorse the other candidates. 

Question: [Inaudible.] 

Mayor Adams: Go look at it. 

Question: I’m the only reporter here [inaudible]...

Mayor Adams: Because you travel throughout the whole city, you cover the whole city, you don't sit home on your internet in your pajamas, you know, you travel throughout the city. Okay. Thank you.

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