Those in New York City with student loan debt are being offered a new program to help them reduce their payments.
Mayor Adams' administration says the pilot program that helps borrowers navigate repayment options stared with city workers is now is being expanded to all New Yorkers. The city partners with a company called Summer which helps connect student loan borrowers to programs that help save money. Will Sealy is the CEO of Summer.
"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."
Any New York City resident with federal loans qualifies for the free service. Officials estimate the program will reduce annual student loan payments for New Yorkers by an average of three thousand dollars a year.