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The Cost Of: Student loan forgiveness

If you are a city employee you will soon be connected to Summer, a company that helps borrowers navigate student loan repayment options.

Kristie Reeter

May 7, 2025, 11:27 AM

Updated yesterday

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There is a program that forgives millions of dollars in student loans, but many people don't even know about it.
Public Service Loan Forgiveness or PSLF works like this:
  • If you work full time at a qualifying nonprofit organization or any level of city, state or federal government, after 120 payments the remainder of your loans are forgiven.
But there is a lot of paperwork to submit to see if you qualify and that's what gets complicated.
Now, Mayor Eric Adams and other city agencies are announcing a new partnership to help NYC employees.
If you are a city employee you will soon be connected to Summer, a company that helps borrowers navigate student loan repayment options. Mayor Adams says, "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 NYC government employees."
Through this link, you put in your city issued work email and get started. Summer will look to see if you are eligible for loan forgiveness, manage your paperwork and keep you on track. To date, the company has generated $1.8 billion in total student loan savings.