Sourcewell's Cooperative Purchasing Program Brings Student Loan Debt Assistance to New York City Employees

Recently, NYC Mayor Eric Adams announced a new partnership using a Sourcewell awarded supplier (a student loan assistance solution) to reduce up to $360 million in student loan debt for New York City public servants and their families.

New York City Mayor Eric Adams has announced a new partnership using a Sourcewell cooperative purchasing contract to help its city employees reduce millions of dollars of student loan debt. The move is part of a larger initiative to make New York City more affordable for working-class families.

The partnership provides more than 100,000 city employees and their families free access to student loan experts and tools to enroll in the federal government's Public Service Loan Forgiveness (PSLF) program and Income Driven Repayment (IDR) plans to reduce or cancel an estimated $360 million in student loan debt.

By leveraging an existing Sourcewell-awarded contract, New York City was able to expedite procurement and get faster access to the resources its workforce needs.

“We couldn’t be happier for New York City and its employees,” said Ryan Donovan, Senior Director of Risk, Benefits, and Insurance. “Financial wellness is a key component of a person’s overall well-being and their ability to be an engaged employee. We’re proud to have played a role in helping the city streamline the process of finding a competitively awarded supplier who can bring its workforce a solution that will have a lasting impact.”

Learn more about the partnership and its significance via the official press release from the Office of the Mayor or by watching the press conference recording.