Free student loan and college planning resources now available to New York City residents

All 8.4 million residents of New York City now have access to additional help to manage student loans and plan ahead for college. Made possible through the city’s use of a Sourcewell employee financial wellness and support cooperative purchasing contract with student loan assistance provider Summer, the expansion builds on the successful pilot program rolled out to city employees in May, broadening its reach to all residents.

With free access to Summer’s online portal, every NYC resident can now explore options to lower monthly student loan payments, review and compare repayment plans, and track progress toward potential loan forgiveness. The platform also offers tailored repayment and forgiveness guidance, plus college planning tools to estimate savings needs and find ways to save.

In its first three months, the municipal program supported more than 2,000 employees and achieved $13.8 million in total savings, with participants seeing an average annual reduction of $3,800 in student loan payments. Estimates suggest the expanded program could help residents reduce annual student loan payments by an average of $3,000, and by about $7,000 for those with advanced degrees. Families using the program’s college planning tools may also save up to $10,000 per child on education costs.

“Student loan debt impacts more than just monthly budgets. It affects a person’s ability to save, plan, and invest in their future,” said Ryan Donovan, Sourcewell Senior Director of Risk, Benefits, and Insurance. “We're proud to empower agencies to make their communities better through our cooperative purchasing program. Through this agency and supplier partnership, individuals and families have access to practical tools to improve their long-term financial stability.”

Explore Sourcewell’s financial wellness and support cooperative contracts for your agency, or learn more about NYC’s debt relief program in the official press release.