The city launched a new student loan reduction and college savings program on Thursday in an effort to reduce annual loan payments for New Yorkers by about $3,000.

New York City Mayor Eric Adams, Department of Consumer and Worker Protection (DCWP) Commissioner Vilda Vera Mayuga and Department of Citywide Administrative Services (DCAS) Commissioner Louis Molina on Thursday said they are expanding their partnership with Summer , a company that helps borrowers navigate student loan repayment options. The firm currently provides public servants with various loan reduction services.

The initiative is estimated to reduce annual student loan payments for New Yorkers by an average of $3,000 per year and an average of $7,000 per year for participants with advanced degrees.

"Getting an educati

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