New York Mayor Eric Adams held a press briefing on Monday to discuss affordability.
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00:00Good morning everyone, my name is Vilda Vera Mayuga.
00:04I am Commissioner of the Department of Consumer and Worker Protection.
00:09Thank you all for being here today as we celebrate a new partnership with SUMMER to expand our
00:15efforts to help New Yorkers reduce millions of dollars of student loan debt and
00:21make our city more affordable for working class families.
00:26I received my public service loan forgiveness in 2023 and
00:31it truly changed my life and my family's financial outlook.
00:36My graduation day in 1998, many years ago,
00:41was one of truly one of my proudest days of my life.
00:45But I remember just how quickly that joy just turned into anxiety.
00:50When I found out, it was great, I got my degree,
00:53but I had all this debt now to repay, somehow, at some point.
00:58And I was so grateful for having the opportunity to pursue my dream of becoming a lawyer and
01:04helping my neighbors.
01:06But I just had no idea where to begin and how to start paying off my loans.
01:11Fast forward to 2007, when I was working at the New York State Attorney General's office.
01:17I began hearing my workers excitedly talk about this program called Public Student Loan Forgiveness.
01:24It sounded great, but when I looked into it, I was confused on how to apply.
01:30I thought maybe by being a lawyer I had all the wisdom and intelligence I needed to go through any form.
01:35And I just couldn't, and I figured at some point it would be clear to me.
01:40For years, I doubted myself and my choices.
01:44I have had a successful career, an advanced degree, a loving family.
01:49But I couldn't figure out how to get out of this debt.
01:53I even wonder if I made the wrong career choice and would have been better off just going into the private sector.
02:00It wasn't until 2022, when I became Commissioner of DCWP, that I discovered our Financial Empowerment Centers.
02:10And finally got the help I needed.
02:14My financial counselor not only helped me sort out my family's finances, but she worked with me to navigate the Public Service Loan Forgiveness Program.
02:23And on February 15th, just one day after Valentine's in 2023, almost 25 years after I received my undergrad degree,
02:33I received a letter notifying me that my loans had been forgiven.
02:44I still have difficulty expressing my gratitude, but the unfortunate reality is that I know my story is not unique.
02:53More than 42 million Americans have federal student loans.
02:59Close to home, there are thousands of public employees in New York City, many in this very room with us,
03:07who are burdened by the student loan debt they carry with them.
03:11And I'm sure they, too, have wondered if public service was the right career choice for them.
03:17That's why we are so proud to work with Summer, who can provide comprehensive loan and education assistance to every city worker who needs it.
03:28They will help workers understand the rapidly evolving loan servicer, repayment and collection landscape, and help them manage their student loans easier.
03:39Those in public service make so many sacrifices to serve their neighbors.
03:45But choosing to serve your community shouldn't come at the cost of your financial health.
03:50Please, I urge you to take advantage of these groundbreaking opportunities for specialized student loan debt information unique to your financial situation.
04:01Seeking help with your finances can be scary, but it's truly changed my life.
04:07And I know it can help thousands of other city workers.
04:10And with that, I'd love to turn it over to our Mayor, Mayor Eric Adams.
04:14Thank you. Thank you so much. Thank you.
04:17A powerful story and really, I think, hidden in the Commissioner's story is many layers to why people, number one, leave so much resources on the field.
04:31Far too often, we leave large dollar amounts and the assistance that we need.
04:41She should not have had to find out about loan forgiveness by chance because her colleagues were having a conversation.
04:50We must be clear on how we bring the resources we fight for.
04:55We got it. Now they must get it.
04:59And every day people live in the dark winter of student loans.
05:05It's good to know that we have a summer.
05:07That's going to be it.
05:12And so during budget week, we talk about some of the great victories we put in place during the week last week,
05:20but we just couldn't fit it all.
05:22And so we budget week is going to be extended because they're just real wins for working class people in the city of New York
05:31with what we like to say the best budget ever from hundreds of million dollars for universal after school programming.
05:37So parents don't have to choose between earning a paycheck and having care for their children to many of the investments in our public safety.
05:47As we ensure that the city remains the safest big city in America.
05:52The 2026 budget is also leaning into what we can do for public service.
06:00Another part of the commissioners story is about having to sacrifice from doing your calling of helping everyday New York is doing to ensure you have the adequate resources to provide for your family.
06:14And you should not have to make that trade off.
06:17And too many New Yorkers know firsthand how expensive student loan debt is.
06:23We all know a family member, a friend, a colleague or loved one who's going through paying off debt.
06:29I'll never forget President Obama saying when he paid off his final student loan debt, he was far into his career in politics.
06:40And just to hear you just paid off yours 25 years later, you know, everyone knows that story.
06:47But hundreds of thousands of public safe service wake up early and stay up late to keep our city running.
06:53And we need to have their backs like they have our backs.
06:56They teach our children. They connect people to homes. They keep us safe.
07:01And but too many of them are struggling. They're struggling in so many ways.
07:05And one of the ways that we know is the student loan debt situation.
07:11New Yorkers shouldn't live in fear that their student loans will break their bank.
07:15And so today we are helping connect them to the relief and to the action that they deserve.
07:23And they are owed by our city. Just like we promised in our state of the city address earlier this year,
07:31we are launching programs to help wipe out three hundred and sixty million dollars of student loan debt for more than a hundred thousand city employees.
07:40That's almost a third of our city employees will watch their student loan debt disappear.
07:46The federal government's public service loan forgiveness program forgives government employees
07:52student loan debt after 10 years of service.
07:56But it can be incredibly difficult. Here you heard it.
07:59You heard a lawyer say she found challenging challenges and it was confusion confusing in operation.
08:06And so that is why we must get real have real partners to help us address it and to navigate the challenges.
08:14And right now thousands of city employees can get their debt wiped out and they do not even know it.
08:21So match with the partnership with summer.
08:25We want to make sure the information is out there and that's our campaign of letting everyday working class civil service to know that is available.
08:34We are partnered with leading student loan forgiveness service organization called summer to offer counseling online resources and valuable tools to help public service enroll in the program and get the debt forgiven once and for all.
08:50City employees at the administration for children's services.
08:55The department of social services and nature are now eligible eligible as part of the pilot phase of this program.
09:02And come September we will roll this program out for all New York City government employees.
09:09With the rising cost of living we know that every dollar counts every dollar matters.
09:14Our city employees especially know how challenging it is as they try to assist our various constituents who are dealing with financial concerns.
09:25This also impacts everyday working class New York City employees.
09:30So we are stepping up to ease the student loan debt burden for thousands of New Yorkers.
09:34And I know the hustle is real.
09:36I saw what my parents went through and my mom went through as she raised us.
09:41That situation of affordability is still present today.
09:44But over the last three years we have launched in this administration and we've advocated for a broad range of benefits.
09:53We've placed 30 billion dollars back in the pockets of everyday working class people.
09:5830 billion dollars.
10:00I like to say we are not in charge of the price of bread but we can put bread back in your pocket.
10:05And that is what we have been doing.
10:07This includes saving families and working New Yorkers millions of dollars through the New York City Earned Income Tax Credit.
10:13Our Big Apple Connect program that connects 19 residents to free high speed broadband.
10:19And we are beginning to wipe out 2 billion dollars in medical debt for working class people.
10:26The number one cause of bankruptcy is medical debt.
10:29And we are wiping out 2 billion dollars of it.
10:32And this year we are fighting Albany to do the tax for the working class.
10:38This would allow no taxes, no city income tax for anyone who is making 150% of poverty line or level or lower.
10:48And this is a huge benefit and hopefully we get it through Albany.
10:53582 filers would benefit from this.
10:56And we will put 63 million dollars back into the pockets of working class low income New Yorkers.
11:02This is money our resident city residents have worked for and they deserve to have it in their pockets.
11:08And we are looking forward to getting this bill passed.
11:10And right now we are proud of this announcement.
11:14It's just about the people already serving our cities, giving them the support they need.
11:20And it's about the next generation.
11:22So it's not only who is serving the city, but the next generation as well.
11:27And at CUNY colleges like this one, in schools across our city, young people are making an investment in their future.
11:34We've been proud to support CUNY, restoring 96 million dollars in savings last week so CUNY can continue to serve our students in the years ahead.
11:43And a program that I am really pleased with, 30 million more dollars in programs like ACE that provide counseling, textbooks and transportation.
11:53But students in the classroom all around us right now will have to choose whether to go into private sector or pursue career in public service.
12:03You know, I think the commissioner stated it well.
12:06They second guess when they see these additional debts they have to pay.
12:11They make the right choice.
12:12But with this program, we can tell them, yes, you can make that right choice of going with your passion as you serve the city and also provide the relief that you deserve.
12:22So the program we are rolling out today for them as well.
12:27It is a commitment that if you come serve your city, we will help you access these critical resources and pay down your debt.
12:35That public service is not an honorable career, but a smart savvy one too.
12:42So not only is it honorable, it is smart and savvy as well.
12:45And that together, we can make life more affordable for this generation of public service.
12:51So I am pleased to introduce a key partner in how we are getting this program done.
12:57Our tireless commissioner of citywide administrative services, Commissioner Lewis Molina.
13:07Thank you, Mr. Mayor.
13:09Good morning, everyone.
13:10I'm DCAS Commissioner Lewis Molina, and it is an absolute pleasure to be with you all this morning.
13:15Today, we take an incredible step towards empowering the city's workforce.
13:20This new initiative tackles the current student loan crisis by connecting city employees with the public service loan forgiveness program and many other services or through one online platform.
13:32As we launch our pilot program today, we mark unprecedented progress in delivering widespread student loan education, guidance and relief.
13:41Mayor Adams has been steadfast in his efforts to deliver employee resources, and I want to thank him for his support in such a groundbreaking initiative.
13:51With that, I would also like to thank our invaluable partners here today whose efforts brought this idea to life, including DCWP Commissioner Mayuga, our new partners at Summer,
14:02and of course, ACS, DSS and NYCHA, the agencies who will be kicking off this initiative in its pilot stage.
14:10I would also like to offer special thanks to these agencies as their participation will be instrumental for a citywide rollout later this year.
14:19The pursuit of knowledge often comes as a costly price, and I'm sure many of us here today can attest to the challenges of navigating the student loan process.
14:29Through this partnership, we are ensuring that those who are tiredly serving our communities will have the support and resources to avoid these roadblocks and successfully gain loan forgiveness.
14:41As you have heard, this resource elevates a large financial burden, but it also provides an invaluable mental clarity.
14:49In this, the impact of this initiative will be deeply and widely felt.
14:53Knowing that 100,000 individuals will soon benefit from the access to countless tools and tailored guidance for student loan payment, I am filled with immense joy this morning.
15:04Public servants are at the heart of our great city, and these are the resources that have undoubtedly earned.
15:11This initiative is a reflection of the city's enduring commitment to employee empowerment, and I encourage you all to take advantage of it when the time comes.
15:20We will continue to recognize the challenges city employees face and conceive of innovative solutions to strengthen our workforce for the future.
15:29And with that, I'd now like to invite the CEO of Summer, Mr. Will Seeley, to the podium. Thank you.
15:40Good morning, everyone, and thank you for that very warm welcome.
15:43It's a real privilege to be here today alongside Mayor Adams, the commissioners, and the incredible public servants who keep this city moving day in and day out.
15:53A city that represents the beating heart of public service in this country.
15:57Summer is honored to support this work.
16:00Across the country, we've partnered with public sector employers, from state agencies to hospital systems to school districts.
16:08And we've seen firsthand how life-changing the public service loan forgiveness program can be when it works the way it was intended.
16:17Public service loan forgiveness is more than just a policy.
16:21It's a promise, a promise that if you dedicate your career to serving your community, the system will support you in return.
16:31But we know that promise has often been out of reach, tangled in red tape and confusion.
16:38In fact, only 11% of student loan borrowers in public service who applied for forgiveness have actually achieved it.
16:47That's where Summer helps. Summer simplifies the path to student debt relief.
16:52We take something complicated and make it clear, actionable, and achievable.
16:58We've helped tens of thousands of public servants navigate repayment and unlock nearly $2 billion in loan forgiveness so far.
17:08Our tools help borrowers check their eligibility, compare options, and apply or recertify online, and connect with a student loan expert if they need one.
17:19For the average borrower, that adds up to $278 a month and approximately $45,000 over the life of the loan.
17:28And it takes less than 10 minutes to complete the process, and it's now completely free for New York City employees.
17:36This program is a positive ROI initiative for the city, thanks to its impact on employee recruitment and retention,
17:44and the reduction of overhead for the city and managing PSLF applications.
17:49Beyond repayment, we also provide tools to help families understand the real cost of college for their children and avoid unmanageable debt in the first place.
18:00Student debt shouldn't be a lifelong burden, especially for the teachers, nurses, and first responders who serve their communities.
18:09At Summer, we're proud to make PSLF and other debt relief more accessible, transparent, and achievable for the people who need it most.
18:18And we're ready to walk that path with city employees so that they get the debt relief they've earned.
18:24Mayor Adams, Commissioners, thank you so much for this partnership. We can't wait to get started.
18:39You brought up Acts of the Tax. I know the budget bills in Albany haven't been printed yet, but what are you doing to get the Acts of the Tax proposal into the final budget,
18:48the same as the child care voucher? I know the state wants 50-50. You want the state to pick up the full freight. What's being done to make that happen?
18:56Going to land a plane. We always do, four years in a row, three years in a row, and this is the fall. We'll land a plane. It'll be all right.
19:03Indulge me. What's happening up there with your proposals?
19:08That was a great indulgement I did. We're going to land a plane. Okay, thank you.