I received my Bachelor’s degree from Boston University on a warm, sunny day in May 1998. Like it is for the tens of thousands of graduates across the city who are tossing their hats in the air this spring, it was one of the proudest days of my life—it’s what set me on the path to pursue my lifelong dream of going to law school and becoming an attorney.
My joy quickly turned into anxiety when I was reminded of the cost of my accomplishment—a feeling that many recent graduates may soon experience— when I received a letter from my student loan servicer informing me that I would need to start repaying my loans.
I was so grateful that these loans allowed me to get closer to my dream career, but I had no idea where to begin paying them off. After years filled with letters, emails, phone calls, and playing the song and dance of allowed deferments and forbearances—with some years of payments—I was months behind and always trying to figure out which debt to make a payment on come payday because my salary was never enough to cover it all.
But in 2007, almost a decade after that sunny day in Boston, I thought the clouds that loomed above me for nearly 10 years might clear when I learned about the Public Service Loan Forgiveness (PSLF) program. I remember all my colleagues at the NYS Attorney General’s Office, where I worked at the time, talking about it excitedly, and finally feeling appreciated for their public service. And while I shared my colleagues’ excitement, it still felt confusing, and I couldn’t understand the process to apply for the program and benefit from it, so I put it aside and figured some more clarity would eventually come my way.
I developed self-doubt. I had been successful in my career, having an advanced degree, but was unable to figure out what could get me out of tens of thousands of dollars of debt. I second-guessed my career choices: should I have gone to work in the private sector, making more money so I could pay off my student loans? But I was drawn to the public sector because I wanted to serve and give back to the community that had helped me become who I was and who needed a voice to elevate their concerns in public policy. The private sector couldn’t fulfill me, but the public sector couldn’t get me out of debt quickly either.
As the years passed, I continued to develop my skills as a public policy maker and set new professional goals. And on March 1, 2022, I became Commissioner of the NYC Department of Consumer and Worker Protection (DCWP). I felt that I had made it, leading an agency in the biggest city in our nation, where I could make a direct impact on the lives of the more than 8 million who call New York City home, but I still carried the weight of my debts with me.
As I quickly became entrenched in DCWP’s work, I learned of the city’s Financial Empowerment Centers, which provide FREE one-on-one professional financial counseling to support individuals in reaching their financial goals. I had my first meeting with my Financial Empowerment Center counselor, Katie, in July 2022, and she guided me through income, expenses, and creating a budget. Katie also worked with me to submit my PSLF documents and gave me all the comfort I needed as I waited for my application to be processed. We met regularly to work towards my financial goals and Katie kept me calm as I awaited my PSLF decision.
On Feb. 15, 2023, I received a letter from my loan servicer notifying me that the student loan debt that I carried with me for nearly 25 years had been forgiven – almost $33,000! I still have difficulty finding the right words to express my relief, the weight off my shoulders, the satisfaction, and the gratitude I feel. I have a beautiful family that includes two children who I hope to continue to support as they pursue their own dreams. Getting rid of my own student loan debt has given me more space, mentally and financially, to provide the right support.
While that day in May 1998 continues to be one of my proudest days, February 15 of this year is now the most amazing day in my career as a public servant. And I’m not alone—more than 39,000 New Yorkers have had $2.6 billion in loans forgiven so far. So, if you’re a recent grad looking for your career path (or looking for a new path), consider a job in public service. NYC is actively hiring for all sorts of jobs that help make our city a better place, and if you choose to work for city government, you too could receive relief from student loans. Visit nyc.gov/jobs to find a job where you get to make a real difference in your community.
And I encourage all New Yorkers to make time for an appointment with one of our amazing Financial Empowerment Center counselors—they can help you manage your student loans whether you are eligible for PSFL or not. Counseling sessions are confidential and free. Go ahead, take charge of your finances! Call 311 or visit nyc.gov/TalkMoney to make an appointment today. It could be the most life-changing appointment you make!
Vilda Vera Mayuga is the Commissioner of the NYC Department of Consumer and Worker Protection (DCWP). NYC Financial Empowerment Centers, which are operated by DCWP, provide FREE one-on-one professional financial counseling and coaching to support New Yorkers in reaching their goals.
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