Small Cities in U.S. Take Care of Student Loan Debt for Residents
The student loan problem in the United States isn't going away any time soon, but there are some places around the country that want to make your school debt disappear. So, would you move if you knew there were cities out there actually paying off student loans for its student residents? There are several small cities in the U.S. that are doing just that, and these are the same cities inviting young graduates to become residents in exchange for loan payments. According to ABC News, Niagara Falls, New York is just one of many cities that's taking part in this current trend.
The idea came from Seth Piccirillo, the new director of community development at Niagara Falls. He said in an interview with ABC News that, "We've lost a lot of talent, a lot of brain power…for 50 years we've been asking ourselves: how do we keep our young people?...Having young professionals is the key to a modern economy."
Whether that statement is true or false, Niagara Falls is now offering to pay off student loans for a target group of graduates from Niagara University and Niagara County Community College, but there are plans for this to be extended across the country. However, Niagara Falls isn't the only city doing this. 50 counties in Kansas offer tax waivers to degree holders for up to five years or to make loan payments for up to $15,000, and all you have to do is establish residence in one of their counties.
What are some other cities offering these kinds of incentives to graduates? Detroit, Columbia City near Seattle, and cities in Nebraska are also offering similar options for college graduates. These are definitely smaller areas within bigger cities that are in need of innovative thinkers, technology experts, engineers, and scientists who want to produce something amazing for the community, but for the most part, you just simply have to establish residence. The hope is that you'll also build a thriving business or contribute to local businesses just by living in the area.
So how much debt is worth moving your life? Would you move if your school loans were paid off? Comment with more places that you know of offering similar debt forgiveness programs.