Vicki Davis

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Cities Dangle Carrot To Students: Move Here & We'll Pay Off Your Debt


What’s a great way to get a young, thriving community to pop up in your town and revitalize an area? A little gentle monetary incentive, in the form of offers to pay off student loan debt for young residents moving into the town. Niagara Falls, N.Y. is just one such town trying to entice fresh-faced professionals to move in by paying off part of their debts.

In Niagara Falls, the campaign is being spearheaded by the new director of community development. Communities like his are concerned over shrinking, increasingly older populations, and are willing to try just about anything to get those happening kids to move to town.

“We’ve lost a lot of talent, a lot of brain power,” he says. “For 50 years we’ve been asking ourselves: how do we keep our young people?” The city’s population 50 years ago was 100,000 and it has now fallen to 50,000, causing its leaders to worry about losing certain forms of federal assistance.

The city is putting an initial $200,000 behind the idea. The first applications should arrive in the next couple of months, says Piccirillo, but “The graduating class of 2013 will be our first real swing at it.”

» via The Consumerist

Niagara Falls will pay off part of your student loans if you move there? Wow.

Filed under education debt college student loans money economic development