Cities That Will Pay Your Student Loans

As part of the program, Waldron receives around $3,000 every year for the next five years for a total of $15,000. Moving to the small town of Hillsboro, he believes, was the right decision for his family’s future. “It had two perks: to be closer to the family, but also to be able to jump ahead financially, which is something I wanted to take advantage of as well.”

Piccirillo’s program in Niagara Falls offers a similar incentive for freshly-minted professionals. “We’re a city that has lost 50,000 people over the last 50 years. We’re a post-industrial city trying to redefine itself.”

We’ve talked a little before about how some cities are trying to figure out how to keep their young, college-educated citizens from abandoning them to head off to join other young people in cities like San Francisco, New York, or Raleigh, N.C.

Now, some of these cities are providing a new incentive to lure the kids, which is basically: Stay and work in our city for a certain amount of time, and we will pay off some or all of your student loans! It’s an interesting idea, and the cities offering these programs hope that these young people will establish roots and create a flourishing community. Or, knowing how flighty young people are, they’ll stay until their loans are paid off, and then run off to their next big adventure somewhere else.

(Thanks Sarah!)

Photo: Flickr/JasonParis


6 Comments / Post A Comment

Megano! (#124)

If I had student loans (and could drive, since these are probably mostly small towns), I would do it.

I don’t know, maybe they should incentivize home ownership or something on top of it? I mean, obviously not having to make student loan payments for a few years would free up some cash, but Roots and Wings okay.

@The Dauphine If my student loan payments were covered I could easily afford to buy a house in Kansas. Assuming someone opened a large international development NGO there that was willing to pay me my same salary, of course.

@stuffisthings +1. Can someone also open a large international Arts Nonprofit? I’d be there in a flash.

MuffyStJohn (#280)

Rural Kansas? For $3500 a year? Really? This is like the weird “get paid to sit in a black room and do nothing” post from yesterday, except the people organizing this are way cheaper and I somehow find the notion even more frightening.

The Soviet Union tried something similar in Siberia. I guess it worked out OK for them.

Seriously, though, I’d be real interested to see an economic analysis of the ROI on this. My gut tells me it’s probably a good public investment.

Comments are closed!