States are willing to pay your student loans

If I were to tell you that you can move to a certain city or town and just by living there the town will make student loan payments for you, would you believe me? I honestly don’t even think I would believe me, but the fact is this is a reality. I know I am over a year late on this news and no, you cannot apply today as the programs have closed with a full slate of applicants, but how cool is this concept? Niagara Falls NY needed to spark innovation and growth in town so they offered graduating student loan payments in exchange for residing in and working around the town. The same concept holds true for the rural counties in Kansas where a similar program was simultaneously taking place.

In theory, I love this idea.  Places that need or want growth and development know that attracting young innovative talent is a great way to achieve these long term goals.  Since a lot of the student loans are federal dollars to begin with and mostly inflated with interest the actual “cost” is substantially less to the government (assuming the money is coming from one big pot) then one would imagine.  Also, if the theory works, the amount of dollars the young grad’s will bring to the community over an extended period of time will far outweigh any and all costs of making student loans payments for you.

While this all does sound great, can it work over a larger group? What if 20 states offered this instead of one rural state and one town in NY? Would the concept create large shifts in population to area’s that previously did not support large populations? Who really knows! I do like the idea of getting student loans paid for by someone other then me though 🙂 don’t we all?!

5 thoughts on “States are willing to pay your student loans

  1. Wow what a great news. This is a great opportunity for college graduates to reduce their debts. And since they are encouraging young professionals I guess they have plenty of jobs available in the area.

    • I think their mindset isnt that they have tons of jobs right now to offer, but instead they feel that with the influx of young talent they will bring the jobs with them. Ideally, if more people move to a place there is more reason to open a McDonalds, Starbucks, Mall, etc.
      Edgar @ Degrees and Debt recently posted…States are willing to pay your student loansMy Profile

  2. I remember hearing this story a while back. I want to say in the rural areas they were trying to attract doctors to the area by offering the benefits. No luck for us poly sci folks. Pretty interesting nonetheless.
    Ian recently posted…Student Loan Repayment Options: The Pay As You Earn PlanMy Profile

  3. I know there are programs like this for health professionals, doctors, nurses, social workers, etc. I had considered doing one briefly, but they only accept a limited number of people and you had to work several years before they started repaying the loans (at which point my loans would have been paid off anyway).
    KK @ Student Debt Survivor recently posted…Happy New Year!My Profile

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