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?!