Can’t figure out how you’ll be able to pay off your student loans? Here’s a solution: move to Niagara Falls. (Photo by Jacquelyn Martin/AP)
Brain drain is a common curse. Plenty of cities throughout the United States face an exodus of their educated citizens, fleeing from metropolitan areas for the opportunities they can afford.
But now some of those cities are offering to pay some or all of graduates’ student loans if they live and work in that city. Some are even offering tax breaks to retain an educated workforce.
Seth Piccirillo, the Niagara Falls director of community development, is starting such a program in his city.
"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," Piccirillo said.
Participants in the program, which received $200,000 of initial funding this week, will either own or rent a home in a select neighborhood in the city. If participants remain in good standing with their student loans and mortgage company or landlord, they will be receive up to $3,500 a year for two years. By Piccirillo’s team’s estimates, the average college graduate pays around $291 per month, which comes to $3,492 annually. More.