Anyone looking to move? Places such as rural Kansas and Niagara Falls are offering young professionals a pretty good plan for saving money: Live here and we’ll give you money to pay down your student loans!
From Good Morning America:
To help beef up downtown living, under Niagara Falls’ plan, graduates who have earned a 2- or 4-year degree in the past two years can apply for up to $3,500 a year (for two years) towards repayment of their student loans. Graduates of the local colleges – Niagara University and Niagara County Community Collage – get first dibs.
In Kansas, there are “Rural Opportunity Zones” which offer student loan repayments up to $15,000. The state has 50 such designated areas. It’s only for full-time residents!
Hmm. I don’t think I’ve ever had Kansas or Niagara Falls on my list of must-live places. If I were still paying down student loans, I might seriously consider those places as an option. If you work online or can telecommute for your job, this may be a perfect situation! You get to have your loans paid off and you don’t have to compete to work in cities that don’t have the most bustling job markets.
Brain drain will kill the cool factor of a city. I think it’s smart to do whatever it takes to maintain the best and the brightest in a town. If you’re a young professional in the first five years of your career, I suggest looking at all options to put you in the best financial footing. This guy did what he had to do! Look how well it worked for him!