Over the past decade, student loan debt has ballooned to over $1 trillion. As some of you may know, this can be a large burden for a new graduate, especially for those without a BB position. The rise in student loan debt and desperation of graduates has caught the eye of cities with population problems.
Niagara Falls, a city largely known for their 165-foot waterfalls, will soon be offering newly minted graduates the deal of a lifetime. In order to revive the dwindling population, Niagara Falls will pay down $3,500 of student loan debt each year for two years for young professionals who move to their downtown district.
"We've lost a lot of talent, a lot of brain power," admits Piccirillo. "For 50 years we've been asking ourselves: how do we keep our young people?" The city, he says, never really had a plan. Now it does: It will attract them from elsewhere by offering to pay their student loans.
If downtown Niagara Falls doesn't sound like your scene, Pratt, Kansas is offering a similar deal. As stated in the article, these cities are searching for physicians, nurses, lawyers, and accountants. Surely Niagara Falls and Pratt would be interested in a budding finance professional to help reinvigorate the economy and social scene. This program could be particularly beneficial for those waiting to join the banking ranks until after graduate school.
Monkeys, the question is, would you put the dream of an investment banking gig on hold in exchange for help with student loan repayment?
Student Loans: Cities Offering to Pay Debt to Gain Young Residents
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