Small town anywhere is dying. A lack of young blood, not to mention highly-educated, innovative blood, is killing them. People are moving on to bigger and better things in areas with higher populations.
Student loans are killing millennials. The average grad carries more than $25,000 in debt if they took out loans, and that’s just the average. Oh, and student loans don’t die. They follow you forever and ever, even through most bankruptcies.
Innovative Communities Will Pay Off Your Student Loans–Just for Moving There
Some of these communities are seizing an opportunity to create solutions for both groups. They are offering to help repay student loans for graduates that establish their residences within their community’s boundaries.
Truly innovative problem solving, it presents real solutions to both parties. Here are three of the major programs for cities that will pay your student loans that have already started or are deep into the works:
Kansas Rural Opportunity Zones Program
Location: Kansas. In any of these 71 counties.
Requirements: Establish residency in one of the above mentioned counties on/after July 1, 2011. Have outstanding student loans along with an associates, bachelors, or post-graduate degree. You must have lived outside of Kansas and made no more than $10,000 in Kansas income for the five years prior to establishing residency.
How much will they pay?: Up to $15,000.
How it works: The state pays 20% of your student loan balance over the course of five years, up to $3,000 per year for a total of $15,000. Payments will go directly to the lender. Keep in mind that any payments made to your lender will be taxable.
Where to apply: Kansas Department of Commerce
Live Niagara Falls Program
Location: Niagara Falls, New York
Requirements: Associates, bachelors or post-graduate degree. They originally recruited at local colleges, but are open to other applicants from far-off places. You must also move to the the city of Niagara Falls.
How much will they pay?: Up to $7,000.
How it works: You’ll get up to $3,500 from the city to pay your student loans over two years in the form of reimbursements.
Where to apply: LiveNF website, which should be live again in February 2017.
Saskatchewan Graduate Retention Program
Location: Anywhere in Saskatchewan, Canada
Requirements: You must have graduated from an approved program after January 1, 2010. That program must be equivalent to six months of full-time scholarship and must have rewarded you with a certificate, diploma, undergraduate degree, or journeypersons certification. You must live in or move to Saskatchewan.
How much will they pay?: $20,000 Lifetime max. You will receive up to $3,000 if you have a one-year certificate/journeyperson/diploma, up to $6,400 for a two-year certificate/diploma, up to $15,000 for a three-year undergrad degree, and up to $20,000 for a four-year undergrad degree.
How it works: During the first four years, you get 10% of your tuition reimbursed to you as a nonrefundable tax credit, as long as you file your taxes in Saskatchewan. For the next three years, you get 20%, up to the maximum amount for your certification/degree. If the credit is more than you owe in taxes, you can carry the credit over for up to ten years.
Where to apply: Saskatchewan’s Graduate Retention Program
Didn’t find a program you like? There are occupation-based student loan repayment programs across the USA. Click here to check some of them out.