Looking for a new city to jump start your career? How about one of two cities offering to pay off your student loans if you move there?
Ailing municipalities struggle to find new residents once decline sets in. As talent leaves, so will potential new business ventures, job prospects and more importantly, the taxing base. Traditionally local governments have fought with each other to lure existing businesses into the area by offering tax abatements. A new strategy is cropping up; incentivizing residency.
These cities won’t pay off your credit card debt or your pay day loans, but if you can qualify, these local governments will pay off a sizable portion of your student loans. Here’s how it works…
Niagara Falls, NY
Yes, it is the location of one of the seven natural wonders of the world. Yes, it’s just north of the snowiest city in the US. Yes, you need to be warned that the Love Canal is probably one of the biggest reasons the city is in decline. However, all that beauty, all that snow and all the pollution comes with a nice incentive; up to $7,000 in support payments for your student loans.
Qualifying applicants must have graduated in the last two years with at least a two year degree. You must also rent or own property within certain qualified, downtown zones. Those that are approved can receive up to $3,500 a year for two years.
Graduates of the two local Niagara colleges are being given priority. The city will be handing out a total of $200,000 in student loan repayments in the program.
Perhaps better known for sending Dorothy Gale to the Land of Oz, Kansas can add student loans payments as a state residency perk.
Counties within Kansas are offering up to $15,000 in student loan payments to those that would be willing to move into specific areas designated as Rural Opportunity Zones. These areas have lost population over the years and the State has decided to throw some money at plugging the residency drain.
Qualifying applicants must have at least a two year degree, outstanding student loans and have moved into one of the specified zones. In addition to student loan payments, some applicants may also receive state income tax waivers.
If you like this type of incentive, other locations like the State of Nebraska are also considering offering similar relocation programs.
Everyone needs a place to live, but only a few residences will give you thousands of pennies for your personal hoard.
Photo by thisisbossi on Flickr