Tuesday, June 12, 2012

Markets in Everything: Cities Offering to Pay Off Student Loan Debt to Attract Young Residents

Good Morning America -- "Under the plan in Niagara Falls, NY, 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. The same deal would be offered to graduate students. Graduates of Niagara University and Niagara County Community College will be targeted at first, though the city hopes eventually to recruit graduates from other parts of the country.

To qualify, applicants will have to rent an apartment or buy a home within a designated downtown area. "We're not talking city-wide. We're taking acres," explains Piccirillo. "There's no doubt in my mind that getting even 100 to 150 people could revitalize the neighborhood."

In rural Kansas, a similar experiment is underway. Fifty counties in the state have established Rural Opportunity Zones (ROZs) authorized to offer one or both of the following financial incentives to new full-time residents: Kansas income tax waivers for up to five years and/or student loan repayments up to $15,000. 

To be eligible for loan repayments, applicants must hold an associate's, bachelor's or post-graduate degree; must have an outstanding student loan balance; and must establish residency in a ROZ county."

9 Comments:

At 6/12/2012 12:57 PM, Blogger JJ Butler said...

This is not a 'market' in anything event. I decry this social engineer being expressed as freedom. Freedom is the virtue itself, not some policy which may increase economic wealth if it does sour badly. I hope Mr. Perry is not suggesting the tax code be thicker, with more loopholes and higher rates!

 
At 6/12/2012 1:06 PM, Blogger juandos said...

I think jj brings up a good point...

BTW has this sort of scheme been tried by small towns to attract medical doctors and teachers...

Anyone know how that's worked out?

 
At 6/12/2012 1:16 PM, Blogger Mike said...

Juandos,
I seemed to work out pretty well in Northern Exposure...well, it worked out for everyone except Dr. Fleishman. Of course he didn't realize he was getting more than loan repayment.
Sorry, I think I'm the only person in the world who liked that show.

 
At 6/12/2012 1:30 PM, Blogger Jet Beagle said...

juandos: "Anyone know how that's worked out?"

Red River County physicians (Clarksville, TX) paid the full medical education of my wife's brother. In return, Eddie was required to open an office in Clarksville and work on the staff of the small hospital there. That was back in the 1970s. I think Eddie stayed in Clarksville for five years.

The physicians did not use taxpayer money to fund my brother-in-law's education. But I can see why a rural county might decide to do so.

 
At 6/12/2012 1:34 PM, Blogger Jet Beagle said...

mike: " I think I'm the only person in the world who liked that show."

I liked Janine Turner.

 
At 6/12/2012 4:07 PM, Blogger juandos said...

"Northern Exposure"...

Oh wow! I had to look that up at the movie database site...

RE: Janine Turner, yeah I can understand and appreciate that...

I never watched it myself but my mom and one of my sisters were always rattling on about the episodes and what such and such a character did...

Was Northern Exposure worth watching?

 
At 6/13/2012 8:21 AM, Blogger Darwyyn said...

I'm curious how long the new professionals will be required to stay in Niagra Falls. Do they get thrown in jail if they try to leave ahead of schedule?

 
At 6/13/2012 10:37 AM, Blogger Mike said...

Juandos,
Unfortunately, N. Exposure isn't on streaming Netflix, or I'd say it's worth watching....only dorks like me buy the dvd set.

I thought the show was extremely well written, but it was probably a little 'touchy-feely-zen' for most dudes.

 
At 6/14/2012 8:56 AM, Blogger Mark Bonica said...

finally something to do with an advanced liberal arts degree - move to Kansas! Write poetry in the fields!

 

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