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
meh i try not to make a decision based on money. 2 years is a lot out of your life, and for what.. 7k more? maybe 15-20k. i'm curious to see what other people's price are
This is fucking laughable. My meal plan alone costs more than $3,500.
You guys haven't been to the SunDowner yet..... ;-)
This... a guy that knows Canada well.
I definitetly would if I had met a girl I would be interested in marrying and use it as a 2 year savings plan to start our life. Suck it up and study for various test (CFA and the like).
Other than that...the winter's would be brutal. But imagine the tail you could swing at the falls in the summer. young naive tourists.
aimed at students who are somewhat desperate / naive.
and who have a low opporunity cost. if i was a recent graduate from a nursing program in Eastern Canada looking for any old place to settle down, the $7k would actually be somewhat enticing. not so much for us big baller WSO types.
What if it was 25k a year.. 50k a year? What is the number?
hmmm... to answer your question, i would need more details about the Niagara Falls area. from a quick google search it looks like an 80-mile drive to Toronto. i am currently working in fortune 500 finance at a blue chip tech company... so i suppose if Niagara were to open a bunch of tech offices in their downtown area and make some effort to create a thriving nightlife, then i could do it for $25-$50k cash.
but if there are no career opportunities there, then moving to the area would basically be career suicide for many of us. how much would i need to postpone starting my career for a few years? that would probably be in the hundreds of thousands of dollars.
LOL 7k for two years? yea, right......for the grads that actually need help, this isn't even 10% of their burden.
$0.... there are no jobs people on WSO would accept in Niagara Falls.
They're hoping for young professionals but they're likely to get a bunch of kids who couldn't find a job so they'll be renting a cheap apartment and waiting tables at Olive Garden. Not that there is anything wrong with waiting tables at Olive Garden.
I wouldn't take it because I refuse to live in the north unless I'm getting paid a ridiculous amount of money. I'm debt free but if some crappy town in the southeast or southwest offered 7k cash over two years I'd take it if there was a good enough job. Small towns aren't bad places to live if you're rich. It would be nice to be able to have a shooting range in the back yard.
My number for Niagara Falls is $1.5 million cash.
I've actually once thought of the prospect managing my own money from Niagara when I retire.
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