The other place that’s offering a similar deal is Niagara Falls in New York. As a college graduate, you can receive up to $3,500 per year in school loan forgiveness just for renting or buying a house and living there full time. If you enjoy winter sports and beautiful scenery, this can be an ideal situation for you to discharge some of the school loan debt that’s hanging over your head.
To qualify, you must live in a designated area and work within the city. The designated area is the downtown core because it has experienced a decline and is struggling to thrive. The Niagara Falls population has fallen to 50,000, down from more than 100,000 just over 50 years ago. The city officials are eager to attract new residents because they will lose access to federal and state resources if the number of residents dips below 50,000.
Of course young graduates who move there for the purpose of discharging school loan debt will need jobs , so they can take advantage of existing incentives to help new business owners. Niagara Falls is also looking into starting what they call an “enterprise centre,” which will be a one-stop, centralized service provider in a convenient downtown location.
You can be one of the pioneering college graduates who decides that you want to reduce or eliminate your school loan, try living somewhere new, and maybe even start a new business there. Whether you choose rural or urban living, you could be in for a big adventure!