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 generation Y. The average grad carries more than $25,000 in debt, and that's just the average. Oh, and student loans don't die. They follow you forever and ever, even through bankruptcies.
So some of these communities are creating 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 that have already started or are deep into the works:
Location: Kansas. In any of these counties. Hold on, because there's fifty of them: Cheyenne, Rawlins, Decabur, Norton, Phillips, Smith, Jewell, Republic, Washington, Sherman, Thomas, Sheridan, Graham, Rocks, Osborne, Mitchell, Cloud, Wallace, Grove, Logan, Trego, Russell, Lincoln, Greely, Wichita, Scott, Lane, Ness, Rush, Russell, Lincoln, Marion, Hamilton, Kearny, Hodgeman, Pawnee, Stafford, Edwards, Pratt, Stanton, Morton, Clark, Kiowa, Comanche, Barber, Kingman, Harper, Greenwood, Woodson, Wilson, and Chautauqua.
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.
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 $15,000. They will be paid directly to the lender.
Where to apply: Kansas Department of Commerce
Location: Niagara Falls, New York
Status: In the works.
Requirements: Associates, bachelors or post-graduate degree. They are currently recruiting at local colleges, but are open to other applicants from far-off places. To start, they'll be considering a max of 20 applicants.
How much will they pay?: Up to $7,000.
How it works: Up to $3,500 for two years in the form of reimbursements.
Where to apply: This program is not available...yet.
Location: Anywhere in Saskatchewan, Canada
Requirements: You must have graduated from an approved program after January 1, 2006. 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. For people who graduated in 2010 going forward, 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. If you graduated before that, you'll have to check out the matrix.
How it works: During the first four years, you get 10% of your tuition reimbursed to you, 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.
Where to apply: Saskatchewan's Graduate Retention Program
*This is a Frugal Tuesday Tip*