Niagara Falls to Pay Student Loans of Grads Who Move There

Got student loan debt? Move to Niagara Falls, N.Y., after graduation—they’ll pay it off for you.

The city’s lawmakers proposed a plan to pay up to $3,500 per year (for two years) to recent graduates who move to downtown Niagara Falls so the graduates can pay off their student loan debt. The new residents must have graduated from a two- or four-year school and are required to stay in Niagara Falls for at least two years.

The initial $200,000 funding for the program comes from the Urban Renewal Agency fund. The city plans to accept only the first 20 applicants this year.

"The graduating class of 2013 will be our first real swing at it," said Seth Piccirillo, Niagara Falls’ new director of community development, in an interview with Good Morning America.

Piccirillo said he hopes the plan will help boost the city’s dwindling population. Niagara Falls currently has fewer than 50,000 residents; 50 years ago, it had about 100,000. If the city's population stays below 50,000 at the next census, it could lose some of its federal funding.

"Basically they have a student loan debt, we have a young professionals debt. We're trying to match the two needs together," Piccirillo told WKBW, a Niagara Falls news outlet.

What do you think, collegiettes? Did Niagara Falls just become your top choice post-grad location? Sound off in the comments below!