Trying to pull yourself out of student debt? You could spend less, earn more – or move to Newburgh Heights, Ohio.
The 2,000-person town, less than 10 miles from Cleveland, is offering to help college graduates pay off their student debt.
For struggling borrowers, don’t expect a quick fix.
Here’s how it works: You need to be a graduate with student debt from a four-year accredited college or university. You’ll have to purchase a house in the town valued at $50,000 or more within five years of graduating. The average house in Newburgh Heights costs $65,000, the town’s mayor, Trevor Elkins, told CNBC.
After 15 years, the town will pay off half of your student debt, up to $50,000. There are two pay-outs, 80 percent at the 10 year-mark and the final 20 percent after the 15 years. Even if you’ve paid off your student loans by that time, you’ll receive the funds for the amount you owed when you first enrolled in the town’s program.
You don’t need to work in the town, just live there. The program goes into effect in early January.