Small Suburb Looks to Boost Population by Paying Off Student Loans for New Homebuyers
By CAMERON GORMAN • NOV 5, 2018
Student loans are a burden for many college graduates. Newburgh Heights Mayor Trevor Elkins has an idea to ease that burden and help his community. He wants to implement a student loan forgiveness plan for young professionals who move to the 2,100-person village.
Under the proposed program, if you have a four-year degree and purchase a home in Newburgh Heights valued at $50,000 or more, your student loans can be paid off at up to $50,000, depending on how long you live there.
Elkins says the goal is to allow the village to recover from a 40-year decline in population.
“So we wanted to find a way that we could help students but also address some of our local, immediate problems that we have with a shrinking tax base and an aging population,” Elkins says.
Elkins says another goal is to encourage the building of new houses in the area. He hopes Newburgh Heights might hit a population of between 2,500 to 3,000 by 2030.
Elkins says the program will pay for itself. It will be introduced for consideration on Nov. 6, and Elkins says he anticipates it to take effect in January.