Contact Us

Would You Live in a City For Student Loan Reduction? [AUDIO]

A New Jersey lawmaker is pushing a plan to help college graduates pay off a portion of their student loans by living in struggling urban areas for a few years.

Student loans
Zephyr Picture, Getty Images

Legislation sponsored by Assemblyman Ruben Ramos, dubbed the Neighborhood Scholar Revitalization Pilot Program, would establish a pilot program in Camden, Trenton, and Jersey City to try and attract recent college grads to enter into a two-year commitment to settle within targeted residential neighborhoods, in exchange for getting up to $7,000 to reimburse student loans.

“The legislation aims to do two things, revitalize neighborhoods, and put that money back into the economy. Rather than paying the student loans back, it’s spending it on other items they normally wouldn’t be able to spend it on,” says Ramos.

He says the goal is to diversity struggling communities by attracting younger college graduates

“It seem like a right step,” says Ramos. “We’ve seen communities rise up and be successful again when everyone has a vested interest in the success of those neighborhoods, at least it’s worth it to take a chance on.”

He adds if college graduates do this, it’s a personal investment they’re making, and if other individuals see that personal investment, they will get private investors to put money into these communities as well, and that’s really the goal.

The bill has been released by the Assembly Commerce and Economic Development Committee, and now heads to the full Lower House for consideration.

Assembly representatives Angel Fuentes and Bonnie Watson Coleman are co-sponsoring the measure.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of WOBM

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for WOBM Listener Club quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive WOBM Listener Club contests, events, coupons, presales, and much more delivered to you for FREE.