Ohio city offers recent grads $5,000 toward student loans to move there

(AP Photo)

HAMILTON, Ohio (AP) — An Ohio city plans to offer $5,000 to help pay down student loans of recent college graduates willing to move into its urban core.

The Hamilton-Middletown Journal-News reports that the “reverse scholarship” program was endorsed last week by the Hamilton City Council. It will be funded and administered by the nonprofit Hamilton Community Foundation.

The program is available to people willing to move to Hamilton, have graduated in the last seven years with a science, technology, engineering, math or arts degree, and have more than $5,000 in student loan debt.

Payments will be provided in 25 monthly installments of $200. Those who move out of the city early would forfeit future payments.

Applications for the program open March 5.

Hamilton is 35 miles (56 kilometers) north of Cincinnati.

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