Town offers to pay off student loans of new residents

The mayor of a small town in Ohio is taking drastic measures to get people into his city.

He's offering to pay off anyone's student loans - if they move in.

The proposal is for the village of Newburgh Heights, which has a population of over 2,000 people.

After years of watching young people move away, Mayor Trevor Elkins decided to take a new approach.

He's set to introduce new legislation that would help pay off new homeowner's student loans.

"It's a huge benefit for us. We have steadily lost population for probably 40 years now," Elkins said. "We have a lot of vacant lots ... that are ripe for new homes to be built and constructed."

There are a few catches - the loans need to add up to about $50,000. Homeowners also need to stay in town for at least 10 years.

Those who stick it out will get an 80 percent payout after 15 years.

If the measure is approved, the mayor believes his town will be the first in Ohio, or even in the nation, to offer the type of deal.