Enid group offers to help with student loan debt to recruit college grads

Published 6:30 am Sunday, November 7, 2021

ENID, Okla. — Local business leaders are working on an incentive plan to draw college graduates with student loan debt to Enid.

The talent attraction program that the Enid Regional Development Alliance has been working on for months has added another perk to its recruitment repertoire — the Live In Enid bonus.

In partnership with Cherokee Strip Community Foundation, ERDA will offer up to $10,000 in student loan payoff to bring degree-holding professionals to Enid, staff told members of ERDA’s board of directors during a meeting Wednesday.

College graduates would be able to apply for the grant after committing to living in Enid for two years, during which time the Foundation would make quarterly payments directly to loan providers.

Trent Misak, ERDA marketing and business development manager, said the bonus program is focused on bringing new talent to Enid as well as bringing back former residents and area alumni.

In addition to ERDA’s newly launched job site, workinenid.com, the Live In Enid campaign will be the centerpiece of ERDA’s local workforce development efforts.

“We will help future residents with things like finding a job, buying or renting a home, finding commercial real estate, what it’s like to live here, the top industries in Enid, the quality of life and more,” Misak said.

With additional details, such as a website still in the works, the program is expected to launch in the spring 2022.

The selection committee will be looking for new residents with student loan debt who have a desire to be involved in the community, while showing proof of employment and residence in Enid.

CSCF already is accepting donations but will not begin accepting applicants until the spring.

Since 2018, Tulsa has successfully run a similar program to recruit remote workers to that area.

Tulsa Remote, funded by George Kaiser Family Foundation, provides $10,000 grants to bring “digital nomads” to the community along with numerous community-building opportunities, according to its website.

While Tulsa’s program isn’t specifically marketed to those with student loans, its program is well-known across the country by economic developers, ERDA Executive Director Lisa Powell said.

“It’s really given great exposure to Tulsa and put them on the map,” Powell said. “Regardless of what people think of Tulsa Remote, it has brought Tulsa up on people’s radar.”

Loan debt

Foundations already spearheading programs like this are finding that applicants’ student loan debt actually is a lot higher than previously reported, Misak said.

The country’s 43.2 million adult college graduates leave college with an average debt of $39,351 each, as of September 2021, according to the Education Data Initiative.

Several board members asked about expanding the bonus program’s qualifications to recruit professionals without student loan debt, with the possibility of providing funds for relocation expenses to individuals with no higher education debt wanting to move to Enid.

“If people are graduating with no student loans, maybe they don’t need help with moving funds,” Enid Mayor George Pankonin said.

Powell said ERDA staff would have to seek the advice of the Foundation about expanding that qualification beyond post-secondary education student debt-holders. IRS guidelines around grants  are what make tax deductions for donors or recipients possible, she said.