Student Loan Assistance Grant Program
Home buyers in Newburgh Heights can obtain grants for 50% of student loan debt, up to a maximum $50,000.
Established in 2019, the Student Loan Assistance Grant Program offers help with student loans as an incentive for homeownership and residence in Newburgh Heights.
The grant program’s main requirements are:
- Student loan debt incurred, in the completion of a Bachelor’s or more advanced degree, within 10 years prior to applying
- Purchase of a single-family home for $50,000 or more within The Village of Newburgh Heights
- Own and live in the eligible home for at least 10 years, following approval of a grant application
Grant award amounts are calculated based on qualifying student loan debt at the time of applying. Fifty percent of qualifying debt, up to a maximum $50,000, will be paid to successful grant applicants in two installments:
- Upon 10 years of residence in a qualifying home purchased in Newburgh Heights, grantees receive 80% of their award amount, if all program requirements are met throughout.
- The balance is paid to eligible grantees upon 15 years’ residence.
The Student Loan Assistance Grant Program is funded by local income taxes, and administered by the Newburgh Heights Community Improvement Corporation.
Additional eligibility requirements for the Student Loan Assistance Grant program
- Proof of student loan debt incurred during the 10-year period before applying, in meeting the costs (including tuition, room and board) of completing a Bachelor’s or higher degree at an accredited institution
- Qualifying home purchase must be an arm’s-length transaction
- Waiver agreement signed with the Newburgh Heights Community Improvement Corporation
- Maintenance of student loan obligations (defaulting on any student loan is disqualifying)
- Must be a person (corporations, trusts, etc., are ineligible)
- Must be current with payments of all taxes and municipal government fees related to the qualifying property
No one may benefit from the Student Loan Assistance Grant Program while serving as, or residing with, a Village of Newburgh Heights elected official or a member of the Community Improvement Corporation board.
For questions, contact Newburgh Heights’ fiscal officer.
Chapter 193 of the Codified Ordinances of the Village of Newburgh Heights, Ohio