If you move to this town, they’ll help you pay off your student debt 

Trying to pull yourself out of student debt? You could spend less, earn more – or move to Newburgh Heights, Ohio.

The 2,000-person town, less than 10 miles from Cleveland, is offering to help college graduates pay off their student debt.

For struggling borrowers, don’t expect a quick fix.

Here’s how it works: You need to be a graduate with student debt from a four-year accredited college or university. You’ll have to purchase a house in the town valued at $50,000 or more within five years of graduating. The average house in Newburgh Heights costs $65,000, the town’s mayor, Trevor Elkins, told CNBC.

After 15 years, the town will pay off half of your student debt, up to $50,000. There are two pay-outs, 80 percent at the 10 year-mark and the final 20 percent after the 15 years.

You don’t need to work in the town, just live there. The program goes into effect in early January.