Niagara Falls' new director of community development has created a program to entice young professionals to migrate to the city. Director Seth Piccirillo wants to bring more youthfulness to the downtown area, which has suffered a great loss in residents for years on end.

How does he plan on luring in a rush of young people? He will offer help to pay off their student loans. This is one of many spin offs to plans places like Detroit and Kansas have also concocted to help bring young professionals to these rural towns.

The population in Niagara falls is half the 100,000 that it was five decades ago.

"We've lost a lot of talent, a lot of brain power," admits Piccirillo. "For 50 years we've been asking ourselves: how do we keep our young people?" 

$200,000 will be dedicated to bringing these young people in, with hopes of keeping them. Piccirillo expects to receive the first application in the coming months, however he said to ABC News, " The graduating class of 2013 will be our first real swing at it." Those who recently graduated from Niagara University and Niagara County Community College will be approached with the deal first, however the program hopes to bring in other graduates from all over the United States.

Piccirillo got his inspiration for the plan through news headlines that continuously stressed recent college graduate debt.

"College debt is at the forefront of so many stories you see now," he says. "The New York Times just reported that student debt has topped $1 trillion; 94 percent of students now have some amount of debt."

Piccirillo also sees a need in growing and maintaining the economy in Niagara Falls.

 "We need to grow our population base. Having young professionals is the key to a modern economy."

The plan is targeted towards recent graduates who have completed 2- or 4-year degrees within the last two years. Grads can apply and receive up to $3,500 annually for two years, to help pay off their student loans.

One requirement to be considered for the program is that applicants must rent an apartment or purchase a home in downtown Niagara Falls.