Income Share Agreements
For students who need additional funding, there is now an alternative to Federal Parent PLUS and Private Student Loans. The Purdue Research Foundation is now offering an Income Share Agreement (ISA) called Back a Boiler – ISA Fund.
Back a Boiler – ISA Fund will be available in the Academic Year 16-17 to Purdue’s rising Junior and Senior level students. The funding will be limited to approximately 400 students. As the concept of an ISA is new, we have a list of Frequently Asked Questions (FAQ) that will help you learn more about it.
In short, an ISA is an agreement where you receive funding while you are in school. When you leave school, you will pay a fixed percentage of your income for a fixed number of years. For some students this will make sense and for others, the alternatives may be better.
You can also access a comparison tool that will allow you to enter your information and learn what the terms of your agreement would be. It will also allow you to see how that funding would compare to a Federal Parent PLUS Loan and a Private Student Loan. We strongly urge you to learn about the program and make comparisons to determine if this is a better option for you.
Interested students will able to apply in May of 2016.
Questions can be sent to BackABoilerInfo@prf.org or you can call the Division of Financial Aid at 765-494-5050, Monday-Friday, 8 a.m.- 5 p.m.