June 29, 2016

ISM announces $1 million support for Purdue education funding program

WEST LAFAYETTE, Ind. — Purdue University and ISM Education Loans announced Wednesday (June 29) that ISM will participate through a $1 million commitment to Purdue’s Back a Boiler income share agreement initiative, an option to help students pay for higher education.

Back a Boiler – ISA Fund, made available through the Purdue Research Foundation, was launched in spring 2016 as an alternative to Federal Plus and private student loans. It is currently an option for rising Purdue junior- and senior-level students for the upcoming academic year.

ISM has long played a leading role in helping Indiana students obtain postsecondary education through more than $54 million in educational projects over the past 35 years.

Joe Wood, president and CEO of ISM Education Loans, said participating in the Back a Boiler program is a logical and appropriate fit for the company.

“Education funding has evolved over the last few decades and will continue to do so,” Wood said. “During that time, one constant is ISM’s commitment to helping put higher education within reach for Hoosiers. We believe Purdue University is leading the way by offering this innovative program to accomplish exactly that.”

Back a Boiler is designed to offer students and their families an alternative financing option in which a student receives education funding in exchange for an agreed-upon percentage of post-graduation income over a set number of years. The Back a Boiler - ISA Fund payback period will be nine years or less. An ISA has no principal balance or interest, so its payments adjust with the student's income over the life of the contract, and payments don't begin until the student is employed and at a salary above a previously established minimum.

Since the application process opened in May, more than 100 students have had funding approved from the Back a Boiler program.

Those who want to learn more about the program should visit BackABoiler.org, where they can find additional information, including an FAQ about the program, eligibility requirements and a comparison tool to compare an ISA with other financial aid options. 

Media contact: Cynthia Sequin, 765-588-3340, casequin@prf.org 

Sources: Brian Edelman, 765-588-1039, beedelman@prf.org

William Wozniak, ISM Loans, 317-715-9002, wwozniak@ISMLOANS.ORG

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