Application and Solicitation Disclosure


Income Share & Fees

Based upon the information you provide, you may be eligible for a funding amount ranging from: $5,000 to $33,000.

Based on your degree level, year in school, and your major, your income share rate for every $1,000 of funding will be between: 0.173% and 0.497% of your total earned income over a payment term of: 80 to 116 months.
Your Income Share during the life of the Income Share Agreement (ISA)
  • Your income share is the percentage of your future earned income you will owe in return for the funding you receive.  It is not an interest rate or an annual percentage rate.
  • Your income share is fixed.  It will be based upon your funding amount, your major, and your class level. If approved, we will notify you of the income share you qualify for within the stated range.
  • Your payments will vary based on the amount of your earned income.  The total amount you will pay may be more or less than your funding amount.
  • The maximum you will pay is two and a half times (2.5x) your funding amount over the payment term, regardless of your earned income.  You may also pay this maximum amount (less any payments made to date plus any outstanding fees) in order to extinguish your obligations before the payment term ends.

Income Share Agreement Fees

Late Fee:  The lesser of $5 and 5% of the payment amount due.  Returned Payment Fee:  $20. 

Income Share Agreement Payment Illustration

An ISA is different from a conventional tuition payment plan (which requires payment in full and may charge interest). An ISA requires you to pay a fixed percentage of your earned income each month for a fixed period of time. The table below compares illustrative monthly and total ISA payments for different levels of earned income.

Comparison of Monthly Payments Under Differing Levels of Earned Income for a $10,000 Income Share Agreement

Average Annual 

1.73% income share, 80-month term

3.38% income share, 100-month term

4.97% income share, 116-month term


Monthly Payments

Total Payments

Monthly Payments

Total Payments

Monthly Payments

Total Payments

<$    20,000







$    20,000






$ 9,609

$    40,000







$    60,000






$25,000 (cap)

$    80,000






$25,000 (cap)

$    100,000




$25,000 (cap)


$25,000 (cap)

$    120,000




$25,000 (cap)


$25,000 (cap)

 About this illustration

This illustration assumes that your earnings remain the same over the payment term. When your monthly earned income is less than $1,667 (equivalent to $20,000/year), your account will be placed in a deferment status, and you will not be required to make payments. If your cumulative payments reach the payment cap, then you make no further payments and your account is closed in good standing. Your actual total payments may be a blend of monthly payments since your earnings may fluctuate over time. Remember that your earned income will depend on many factors, including your occupation, industry, and the area of the country in which you work. For additional information about possible income outcomes after graduation, see the separate “Earned Income of Employed Workers by Undergraduate Major” table at the end of this document.  All dollar figures have been rounded to the nearest dollar.

Loan Alternatives

Loan Program

Current Interest Rates

Total Payments on $10,000 Received*

PERKINS (unsubsidized)

For undergrad & grad students

5.00% fixed


STAFFORD (unsubsidized and subsidized)

For undergrad & grad students

4.45% (unsub)

4.45% (sub)

6.00% (grad)

$13,146 (unsub)

$12,542 (sub)

$13,342 (grad)

PLUS (unsubsidized)

For parents and graduate/ professional students

7.00% fixed $15,659

PRIVATE (unsubsidized)

No cosigner

9.50% fixed


* Because of origination fees, borrowers must take out loans of $10,108 (Stafford) and $10,447 (PLUS) to receive $10,000 of educational funding, and the total payments reflect those loan amounts. There are no origination fees for Perkins loans and most private education loans. The private loan interest rate of 9.50% is representative of private loans without a cosigner. This example assumes 9 months of enrollment, 6 months of grace, that interest is capitalized for unsubsidized loans after the grace period, and that payments are made under a level, 120-month payment schedule. All dollar figures are rounded to the nearest dollar.  The federal loan interest rates in the table are set by Congress every June.

You may qualify for federal education loans.

For additional information, contact your school’s financial aid office or the Department of Education at: 

Private education loans are another alternative to federal loans and ISAs.

For additional information, see: 

You should seek advice about your education financing options from a trusted advisor.

Next Steps

  1. Find Out About Other Student Financing Options.

    Some schools have school-specific financing benefits and terms not detailed on this form.  For more information about other financing options, contact the Division of Financial Aid ( or visit the Department of Education’s Web site (

  2. To Apply for this Income Share Agreement, Complete the Application.

    If you are approved for this ISA, the ISA terms will be available for 30 days (terms will not change during this period, except as required by law).

Reference Notes

Income Share Agreement (ISA)

  • An ISA represents your obligation to make payments linked to a specific percentage of your earned income and does not give Back a Boiler – ISA Fund any rights regarding your educational or employment pursuits.  The amount you will be required to pay under this ISA may be more or less than the funding amount you receive and will vary in proportion to your future earned income.

Eligibility Criteria

  • You must be enrolled on a full-time basis at the West Lafayette campus at the sophomore class level or higher.
  • You must be a U.S. citizen or permanent resident.
  • You must not be a resident of the State of Illinois.*
  • You must be at least the age of majority at the time of the application based on your current state of residence.
  • Your total obligations under all income-based agreements with us or another person must not require you to pay an aggregate income share exceeding fifteen (15) percent of your earned income in any given month.

*More information about legislation affecting eligibility of Illinois residents can be found in text of Illinois General Assembly HB2746 and accompanying press release.

Monthly Payments, Reconciliation, and Early Termination

  • Your monthly payments equal your income share times your monthly earned income. We calculate your initial payments using your pay stub, letter from your employer, or other verifiable source acceptable to us. We re-calculate your monthly payments any time your earned income changes, based on information you provide us such as an updated pay stub. We also re-calculate your monthly payments each June 1 using updated documentation of your earned income you provide on or before April 30, such as an IRS tax return. If you do not to provide documentation, we will assume your earned income has increased by ten (10) percent and adjust your monthly payments accordingly.
  • Each year we reconcile over- or under-payments made in the prior calendar year using copies of your year-end pay stub, Form W-2, Form 1099, Schedule K-1, or similar source and validation of the dates of your employment (due on or before April 30), all of which must reflect each source of your earned income.  Each year we also obtain your authorization to request your tax return information from the IRS.  You must reimburse us for any under-payments, and we will credit your account for any overpayments (or refund the excess amount if your payment term has ended).
  • You may extinguish your obligations under your ISA before the payment term ends by paying the maximum amount, calculated as 2.5 times your funding amount, less payments made to date plus any outstanding fees.

Payment Status

  • You begin making payments on the first day of the month following six (6) months after you graduate, withdraw, or fall below half-time enrollment.
  • After you leave the program, your account will be placed in a deferment status and you will not owe payments if you can demonstrate that you: (i) have enrolled at least half time in higher education or training, (ii) earn less than $1,667/month (equivalent to $20,000/year), (iii) are unemployed, or (iv) are not in the labor force.  We may extend your payment term by one month for each month of deferment, up to an additional sixty (60) months, unless you are employed full time or are unemployed.

© Copyright 2017 Back a Boiler – ISA Fund, LLC

Back a Boiler – ISA Fund

1281 Win Hentschel Blvd
West Lafayette, IN  47906
(765) 588-5495 

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