February 13, 2017
Purdue announces philanthropic component to Back a Boiler
WEST LAFAYETTE, Ind. - On Saturday (Feb. 11), Purdue announced a philanthropic component to complement its Back a Boiler income share agreement initiative.
Beginning this fall, Purdue students who apply to take part in Back a Boiler – designed to offer students and their families an alternative financing option – may also apply for available funding support from the new Pave the Way program.
Addressing Purdue alumni and friends at a dinner in Naples, Florida, President Mitch Daniels recognized the support of Bob and Patti Truitt, Purdue alumni who approached the university about expanding Back a Boiler so that donors could participate, in addition to investors.
"Our hope is that we can not only help students finance their education, but also help teach the importance of charitable giving, including the joy and importance of giving back to Purdue," said Bob Truitt, a 1962 graduate of Purdue’s School of Aeronautics and Astronautics. "Patti and I are honored to make the initial commitment to Pave the Way."
Back a Boiler participants receive education funding in exchange for an agreed-upon percentage of their post-graduation income over a set number of months. In addition to signing a Back a Boiler contract, Pave the Way participants are asked to make a voluntary pledge. After graduation, students fulfill their Back a Boiler commitment and are encouraged to donate to Purdue through charitable giving, creating an evergreen Pave the Way fund to benefit future students.
"It’s what we like to call a virtuous cycle," said Amy Noah, vice president for development, Purdue Research Foundation. "We’re grateful to Bob and Patti for establishing an ongoing legacy of philanthropy, and we’re hopeful that our generous alumni and friends will be interested in supporting future generations of Boilermakers through this new way of giving to Purdue."
To learn more, visit purdue.edu/evertrue/pavetheway.
About Back a Boiler
On April 4, 2016, Purdue became the first major research university in the United States to offer an income share agreement (ISA) as an alternative to Federal Plus and private student loans. To date, more than 150 students have received Back a Boiler funding.
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. To learn more, visit backaboiler.org.
Contact: Lisa Tally, executive director for philanthropic communications, University Development Office, email@example.com, 765-494-2181
Sources: Amy Noah, firstname.lastname@example.org
Bob and Patti Truitt, email@example.com