Income Share Agreements

Beyond freezing tuition and lowering the cost of textbooks and room and board, we continue to look for every way that we can to send our graduates into the world with lower debt obligations. Purdue is leading the way in offering income share agreements (ISAs) as an alternative to traditional student loans through the Back a Boiler program, which allows students to “work their way through school once they’re out of school.” 

Goals

  • Pursue alternative financial aid routes, providing students more options for funding their education.

Major Milestones

  • In fall 2016, Purdue became the first major U.S. research university to offer income share agreements to its students through its innovative Back a Boiler program. 

Accomplishments

  • Purdue is leading a national conversation on alternative higher education funding options for some students, including the idea of income share agreementsPresident Daniels has testified before Congress on this topic twice, urging them to open the legal doors for Purdue to explore ideas such as income share agreements.
  • In fall 2016, Purdue became the first major U.S. research university to offer income share agreements to its students through its innovative Back a Boiler program, which allows students to "work their way through school once they're out of school."
  • To date, 759 Purdue sophomores, juniors and seniors representing 120+ unique majors have participated in the Back a Boiler program, equal to more than 10 percent of Purdue's private student loan volume for the student population eligible for Back a Boiler. 
  • A total of $9.5 million has been disbursed to students through Back a Boiler since its inception, with an average amount of $12,500 per student and payment terms ranging from seven to 10 years, including a six month grace period following graduation. 
  • Back a Boiler received the top award from the Pioneer Institute — the 2018 Better Government Award — for Purdue's work to make college more affordable for students.
  • National news media are taking note of Purdue's leadership in offering income share agreements, including: