'Back a Boiler' Rates to Remain Flat

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Purdue University is keeping the income commitment rates for students in its Back a Boiler program flat through the 2018-2019 academic year. The income-share agreement initiative allows students to receive education funding in exchange for an agreed-upon percentage of income they earn after graduation.

As a result of the freeze, rates will remain at the 2016 level, when the program was established. Purdue says, since that time, the fund has distributed $5.9 million through nearly 500 contracts to students in more than 100 majors. Program Manager Mary-Claire Cartwright says the decision to keep the rates flat is another example of the university prioritizing student affordability and accessibility. 

"Although the rates of Parent PLUS and conventional private loans went up again this year, Purdue Research Foundation is keeping the financial obligation for students in the Back a Boiler program to the same rates used to create the program in 2016," said Cartwright. “It is important to note also that our graduating students are being offered good jobs with very competitive starting salaries and that helps keep the rates at a flat level even when other rates like Parent PLUS are going up."

You can learn more about Back a Boiler by clicking here.

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