Millions Raised For 'Back a Boiler'

Posted: Updated:
WEST LAFAYETTE -

Purdue University's Back a Boiler income share agreement program has netted $10.2 million from fundraising initiatives by the Purdue Research Foundation. The program offers an alternative to students seeking private student loans and Federal Parent PLUS.

Back a Boiler offers a different financing option for education funding in exchange for a percentage of post-graduation income over a 10-year period. Payments don't begin until six months after graduation and adjust with a student's income over the life of the contract. Fund II of the program was closed in October and had a total of 11 investors, including five individual and four institutional investors. The $10.2 million is expected to fund the program for three years.

“The diverse pool of investors and the substantial growth of the fund is a strong indication of the growing interest in income share agreements as an alternative to Parent Plus and private loans to pay for higher education,” said Brian Edelman, president of Purdue Research Foundation. “Also, the growth of the program will enable us to help even more students with financial need pay for their Purdue education without accumulating debt.”

Back a Boiler launched in 2016 and distributed over $2 million to nearly 160 juniors and seniors, and expanded to cover sophomores in 2017. The foundation has doled out nearly $9.5 million to 759 students to date. Applications for the program for spring semester classes are now being accepted. Visit here for more information.

  • Perspectives

    • Regional Investment Proposal Could be a Game Changer for Quality of Place Initiatives in Indiana

      While quality of place may be defined differently by people, a growing number of Hoosiers recognize the importance of this issue. In particular, the impact of quality of place on talent attraction and retention in a geographic area cannot be ignored. The future of every community is dependent on quality of place. Like many Midwestern states, Indiana is not growing at the same pace as areas in the southern and western regions of the United States.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • The Vogue opened as a movie house in 1938, then reopened as a nightclub in 1977. (Picture Courtesy: The Vogue)

      Tech Vets Purchase Popular Indy Nightclub

      A group of Indianapolis tech entrepreneurs has bought a popular nightclub in the city's Broad Ripple neighborhood. High Alpha co-founder Eric Tobias and former MOBI executives Scott Kraege and Andrew Davis say they will retain the Vogue's current staff to manage the venue's day-to-day operations. The new owners say they will detail plans to reinvigorate the Vogue through enhanced fan experience and engagement in the coming months. Tobias, Kraege and Davis purchased the Vogue...

    • (Image courtesy of the Indianapolis Colts.)

      Colts Announce 2019 Regular Season Schedule

      The 2019 NFL schedule is out and the Indianapolis Colts will play in several high-profile games. All three of the Colts’ 2019 primetime games will be on the road against defending division champions. 

    • Bryan Brenner is the CEO of FirstPerson and a founding partner of Performance Lab.

      FirstPerson Execs Launch Performance Lab

      A new firm founded by executives from Indianapolis-based FirstPerson says it wants to help companies strengthen performance. Performance Lab uses a field test known as the Performance Climate Survey, which provides insights into a company’s performance culture. Founding Partner Bryan Brenner, who is also the CEO of FirstPerson, says the firm has already landed a number of early customers, including Goodwill Industries, the Indy Chamber and the Central Indiana Community Foundation.

    • Skilled Nursing Facility Proposed for Merrillville

      A new $7 million skilled nursing facility is being proposed in Merrillville. Our partners at The Times of Northwest Indiana report the development would include five residential buildings outfitted with 12 beds, a dining area, beauty salon and spa. 

    • 2019 'Stellar' Finalists Announced

      Lieutenant Governor Suzanne Crouch has unveiled the finalists for the 2019 Stellar Communities Program. The four regions selected will receive a planning grant and work with the Indiana Communities Institute at Ball State University on project alignment and continued planning efforts. Stellar Communities, launched in 2011, is led by the Indiana Office of Community and Rural Affairs and aims to boost community and economic development and promote local and regional partnerships.