Purdue University has announced Carmel-based ISM Education Loans is committing $1 million to the university’s Back a Boiler initiative. The program gives students an alternative option to help pay for higher education.
Purdue says the Back a Boiler – Income Share Agreement program gives students education funding in exchange for an agreed-upon percentage of income the students earn after graduation. The payback period for the students is nine years or less and has no principal balance or interest. Instead, payments will adjust based on the students’ income and will not begin until the student is employed at or above an established minimum salary.
"Education funding has evolved over the last few decades and will continue to do so," said Joe Wood, chief executive officer of ISM Education Loans. "During that time, one constant is ISM’s commitment to helping put higher education within reach for Hoosiers. We believe Purdue University is leading the way by offering this innovative program to accomplish exactly that."
The Back a Boiler fund is making money available through the Purdue Research Foundation as an alternative to federal and private student loans. Currently, students at the junior and senior levels at Purdue are eligible to take part in the program.
Since launching in May, more than 100 students have already taken part in the program. You can learn more about Back a Boiler by clicking here.