(NETWORK INDIANA) The Purdue Research Foundation says a record number of Purdue University students are taking advantage of the “Back a Boiler” income share agreement program. The program is an alternative way to pay for college and forego relying on Federal Parent PLUS and private student loans. The foundation says the number of student contracts for the current semester is up over 25 percent from the same time last year. In using the equity-based option, a student agrees to pay to the foundation a certain percentage of their post-graduation income. Unlike a loan, there is no principal balance or interest, so its payments adjust with the student’s income over the life of the contract.
