In short, an ISA is an agreement in which you get grants during school. When you leave school, you pay a fixed percentage of your income for a number of years. For some students, this will be useful and for others, the alternatives may be better. WEST LAFAYETTE, Ind. – A record number of Purdue University students have secured funding for fall 2019 from the Back a Boiler Foundation for Purdue Research from the Income Sharing Agreement, which offers students an alternative to Federal Parent PLUS and private student loans. 20. All of the ISA. This ISA defines the entire agreement and understanding of the parties as to the purpose of this Agreement and replaces all prior or written or pre-written or pre-agreement discussions, agreements and agreements between you and us with respect to the purpose of this Agreement. (i) a copy of a salary note or letter from your employer containing your salary information, an independent employment contract, a consulting contract, an estimate of your self-employment income for the current calendar year (as well as documentation of the basis of your estimate) or any other verifiable source acceptable to us (together “informal income documentation”) for each source of income; or income-participation agreements were developed in the 1950s, but were never implemented judiciously until the Purdues program.
Unlike a loan, an ISA does not have a balance of capital or interest, so its payments over the life of the contract adjust to the student`s income. If a student earns less than expected, it is not granted to investors more than the agreed percentage of real income. When Back a Boiler was introduced in 2016/17, Purdue was the first major U.S. university to implement a revenue-to-income agreement as an alternative to Federal Plus and private student loans. Since its inception, the Fund has invested $13.8 million in Purdue students. 24. Execution; Electronic transactions. This ISA can be run electronically or manually. The execution can be performed in return (including the two tests performed on paper and the other, electronic recordings and electronic recordings are executed electronically) which together form a single agreement.