(i) limit other agreements based on revenue. You agree that you have not entered into and enter into any additional income-based agreements with us or any other person that will require you to pay a total share of your income in excess of fifteen (15) percent of your professional income. Loans with income-oriented repayment plans, including federal student loans, are not considered private income-based arrangements in accordance with this Section. 20. Isa. This ISA defines the entire agreement and the parties` understanding with respect to the subject matter of this Agreement and supersedes all prior or concurrent discussions, understandings and arrangements between you and us regarding the subject matter of the contract. Revenue-participation agreements were designed in the 1950s, but were never implemented wisely until the Purdue program. Unlike a loan, an ISA has no principal balance or interest, so its payments adjust to the student`s income over the life of the contract. Since its inception, the Fund has invested US$13.8 million in purdue students. Purdue`s mission is to provide you with superior training at the highest proven value, with the goal of making you marketable upon entry into the job market. The Back-A-Boiler ™ Income Share Agreement is an innovative option to make your prestigious Purdue degree more affordable by focusing on yourself. The Back-A-Boiler ™ ISA, operated by the Purdue Research Foundation, is a contractual agreement in which you receive educational funding in exchange for an agreed percentage of your income after the end of a set number of years, with payments adjusted based on your salary. Today, Purdue is experimenting with another form of financial assistance called an “income participation agreement” (ISA).
ISAs make money available to students to cover university fees and, in return, students agree to repay a percentage of their future income for a set period of time – interest-free and limited. At Purdue, for example, a senior who took $13,000 from a “Back a Boiler” ISA would pay 4.39% of their income over 100 months, up to a maximum of $32,500. (i) a copy of an employee or a letter from your employer containing your salary information, a self-employment contract, a consulting contract, a good faith estimate of your self-employment income for the current calendar year (as well as documentation of the basis of your estimate) or another verifiable source acceptable to us (“informal income documentation”) for each source of income; or you can also access a comparison tool that allows you to enter your data and know what the terms of your agreement would be.