Back a Boiler is available to rising sophomores, juniors, and seniors in most programs and to graduate students in selected programs. In the comparison tool below, please choose your program/major and select from the options available to view how Back a Boiler compares to other financing options.
This tool and generated results may have formatting issues on older web browsers and mobile devices, particularly phone handsets. The comparison tool with minimal formatting is available at https://compare-purdue.vemo.com.
- You must be entering your fourth academic year
- Your credit hours completed combined with credit hours currently enrolled must be 90 or more
Based on your major and expected graduation date, if you accept an Income Share Agreement (ISA) of , your Income Share would be . This is the annual percentage of your future gross income that you would pay for a maximum of monthly payments after leaving school in return for the funds you receive to help pay for your education. Your Income Share is fixed.
This comparison tool reflects the earnings expectations of students by rising class level and thus reflects a blend of graduates and non-graduates – with non-graduates typically earning less than their graduate counterparts – and a blend of those who stay within major and those who change major. This tool also reflects not just full-time workers but the blend of full-time, part-time, and other employment statuses that workers can have. Therefore, the blended earnings below will typically be less than the earnings of graduates who stay in major and are working full time.
Based on the historical progression and outcome patterns of Purdue University students, the blended average starting salary for the group of majors that includes is projected to be for those entering this class level. Assuming salary increases follow the typical patterns of Purdue graduates and non-graduates, the figure below illustrates the average expected income for the first 10 years after leaving school:
Based on your expected income above, the figure below illustrates what your total payments would be if you accept an ISA of with an Income Share of and up to monthly payments. For comparison, this figure also illustrates total payments for a PLUS loan with a interest rate (click to customize loan terms) and a Private loan with a interest rate (click to customize loan terms):
- Because of origination fees, borrowers of PLUS loans must take out loans that are more than the educational funding they need. For example, to receive $10,000 of funding, one must take out a PLUS loan of $10,442. The total payments in the figure above reflect the excess loan amounts needed because of origination fees.
- Federal loan origination fees and interest rates, including those for PLUS loans, are set by Congress annually.
- There are no origination fees for most private education loans. A private loan interest rate of 9.0% is representative of private loans without a cosigner for Purdue students.
- This example assumes 9 months of enrollment, 6 months of grace, that interest is capitalized for unsubsidized loans after the grace period, and that payments are made under a level, 120-month payment schedule.
- All dollar figures are rounded to the nearest dollar.
The figure below breaks down monthly payments that correspond with the expected income and total payment figures presented above.
|Month||Monthly Income||ISA||PLUS loan at||Private loan at|
This comparison tool compares the most common education financing options considered by students who are also considering Back a Boiler. For a full analysis of all the options that may be available to you, please consult with your financial advisor.