Students and parents alike are always trying to come up with more affordable solutions for college tuition fees. Purdue University has adopted a new program which allow students to enroll in classes and pay for them based on future earnings for a certain number of years. Essentially, this is related to an income-based repayment plan for a loan; however, it is not a loan. The whole program revolves around the premise of setting a payment plan based on the anticipated earnings of the student in a specific field.
The program is called “Back-a-Boiler.” More than 120 students have already enrolled in the program, which has increased the amount of aid provided for the 2016-2017 school year. Purdue President Mitch Daniels said that he hopes the program could one day become a national alternative to student loan debt.
The program is currently being tested and has not been officially launched in full form. Though it does look promising, some participants still speculate there may be downfalls. For example, some students have trouble finding employment after graduating. To combat this, the program lowers the payments and somewhat anticipates the student’s status.
To learn more about alternative ways to pay for college, visit foundationsec.org.