We covered Purdue’s new income share agreement program, a measure to help students lessen the debt they incur, in BizVoice last year.
Purdue recently announced its “Back a Boiler” program has added a philanthropic aspect by allowing donors to contribute as well. A release from the school has more:
Beginning this fall, Purdue students who apply to take part in Back a Boiler – designed to offer students and their families an alternative financing option – may also apply for available funding support from the new Pave the Way program.
Addressing Purdue alumni and friends at a dinner in Naples, Florida, President Mitch Daniels recognized the support of Bob and Patti Truitt, Purdue alumni who approached the university about expanding Back a Boiler so that donors could participate, in addition to investors.
“Our hope is that we can not only help students finance their education, but also help teach the importance of charitable giving, including the joy and importance of giving back to Purdue,” said Bob Truitt, a 1962 graduate of Purdue’s School of Aeronautics and Astronautics. “Patti and I are honored to make the initial commitment to Pave the Way.”
Back a Boiler participants receive education funding in exchange for an agreed-upon percentage of their post-graduation income over a set number of months. In addition to signing a Back a Boiler contract, Pave the Way participants are asked to make a voluntary pledge. After graduation, students fulfill their Back a Boiler commitment and are encouraged to donate to Purdue through charitable giving, creating an evergreen Pave the Way fund to benefit future students.
“It’s what we like to call a virtuous cycle,” said Amy Noah, vice president for development, Purdue Research Foundation. “We’re grateful to Bob and Patti for establishing an ongoing legacy of philanthropy, and we’re hopeful that our generous alumni and friends will be interested in supporting future generations of Boilermakers through this new way of giving to Purdue.”
To learn more, visit purdue.edu/evertrue/pavetheway.