Back-a-Boiler offers to pay towards a student’s education costs in return for a percentage of the student’s future earnings, called an income share agreement. Back-a-Boiler advertises this as not a loan or credit. This is a sample two-page explanation of the arrangement sent to prospective customers.
Back-a-Boiler offers to pay towards a student’s education costs in return for a percentage of the student’s future earnings, called an income share agreement. Back-a-Boiler advertises this as not a loan or credit. This is a sample contract setting out the terms of the arrangement.
This table displays the implications of an option-ARM where the interest rate is 2% for the first month and 7.875 thereafter, on a $485,000 mortgage loan with a 30-year term, where the monthly payment resets periodically and where in the early months it is insufficient to cover interest charges, so that the balance due increases in the early months.
This is a disclosure to students before a private education loan is extended, setting out alternatives to and the cost of financing school attendance through a private loan.