Introducing The Purdue “Back-a-Boiler” Program

Once of the latest cost savings ideas Daniels has piloted is the “Back-a-Boiler” program. Supported by investment banks, educational based funds, and private investors, students don’t pay tuition up front. That cost is covered by the “fund”. The students pay back the investor through a small percentage of the students salary once graduated and working. You have to be making more than $50,000 and the pay back for a lot of programs is well under 10%. Talk about a win, win, win! It’s great for the student and will help many students who should be going to post-secondary. It’s great for the school, diversifying their student body in the process, and finally the investment fund can make an ample return over time.

Talk about aligning goals with students and the University.

The reason these institutions exist is to train the next generation, to make life long learners out of students, and (hopefully) to get them a job. If the only way the university collects tuition is on the success of the students after they graduate, a lot more emphasis will be put on making students employable. That’s a GREAT idea.

What’s the goal of school?

Preschools prepare young kids for actual school. Elementary schools prepare students for high school. High schools prepare students for post-secondary school. Now what’s the goal of post-secondary education? Sure you could argue to create smarter citizens, or to create a well rounded mind. Some schools say they strive to “create life long learners”. Why shouldn’t the goal be to get students jobs? Is there anything more important to a student in their final year than getting a job? Getting a job ensures you’re going to keep learning. It ensures your family a better life than one with no job.

Is there any better way to help a person or community than providing good, well paying, meaningful jobs?

Jobs are the new currency.

Want to get the attention of government? Create jobs. Want to get the attention of students? Create meaningful jobs. According to the book The Coming Jobs War, author Jim Clifton talks about the data the Gallop Polls have collected over the years and what’s changed more recently. Jobs are the new currency. Jobs are the best way to grow an economy, by adding new jobs it grows a community and in turn a country. Creating jobs should be a goal for everyone.