Another benefit of ISAs is that universities can customize them. Norwich University in Vermont offers a specialized ISA for “super seniors,” or fifth-year students. “Our merit scholarships are only for four years, and students who cannot complete their degrees in four years may not be able to cover the costs beyond that with gift aid, loans, or their own resources,” says Lauren Wobby, chief financial officer and treasurer. “If those three options are closed you need to come up with an alternative.”
Norwich also offers ISAs to undergraduates who need funding to replace student loan programs like Perkins Loans, which were not extended in 2017.
So, do ISAs make sense?
Having launched its Back a Boiler ISA program in 2016, Purdue University in Indiana has funded more than 500 contracts for a total funding amount of $6 million, according to Mary-Claire Cartwright, vice president of information technology and Back a Boiler program manager. “I would recommend other colleges or universities look at ISAs as a way of aligning risks and outcomes,” she says. “It provides a way for the school to get skin in the game and provide a bit more risk sharing between school and student.” In the final analysis, if the student doesn’t succeed, the school doesn’t succeed, according to Cartwright.
Derek Handova is a project-based content marketer and freelance journalist who has contributed to FCW (Federal Computer Week), Channel Futures, IPWatchdog, B2B News Network, Energy Central, and Economy Lead. He started his career in the consumer publishing sector working for automotive publications associated with Motor Trend and Hot Rod magazines.
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