Young Advocates for Affordable and Accessible Education During First of Several Higher Education Hearings

Press Release

Today, during a hearing in the Senate Committee on Health, Education, Labor, and Pensions (HELP), U.S. Senator Todd Young (R-Ind.) renewed his call for affordable and accessible education for all Hoosiers. Today's hearing was the first in a series over the coming weeks focused on improving and reauthorizing the Higher Education Act.

Senator Young highlighted the impact of student loan debt and the need for innovative education financing options, such as income share agreements (ISAs), to alleviate financial uncertainty that faces students in Indiana and across the country. Senator Young has been outspoken about the need for innovative financing options that reduce taxpayer burden and provide students with options that work for them. Last year, he introduced legislation with Senator Marco Rubio (R-Fla.) that would create a regulatory framework for income share agreements and instill consumer protections for students.

Purdue University located in West Lafayette, Indiana has the first large-scale income share agreement program in the country, known as Back a Boiler.

"Last October, I visited with a Purdue student who was worried about how much monthly income he was going to contribute to student loan payments. By participating in Back a Boiler, it's allowed him to budget for the future and create peace of mind," said Senator Young.

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