Making the Grade

December 2nd, 2008

You’ve probably heard of charity events where people and companies pledge to donate a certain amount if their participant can swim a mile, win a contest, or finish a marathon. Well, what about a program that awards sponsors’ money to A-students? It’s a very real deal, but is it a good idea?

In business as of November 15, the site GradeFund.com is a social network with a monetary slant. Students from middle school to graduate school can sign up and upload their transcripts every semester for the chance to earn money for their grades. And instead of looking for friends and colleagues to reconnect with, people and companies hop on and search for students and/or subjects they wish to sponsor.

All GradeFund accounts aren’t created equal though. While it may be possible for a student to earn cash for an A in a particular subject — as is the case with students who study veterinary medicine thanks to a subject-only sponsorship by ZooToo.com — many of the users will and do rely upon personal sponsorships. This means you’ll have to either stand out amongst the sea of students (currently estimated at 750) or know a lot of people who are willing to log on and fork over in your pursuit of financial aid.

Of course, there is a catch. GradeFund runs because it collects a five percent fee on all transactions. Considering how many scholarship funds are out there, and how many friends and families you could solicit on your own without the help of a site, we have to wonder, is it worth it?

– Genevieve M. Blaber

Entry Filed under: Budgeting, College Trends