We exist to help students access valuable scholarship money!
There is currently $1.2 trillion of national student debt in the U.S. The exponential rise in student debt hurts our economy and the lifestyle of millions of Americans. More importantly, students across the nation do not have access to valuable scholarship money due to the indifferent process of awarding scholarships. Far too often, a student's unique talents and contributions aren't considered when rewarding scholarships.
As innovators, we challenged ourselves to rethink the paradigm of how students access financial aid. Every student is unique and we believe there needs to be a community-based platform that can capture the true ability of every student. Every student should be empowered to build his or her own scholarship.
That is why we started FinanceU.
FinanceU recognizes the unique needs of both students and donors. Any student seeking a higher education can build his or her own scholarship for free. Whenever students wish to share their scholarship page, "donors" (friends, family, employers, social networks, good ole Uncle Oscar, etc.) can contribute to their scholarship and spread the word.
Students will be encouraged to set a "goal" which is the amount of money they wish to raise. However, if students do not reach their goal, they still have access to those funds. FinanceU is free to sign-up/use and we do not take a commission on funds raised.
I wonder what college students would do with $3,000 in their pocket? Pay the tuition bill or "extracurricular activities?!" With FinanceU, that is not a concern. Every dollar a student receives through FinanceU will be transferred to the university where the student attends. This gives donors confidence knowing their contributions are being used solely for education expenses.
On our end, all dollars will be insured by the FDIC and additional insurance to ensure protection. Whenever students need to pay their tuition bill or other expenses, they fill out a short form and the money will be on the way to their college. Students and donors will be able to see the amount of money a student has received and deducted at all times.
Are you in high school? College? Seeking a higher education? FinanceU is for you! Enjoy no ACT minimums, long essays or boring scholarship apps. This is YOUR scholarship where YOU make the rules. Here are some ways you can raise money on FinanceU:
1st Tier Donors: Share your scholarship page with your friends, family and other networks. Capitalize on key events such as Christmas, birthdays, graduation parties and setting up monthly donations. Now your network can see your unique personality and reward you for it.
2nd Tier Donors: A big part of our job at FinanceU is to bring external scholarship dollars to the site. We are working with corporations, philanthropists and other organizations who are eager to support students. FinanceU users will have access to exclusive scholarships on the site!
3rd Tier Donors: Finally, our mission is to construct a national community of students and donors who will come together and support the leaders of tomorrow.
A donor is simply any person who wishes to contribute to a student's scholarship fund. A donor could be a parent, relative, coach, friend, sibling, etc. FinanceU inspires a personal donation experience that makes it easy for donors to keep up with the student's progress and success through the years. Of course, every dollar donated to a student will be transferred to the university where he/she attends.
As a community who strives for a better tomorrow, it is crucial that we invest in the people who will make that happen. FinanceU recognizes the power and importance of a community coming together which is why we want to make the best possible donation experience.
Our team has been working hard to design and develop FinanceU for you, the community! Now we are on Kickstarter to gain your support and spread the word. The money raised on Kickstarter will be used for:
1. Setting up back-end infrastructure/development
2. Aquiring various licenses and additional start-up costs
3. Launching FinanceU nationally in the Fall of 2015
4. We want to make FinanceU free to use; Kickstarter will help us keep the lights on.
After placing third in the world in the Global Startup Battle, our team knew we were on to something special. Over the past few months, FinanceU competed in major competitions and received some great feedback. We simply can't wait to launch in the Fall!
Risks and challenges
There are a few main challenges that we recognize. As a startup who requires both the student and the donor, our first challenge will be helping students raise substantial money. This includes helping students with their crowdfunding efforts as well as providing external scholarship opportunities on the site. We will attack this challenge by providing personalized helpful tips, analytics, and consultation to students.
Additionally, because we will be transacting large amounts of money, we have a fiduciary responsibility to secure all accounts and build credibility as a company. It is our main priority to use various tools to protect short-term cash held, inform the students and donors about the status of their account and be efficient with all databases and receipts so there is no ambiguity. We are working with knowledgeable financial professionals, developers and lawyers to make this happen.
All rewards will be delivered in June.Learn about accountability on Kickstarter
- (30 days)