Having trouble meeting college costs without taking on debt? Why not get a sponsor?

A new website called GradeFund is attempting to help students do just that. Students sign up to get funded by family, friends, and even corporate sponsors based on the grades they earn.

How it Works

Started by brothers Michael and Matthew Kopko, GradeFund was created to help students find a simple way to earn a little extra money for college. It basically works like a marathon scholarship, only instead of walking miles for funds, students earn good grades. Here is a breakdown of how their service works:

1. Students sign up as users and invite friends and family to “sponsor” them.
2. Family and friends sign up as sponsors, and designate an amount (from $1 on up) that they would like to award their chosen student on a per-grade basis. For example, a grandma might sign up to award $5 per C, $10 per B, and $20 per A.
3. At the end of each grading period (quarter or semester) students upload their transcript of grades.
4. GradeFund collects the appropriate amounts from each sponsor, deducts a service charge, and sends the rest of the cash directly to the student’s school (or to the student if the sponsor approves it).

For more information about how GradeFund works, you can view their about and how it works pages.

The Do-Gooders Do Better

The Kopko brothers claim they founded the site in hopes of helping make college more affordable for today’s students–but they didn’t stop there. They’ve also pledged to donate 5 cents to One Laptop Per Child for every sponsored A grade on their site.

Good Grades, Good Results

GradeFund is just one way you can encourage your student to do well in school–with the bonus of helping out with that ever worrisome college fund–but it isn’t your only option. Back in February I wrote about the ups and downs of paying for your child’s good grades. If you’re not sold on the GradeFund idea, you might want to peruse that article for other ways to encourage academic achievement.

Whatever method you choose, just be sure to give credit where it’s due–students thrive on encouragement!

All the best,
Deborah Fox

Deborah Fox is the founder of Fox College Funding®, a nationwide company that helps families find creative ways to reduce their college costs.

photo: colorful symbols 2 by svilen001