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ERIC Number: EJ930685
Record Type: Journal
Publication Date: 2010-Jun-4
Pages: 0
Abstractor: ERIC
Reference Count: 0
ISBN: N/A
ISSN: ISSN-1938-5978
Student-Created Fund Helps Raise Money to Cover Unmet Need
Simmons, Cody
New England Journal of Higher Education, Jun 2010
Today's fast-paced and Internet-driven society provides a lot of opportunities for innovation in the college financial aid world. As tuition costs continue to rise faster than average incomes, more students are turning to private lenders and other third-party organizations to finance their educations. While the power of online micro-giving has been harnessed to the benefit of entrepreneurs in developing countries, and for K-12 classrooms throughout the country, American students struggle more than ever with high college costs and have no vehicle to access support from their personal network, community, or individuals nationwide. High school counselors report not having enough financial aid, tuition costs being too high and an unwillingness to borrow as the top three reasons, respectively, why college-ready students do not enroll directly into four-year institutions. These burdens have led to the troubling finding that students from low-income families attend four-year institutions at about half the rate of equally qualified students from high-income families. Also troubling is the fact that many low-income college students do not have other types of support needed to navigate the college and financial aid application process, and then to succeed during college itself. Today, unmet tuition need, or what is referred to as "the gap," constitutes a high percentage of many students' expenses. Co-fund.org consists of an online platform that enables anyone to directly fund students' unmet tuition need so they can attend and succeed at college. This article describes how the author founded CO-Fund, America's College Opportunity Fund, to improve college access for deserving, college-ready students. It also discusses how CO-Fund helps these students. CO-Fund expands the tools available to make college more accessible and affordable for low-income students. In the same way that the Internet democratizes access to information, it now has the potential to do the same for the giving and receiving of college scholarships.
New England Board of Higher Education. 45 Temple Place, Boston, MA 02111. Tel: 617-357-9620; Fax: 617-338-1577; e-mail: info@nebhe.org; Web site: http://www.nebhe.org
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A