Website Lets College Students Get Paid for Good Grades
December 4, 2008
Providing incentives for good grades is an increasingly common policy for parents of elementary and high school students. In my household, report card day meant personal pan pizzas and a reprieve from the topping battle among my sister who didn't eat cheese, my sister who only ate cheese, and my own vote for a supreme pizza with extra cheese. After pizza ceased to be a point of contention, my parents switched to the popular plan of offering financial incentives for good grades. I don't remember the pay scale exactly, but I do remember missing it once I hit college. Many undergraduate students are probably in the same boat, thinking about how even $10 or $20 per A could mean fewer trips to the plasma bank or even an extra textbook or two next semester.
Two brothers, who also happen to hold economics degrees from Harvard and Princeton, had a similar idea. Michael and Matthew Kopko launched the website GradeFund last month to apply a model similar to fundraising for a marathon, where sponsors pledge to donate a certain amount per mile completed, to finding money for college. College students' friends and family members, as well as corporate sponsors and others interested in donating money to help deserving students fund their educations, sign up on the site to give a certain dollar amount per grade earned to a particular student.
Students create profiles donors can search, and are matched up with people interested in helping them finance their educations. Rather than agreeing to provide student loans or cover tuition in exchange for work, like in other peer-to-peer financial aid programs we've mentioned on our blog, donors on GradeFund, like scholarship providers, don't require anything in return for their donations. While it's unlikely that a student will pay for their entire university education this way (according to The Chronicle of Higher Education, the current highest pledge per A is $400), they could easily pay for their books and possibly even a good part of other expenses that college scholarships or student financial aid might not cover. Plus, since these payments are linked to concrete achievements by students already attending college, donors may feel less apprehensive about the recipients of their philanthropy floundering once they face the academic challenges of their undergraduate studies.