If given the opportunity, would you crowdfund your education costs?
Thanks to Knowledge Strong, you might be able to. Set to launch in November 2012, Knowledge Strong is an online community for students to find donors to help them pay for the costs of college.
Here’s how it works:
People in need of any education funding—be it future savings, current costs or past student loan debt—create a profile listing their education information and funding goal. They have to get a little personal, though, and woo potential donors with the story of their debt and a video. Users are also required to choose a membership plan, levels of which range from free to platinum ($8 per month).
Once a user has created a profile, Knowledge Strong reaches out to her friends (she has to supply email addresses for her personal network), family and community and sends them to her online profile. Potential donors then scan online profiles and fund students with any amount they choose.
The website doesn’t only act as an in-between for students and donors. It also serves to educate and inform students about scholarships and grants, as well as financially responsible ways to pay for education.
Knowledge Strong has its own scholarships, too. The website plans to compile membership dues to give them back as scholarships to its users twice a month. By paying $8 for a monthly membership, a user could get back a lot more as scholarship money.
The website is still in its early stages and is actively looking for founding members and donors. You can become a member or founder today by visiting their website.
This piece originally appeared on LearnVest, the leading personal finance site for women. Need help managing your money? Our free Money Center will help you create a budget. Our free bootcamps will help you take control of your money, cut your costs or get out of debt. And you might even be interested in one of our premium financial plans–managed by LearnVest Certified Financial Planners.
Image: j.o.h.n. walker, via Flickr