One of the current hot topics in education is of course the rising problem of student debt. This is true for the US but also for almost any other country in the Western world. Ravi Singh wants to solve this problem with Schoolarship, starting with his home state of Ontario which has more than $15 billion in outstanding student debt alone.
Schoolarship is a platform which is going to give out grants to students. The initial plan is to offer 200 grants at $5000 each in early 2014. These grants are sponsored by companies. In return and in order to win the grants students are going to interact with content and ads designed by the Schoolarship team. There will be tasks in which students who interact with the content can earn points, by for example answering questions about the brand etc.
The grants will then be given to the students who earned the most points during the contest. The idea is that every student can apply for these grants, no matter what he / she is studying whereas most grants today are always tied to a specific subject matter that you need to study.
In order to get the platform off the ground Ravi and his team are raising $20.000 until Saturday, October 6th. The first contest will then start in September 2013 with the first grants being handed out in early 2014.