PORTLAND, Ore.--(BUSINESS WIRE)--CollegeNET.com, the social network through which people create topics, write or video-cam about them, and then vote to determine who will win scholarship money, today announced the new “10-Week, $50K” scholarship campaign. In celebration of more than $1 million awarded through CollegeNET.com, the popular scholarship website will expand its eligibility system to allow more individuals the chance to pay off active tuition or student loan debt.
The new rules are as follows:
- Each week approximately $4,000 will be divided among ten winners.
- Candidates are now eligible to repeat and win every week, instead of only once per year.
- Every ten weeks, an additional grand prize of $10,000 will be awarded to the top points-earner across that period.
“Students have proven that if they are given the power to define the topics and choose the winners, the scholarship process works. No matter what stage a student or former student is in—paying tuition or paying off loans—we’re expanding the opportunities,” said Jim Wolfston, president, CollegeNET, Inc. “The new 10-Week, $50K campaign adds more winners and creates a bigger payoff.”
CollegeNET.com is the first scholarship opportunity to democratize the scholarship award process and the first to extend the scholarship concept to help graduates repay student loan debt. Nationwide, student loan debt (estimated to be approximately $1 trillion) now exceeds U.S. credit card debt. College seniors now owe about $36 billion in student loan repayments. In-state tuition and fees at public, four-year institutions rose 7.9 percent in the most recent academic year, exceeding the inflation rate of 1.1 percent.
More than 400 students have won scholarships through CollegeNET.com since 2007. In April 2012, CollegeNET.com was voted the winner of the About.com Readers’ Choice Award, winning in the Best Scholarship for Adults category.
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To participate in CollegeNET.com forums and compete for the weekly scholarship, sign up for a free account here.
About CollegeNET, Inc.
CollegeNET, Inc. builds web-based, on-demand technologies that help institutions improve operational efficiency, enhance communication with constituents and save money. The company’s systems are used by more than 1,300 organizations worldwide for event and academic scheduling, prospect and admissions management, web-based tuition processing and alumni development. CollegeNET’s www.collegenet.com is a social network through which students create topics, write or video-cam about them, and vote to determine who will win scholarships. This site has become one of the Internet’s most popular destinations for college-bound students. The company is headquartered in Portland, Ore.