RaiseMe has created a way for students to start earning micro-scholarships as early as 9th grade to help prepare them for college.
The strategy is unique in a time when Income Share Agreements (ISAs) are starting to gain traction in the startup community.
How does it work?
RaiseMe lets you fill out a profile and select colleges you think might be a good fit for you in the future. Although you may not know this in 9th grade, you can change your selections as time goes on.
As you complete things like extracurricular achievements, earn A’s in classes, or do something good for the community, colleges can reward you in scholarship money.
Once you’re accepted into the college, you’ll be awarded the money that’s shown on RaiseMe. Colleges participating in this program include Penn State, Arizona State, and Georgia Tech.
Why does it matter?
RaiseMe is a solid alternative who aren’t on board with the idea behind Income Share Agreements (ISA’s). For those that are unfamiliar with ISAs, they allow you to go to school for free and pay a percentage of your income when you graduate up to a certain amount. The money paid goes towards your loans. A more popular use of ISAs is being used with Lambda School.
I’m always a fan of startups trying to solve the college loan problem. RaiseMe is an alternative solution I hadn’t heard of before. The only issue I see is that students need to select colleges years in advance. This may cause students to feel pressured to attend the school that gave the most money, even if it may not provide as much opportunity upon graduation. However, I think students at that age have enough insight to select the colleges that best prepare them in their field of choice.