CO-fund

CO-fund is being started by nine Brown University students in Providence, Rhode Island, and aims to launch in March. CO-fund’s fiscal sponsor is Rhode Islanders Sponsoring Education (RISE). CO-fund is partnered with Brown University’s chapter of College Advising Corps and College Visions. CO-fund is also a part of the United Lives IDA Network, including such organizations as the United Way of Essex and West Hudson and YouthBuild Newark. CO-fund also has some great corporate sponsors, including the prestigious law firm Partridge Cole & Hahn LLP and Lippincott, a world-class branding company. CO-fund is currently in alpha testing with its online platform and is finalizing which students will be its first CO-Fund Fellows, who will begin college in the fall of 2010.

+ What issue will your venture address?
Many young American students are not able to enroll directly into four-year universities because of financial constraints. An estimated 1.4 to 2.4 million college-qualified high school graduates will be unable to earn a bachelor’s degree this decade. The Institute for Higher Education Policy found that not having enough financial aid, tuition being too high, and an unwillingness to borrow are the top three reasons, respectively, why college-qualified students do not enroll directly into a four-year institution. Furthermore, students from low-income families attend these institutions at about half the rate of equally qualified students from high-income families (U.S. Department of Education).

+ Why are you pursuing this specific issue?
Created by college students, CO-fund realizes the importance of higher education. CO-fund also acknowledges that both giving and receiving aid for education in America is an overly burdensome process, resulting in unequal access to higher education, a less educated society, and a significantly lower GDP. Students are overwhelmed and millions of potential donors do not have access to helping them. U-fund empowers college-ready, low-income students to raise money from their community and nationwide. By breaking down the barriers to both giving and receiving, our selected socially-responsible students will get the resources needed to attend and graduate from college.

+ How will your venture solve this problem?
CO-fund’s social platform provides financial aid for aspiring college-goers. Partner organizations refer qualified students to CO-fund. These students want to actively be a part of furthering CO-fund’s vision of creating an ever-growing cycle of aid and educated students. Once approved, these students create a profile through which potential donors can connect, communicate, and ultimately donate. The $2,500 of aid provided by the donors “closes the gap” for the tuition cost of colleges that CO-fund students get accepted to, empowering the students to attend and excel at these institutions. CO-funded students then “pay-it-forward” to other students and communities after graduation.