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'Cyber-Begging' Emerges As A Way To Chip At College Debt

First Posted: 06/21/10 12:25 PM ET Updated: 05/25/11 05:50 PM ET

Cyberbeggin

When the going gets tough, the tough turn to the internet.

At least that's what's happening on Sponsormydegree.com, a Denver-based microlending site for debt-ridden students.

The site's mission -- to connect "students who need money for college with caring individuals and companies who would like to sponsor their educations" -- depends on the good of humanity to help those who cannot repay their loans. It calls its form of microlending "micro-sponsorship."

The Daily Camera has more:

Students are able to upload photos of themselves and give donors a snapshot of who they are: a police officer and family man who wants to go back for a second degree; an opera singer whose teacher said he sounds like a young Pavarotti; and a business student who wants a second shot after flunking out and disappointing his grandma.


Mohr said the site needs the support of corporate sponsors, which has been tough amid the recession.

The service is free; users do not have to be current college students to use it. But its efficacy remains to be seen. University of Colorado graduate Heather Coleman had accrued $18,000 in debt when she signed up for the site, so far, she has made back $8, the Camera reports.

What do you think of this service? Leave a comment with your opinion.


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Filed by Leah Finnegan  |