COLLEGE
04/08/2011 03:16 pm ET Updated Jun 08, 2011

Financial Aid Facebook App? Program Promises to Help You Find Money For College

Financial Aid? There's an app for that. Or there will be soon.

Connect Fund, a Facebook application that uses demographic information to inform students of their financial aid options and educate them about grants, student loans and the Free Application for Federal Student Aid (FAFSA), will launch by January 2012, according to Fox Business. Students who use the app will also have the option of discussing the financial aid process with Facebook friends.

The application was developed by University of Nevada-Las Vegas graduate Devin Valencia, 24, who earlier this month was announced the winner of the Get Schooled College Affordability Challenge.

Valencia received $10,000 in prize money for her idea, and MTV, the College Board and the Bill and Melinda Gates Foundation have pledged $100,000 towards getting the app up and running in the time allotted.

According to the College Board, two thirds of college students reported having difficulties with the financial aid application process.

Did you have a hard time figuring out financial aid? Would you use this application? Let us know in the comments section below.