To play, students first align themselves with a charity of their choice. If they win, 10 per cent of their prize goes to charity. They keep the rest for tuition.
Prizes can range from $50 to $10,000 or more. Additionally WePay, a payments provider, will reward $5,000 in prizes in the form of grants to 12 winners, Takahashi says.
There are 40 participating schools, which include Yale, Stanford, University of Pennsylvania, and UCLA.
Between the alumni loan program SoFi and now Grantoo, it looks like people are stepping up to the plate and coming up with innovative ways during a time when students are battling enormous student loan debt.
We say keep these ideas coming.
Learn more about Grantoo in the video below: