Scholarship 2.0 – Students Pick $10,000 Winner at CollegeToolkit.com

Every student who has applied for a scholarship knows how grueling the application process can be; having the right grades isn’t enough, you have to win over the judges. The entire process is tedious, and in the end, the final decision is made by a scholarship committee.

CollegeToolkit.com wants to change this traditional approach to scholarship applications. They have embraced the democracy of online communities and are putting the final decision in the hands of students. Students not only apply for the $10,000 scholarship, but also judge who will win.

Here’s the best part: there is no minimum GPA! Don’t worry about SAT or ACT scores either and students in any financial bracket are welcome to apply.

No committee can skew these votes either; the results will be based solely on student voting on the site. CollegeToolkit.com thought that because scholarship committees are usually comprised of an older panel, their decisions could result in unfair results. President Mark Rothbaum says that letting students choose gives them control, letting them “be on the other side of the judge’s table for once.” He likened his site to YouTube and Digg where users define who should be awarded.

Interested in applying? You can either submit an essay from an admissions application or send your response to “Why do I want to go to college?” to CollegeToolkit.com where your entry is posted. From there on it’s up to other students to choose the candidates they think are most deserving.

10 finalists will be chosen by July 31, 2007, after which the ultimate winner is selected.

Scholarships are open to anyone studying in the U.S. As for my fellow Canadian students—I think it’s time we got something like this rolling here too! Any entrepreneurs up for the task?