• by Erik Sass , Staff Writer @eriksass1, April 4, 2011

One of the most incredible things about social media is the sheer amount of information people post about themselves. And this isn't just a valuable resource for marketers: it's also valuable to the users, even if they aren't always aware of the potential treasures hidden in their profiles.

That's where the apps come in. The most intriguing example I've found recently an app under development for the Clinton Global Initiative University, MTV, and the College Board, with support from the Bill & Melinda Gates Foundation. Basically the app (which is being developed by Frog Design) will comb a user's Facebook profile to find possible opportunities for securing scholarships to pay for college, based on interests, activities, location, and so on. After analyzing the profile, the app will present a tailored list of relevant financial aid opportunities; it will also provide step-by-step tutorials on important processes, like how to fill out the FAFSA form, and help users decide how much debt they can afford to assume. It also lets them tap their network of Facebook friends for expertise and guidance about navigating the financial aid application process.

The app, which should launch later this year, is based on a winning idea submitted to CGI U's "Get Schooled" College Affordability Challenge by Devin Valencia, a recent UNLV grad who won $10,000 for the idea (the donors are also contributing $100,000 to the development budget). She stated: "Navigating the financial aid process can be incredibly challenging -- we need a way to make it easier for students. I'm thrilled that MTV and the College Board are turning my idea into a reality, and hope that this Facebook app acts as a starting point, connecting students with grants, scholarships and loans to finance their education." Robert Fabricant, vice-president of Creative for Frog Design, added: "That is the true power of participatory design - it reframes solutions from the user's perspective."

Major philanthropic organizations are focusing on simplifying and streamlining the process of obtaining financial aid for higher education -- and unsurprisingly they're turning to social media as a key channel for reaching young people hoping to attend college. Thus the Bill & Melinda Gates Foundation also recently invested $2 million in Inigral, which enables school administrators to create official, exclusive sub-networks within Facebook for their students and alumni, to bring its service to schools with Pell Grant scholars.