A new website lets students ask social networks for sponsorship. Here’s how it works: 

The website SponsorMyDegree.com provides a listing service for cash-strapped students to post financial aid appeals online.

The site was started by Henner and Lilac Mohr, who both piled up loans to pay for graduate school and hit the web to ask for help paying it off. They soon realized they weren’t the only ones, and launched the website to give those pleas for sponsorship an extra push.

Through SponsorMyDegree.com, students can post a free profile and market it to contacts on Facebook, MySpace and other social networking sites. Donations start at $5 along with a 5% credit card processing fee.

Once the site verifies college enrollment or graduation, money is then sent to the campus for tuition, or to a lender to repay a student loan.

So far, the project has shown signs of success – thousands of dollars have gone out to students. but since they don’t make any money off it, the Mohrs are looking for corporate sponsorship to help run the site.

What do you think? Let us know in the comments section.

Tags: facebook, financial aid help, social networking