MTV is offering a $10,000 prize to the student who conceives the most innovative redesign of the financial aid process for their ""Get Schooled: College Affordability Challenge.""
Over two million college students do not apply for financial aid, according to MTV, and the contest aims to create an easier process for obtaining tuition assistance.
U.S. Education Secretary Arne Duncan said this contest is not only a great opportunity for the prize winners, but could help boost the country's graduation rate if funding is made easier for students who would not otherwise be able to complete their college degrees.
Duncan said making the U.S. number one in worldwide graduation rates again is one of President Barack Obama's top priorities, and a big component of that is removing the barrier of the long, confusing FAFSA form.
""This is about attainment,"" Duncan said. ""There are very few good jobs out there if you just have a high school diploma.""
According to Duncan, the Obama administration has already attempted to help college students pay their tuition by funding and increasing Pell grants.
However, he said the federal government cannot be the only source of a solution.
""States, colleges and students themselves need to find ways to make school more affordable,"" Duncan said.
MTV will select three finalists in early 2011, and the winner will be selected by online voters on the MTV website.
In addition to the $10,000 individual prize, the winning concept will get a budget of $100,000 for development.
Duncan said the country needs improved financial aid process because ""education has to be the great equalizer in America.""
