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By Sam Fiske
In the wake of the 2008 credit crisis, sentiment has grown increasingly wary of the impending student loan crisis that has netted nearly 1 trillion dollars in national student debt, averaging about $25,000 in student loans per college graduate. This student national debt does not have the same overall ramifications and widespread clout as the sub-prime mortgage loan defaults, but it is nonetheless a serious ordeal that is affecting thousands of college graduates that are struggling to pay off their debts. It is a crisis that continues to build on itself, as the price of tuition increasingly soars. It is a problem that is buzzing the field of education, and in need of more solutions.
While many colleges are looking for innovative solutions to assist students with the expenses of tuition, Lipscomb University created a simple, but exciting scholarship opportunity: a video contest. According to the Business Wire, Lipscomb University’s College of Business has launched a new program called the ONE DEGREE AWAY FROM MAKING A DIFFERENCE SCHOLARSHIP Video Contest. This full scholarship was awarded to the video entry that received the most votes online during the summer of 2012. Contestants were to post their videos to Lipscomb’s YouTube channel, and were allowed to share their video virally, using social media platforms such as Facebook, Twitter, and LinkedIn among others in order to tally as many votes as possible. The winner of the contest, Cory Haney, will receive this full scholarship worth up to $40,250 to the graduate program of his choice (MBA, Professional MBA, etc.) and began enrollment this Fall 2012.
The contest was designed to both showcase the school and create a channel for innovation to impact the real world. Lipscomb University’s prospective students to their graduate business program were encouraged to submit a two-minute, simple video that demonstrated how that applicant wanted to make a change “in their organization, community, or the world and how a graduate business degree from Lipscomb University” would allow them to do that.
According to Turney Stevens, the dean of Lipscomb’s College of Business, “This scholarship contest is our way of making it possible for someone with dreams of effecting positive change in an industry or community to receive the support they need to help realize those dreams.”
Although this video contest solely does not put a dent in the national student debt, it offers an innovative solution that could help raise awareness and create opportunities for students to pursue their graduate degrees without the concern of massive student loan debts. Student loans are a heavy weight to carry, and if more universities could put together contests of this nature, it not only eases that burden on its students, but harnesses positive feedback for the school while fostering progressive creativity through social media. It marks a shift in attitude towards student debt, a university that is finding a way to promote its educational programs with a contest that relieves the winner with financial stress and the pursuit of a degree. Lipscomb University’s video contest is not the answer to the current state of the student loan crisis, but it is a step in the right direction.
Here is the video from the winner of the video contest, Cory Haney:
For more information, please check out http://www.lipscomb.edu/onedegreeaway
Lipscomb graduate business program finds innovative way to combat
student loan debt crisis by awarding full-tuition scholarship to winner of unique video competition. (2012, May 17). Business Wire. Retrieved from http://search.proquest.com/docview/1014001089?accountid=37138