This September, the cost of a college education rises to £9,000 per year, making the UK one of the most expensive countries in the world in which to gain a college degree.
As a consequence, applications by UK students for the current academic year are down 8.7%.
SponsorMeStudent aims to offer students an alternative to government loans in the form of sponsorship from individuals, corporations, brands and advertisers.
Sponsorship goes directly to the colleges which have charitable status, enabling additional gift aid for the college and tax relief for the sponsor.
In the future it is hoped students who benefit from the site will go on and sponsor another student.
SponsorMeStudent aims to re-establish education as a gift by removing loans and debt from the equation.
Students looking to finance their college education via means other than a student loan can upload a one minute video pitch to the site in order to promote themselves to potential sponsors.
Information will include CV, degree subject, university, length and cost of study, level of sponsorship sought and ways in which students intend to support
themselves in addition to any sponsorship offered.
The site also provides a networking hub for students looking to findplacements, accommodation, vacation work, advice and support.