is an innovative resource schools can provide to students to help them close tuition gaps and unexpected expenses. A fundraising platform proven to improve retention and completion, enables students to run personalized fundraising campaigns aimed at the network that knows them best: their friends and family.
Payments and Gifts
What solution does use?
includes a payment solution through Chase Bank called WePay. The funds go directly to an institution bank account on a daily, weekly, or monthly basis.
How does WePay payments work?
Schools will login to as an admin and will establish a WePay account on behalf of their institution. The institution, via this WePay account, is the custodian of all funds. is NOT the custodian and has no part in the payment piece of the transaction. Learn more about WePay’s solution here.
Are monetary gifts made to students through refundable?
Depending on the institution policy, the answer can be yes or no. WePay has the technological capability to refund gifts; however, the decision to do so - and the policy established - is the decision of the institution.
How long does it take to process a refund through WePay?
When a refund is issued through WePay, the payer can expect to receive their funds within 3 to 7 business days, as dependent on their card issuer's processing times.
What is the turnaround for a chargeback through WePay?
Evidence must be submitted within five business days of the date your institution receives a chargeback notification. Credit card companies have differing resolution times. Please confirm resolution times with your provider, but in general American Express takes 20 days, and other cards take up to 45. Notification of resolution of a chargeback will be sent to you directly by email.
What (or who) is a supporter?
A supporter is any individual or organization that makes a monetary gift to a student through SponsoredScholar.
Are monetary gifts made to students through tax deductible?
No. Monetary gifts are allocated to a fund within the institution, and those funds are earmarked to the student. Because naming a scholarship and receiving a tax benefit could be used to create a financial tax loophole for the wealthy (where they name scholarships for their kids, grandkids) the IRS does not allow for supporters to name scholarships and receive a tax benefit; therefore, these gifts are not tax deductible.
Gift Reconciliation and Disbursement
How are monetary gifts reconciled?
Administrators will access, download, and upload Gift Report into their institution’s student information system. The Gift Report contains information needed to streamline monetary gift reconciliation. This information student name, student email, student ID number, fundraising start and end dates, and funds raised.
How are monetary gifts distributed to the appropriate student?
When a supporter makes a monetary gift to sponsor a scholar, the funds are sent directly to WePay for processing. WePay then transfers those funds via ACH to an institution’s merchant account of their choosing on a daily, weekly, or monthly basis. The school can select which option it prefers. Once the funds are in the merchant account, the school would follow the same internal process it uses to distribute funds to the appropriate student account within their student information system.
How do students learn about ?
The institution has many options for communicating to its students—use as many as possible to drive the greatest response! First, you’ll create a sign-up landing page. Embed the link to your landing page into email communications, onto the financial aid information page on your institution’s share it across your social media channels. You can also drive awareness of in your , another product in the Student Financial Success platform.
Can non-students sign up for and use it to raise funds?
No. Students can only register for an account with by providing a valid school email address. Students are also required to provide a valid institutional Student ID in order to receive their funding.
Does support Single Sign On (SSO)?
does not support Single Sign On .
Is there a set length for a student’s fundraising campaign?
Each student is eligible to raise funding for 30 days. Students cannot use to raise funding beyond this 30-day window.
How do students identify and reach out to potential supporters?
Students should leverage their personal networks to drive support for their fundraising campaign. This could include family, friends, community members, and those in their social networks. Inside of SponsoredScholar, we provide an email system with template fundraiisng emails. We also recommend students share via social media and through other relevant channels to reach their community.
How do students raise money for their campaign?
Students are prompted in their account to identify people within their network who they will invite to contribute to their campaign. They then utilize the peer-to-peer email fundraising tools within their account to share their campaign page with their community. comes with pre-written email templates to make the process of fundraising simple, effective, and enjoyable for students.
How do students thank their supporters? Is there a way to do this in ?
Students thank their supporters via email directly through their account. This ensures each supporter receives a personal thank you note for supporting the campaign.
Are schools expected to help promote campaigns?
Some schools have expressed interest in sharing their student’s fundraising stories with alumni, but there’s no expectation for a school to promote these campaigns. This decision is completely school dependent.
Onboarding and Implementation
What is the onboarding and implementation timeline?
On average, the onboarding process is 15 days from sign up to the launch of your platform. However, we are happy to move at your speed. The onboarding process includes six meetings:
Kick Off Meeting – Duration: 60 min
Site Setup – Duration: 60 min
Private Launch Meeting – Duration: 60 min
Soft Launch Meeting – Duration: 60 min
Financial Aid Advisor Training Meeting - Duration: 60 min
Support Training Meeting – Duration: 60 min
Additional meetings can be scheduled as necessary.