Facebook teamed up with the Bill and Melinda Gates Foundation on the “HackEd” hackathon Thursday, representing the kickoff of the charitable organization’s College Knowledge Challenge.

According to Mashable, the College Knowledge Challenge is a 2.5 million investment fund aimed at encouraging developers to create applications that are useful for college students and their parents.

College Knowledge Challenge Deputy Director Stacey Childress told Mashable developers are being steered toward three categories:

  • The college application process.
  • Admissions.
  • Financial aid.

Each finalist will receive $50,000 to $100,000 to develop his or her app, so anywhere from 25 to 50 apps may result from the competition, according to Mashable.

The College Knowledge Challenge runs through January, with the development challenge wrapping up Nov. 16, Mashable reported.

Readers: What type of app would have helped you when you were applying to colleges?