The process of gathering the necessary paperwork for the Free Application for Financial Aid (FAFSA) form and searching for scholarship information can be daunting, but a new online tool that can help speed up the process has been launched from an unlikely source: MTV.

The cable network, which is slowly evolving away from purely entertainment-oriented programming, has unveiled a financial-aid application for Facebook called My College Dollars. By using personal information stored on the prospective students’ Facebook profiles, the app provides a customized list of available scholarships that can be customized for the user’s age, location, field of study and level of education.

Because it’s an MTV app, which lives in the 18- to 24-year-old demographic, the campaign is aimed mostly at high-school seniors. However, anyone can sign up for My College Dollars, which includes information on financing both graduate and undergraduate degrees.

For example, a recent search for information about financial aid for students interested in a graduate degree in psychology turned up 49 results for federal and state scholarships, work-study programs and private educational loans. The search also provided details about the number of scholarships or grants available, the dollar amounts, eligibility requirements and application deadlines.

The MTV app, co-developed by the non-profit educational organizations Get Schooled and The College Board (the organization known for administering the Scholastic Aptitude Test), helps inform students about the nearly $6 billion in scholarship money and $45 billion in federal and state grants that are available nationwide each year. The site provides tips on how to complete FAFSA forms and a calendar of upcoming events related to educational funding. Features also include video tutorials to help walk students through the process from singer Jason Derulo, and celebrity endorsements from the likes of Ne-Yo, Ciara, Nicki Minaj and Ludacris. There’s also an interactive FAQ page that lets you share questions and concerns about financial aid with a panel of certified career experts.

And if the lure of financial aid is not enough, MTV is including a sweepstakes contest with the rollout of its app. Between now and Feb. 29, those who sign up can enter to win a grand prize of two free tickets to the MTV Video Music Awards, plus $500 in cash. There are also 10 second-prize awards of $500 and 15 third-prize awards of $100. Visit the My College Dollars site for more information.