Why is education important to your future? If you can answer that question with flair and originality in a 2-minute video, you could earn $1000 towards your online degree costs in a national education video challenge.

The contest is a brand-new promotion of the U.S. Department of Education. Here’s what the Secretary of Education, Arne Duncan, has to say:

Courtesy of the Department of Education on YouTube

The contest is open to college students, high school students, and middle school students (age 13 and up). You have to be in school already, and as long as your online program is accredited, there’s no reason why you couldn’t use these contest winnings to pay down online degree costs.

“I Am What I Learn” Video Contest Timeframe

• Now - November 2nd, 2009: Create your 2-minute video and submit it through the contest website
• November 2 - 9: a panel of judges (including Secretary Duncan) review all the video submissions and choose 10 finalists
• November 9 - 24: the 10 finalists’ videos are posted on the U.S. Department of Education’s official YouTube channel, so the public can vote on their favorites
• Week of December 1: 3 winners are announced — the top 3 finalists whose videos got the most votes

The winning videos will be chosen based on the creativity, originality, and strength of the message, and the ability to inspire others.

The judges want to know how your education will be important to your future. If you’re already enrolled and rolling in an online degree program, then you’ve already decided why your online degree costs are worth it. Put that into an imaginative video and you may win another $1,000 to put towards your education expenses.

How to Send In Your Video

Check out the contest website, www.ED.gov/IAmWhatILearn, where you’ll find the complete contest rules, FAQ, and instructions. Be sure to read those carefully to confirm your eligibility.

The Department of Education is calling the each $1,000 award a cash prize because it’s merit-based rather than need-based. But even if this isn’t technically a scholarship competition, it’s still a $1,000 you wouldn’t have to pay back.

If you love YouTube and making your own videos, here’s a chance to do something fun and earn a chunk of change for your online degree costs at the same time. Good luck!