If it is (an elaborate way to get his student loans paid off), it's a _very_ elaborate way... the project may not seem or be practical, but that doesn't mean that it's an attempt at a scam or some-such.
That's exactly what it is, and he is pretty transparent about it. Well, technically, it's the outstanding fees that are preventing him from taking his final exam and graduating that he is trying to raise.
He seems to have/state no intention of building a product in the near-term, which is why he probably doesn't have the typical support tiers that include a product.
Not sure if IGG is the right vehicle for this, but hope he succeeds in graduating.
I don't understand why this is necessary for him to develop this project further. Sure he'd like to graduate before working on it further but surely he could use the money to fund the actual project and worry about finishing his professional qualification afterwards? Even once his loans are paid off he doesn't promise any funding towards the actual project...
He appears to have no interest in building the product. Or, at least in the short term, his priority is graduation. The project just appears to be a design project that is required for graduation and, thus, a convenient subject for an IndieGoGo campaign.