An Indianapolis company has created every college student's worst nightmare: an app that helps their teachers and parents make sure they are going to class.

Core Principle's app, called Class120, will send an alert to a parent, professor or college administrator when a student isn't in class and notify the student if he or she missed a lesson, according to the Indianapolis Star. However, the app won't keep track of where the student is 24/7.

Jeff Whorley, CEO of Core Principle, said he came up with the idea for Class120 after talking to a professor about how often students don't attend class on a regular basis. He added that students spend more than $31 billion a year for classes they don't go to and students report they don't attend 20 percent of their classes throughout their college stay.

"We know 40 to 45 percent of students that start at four-year colleges don't graduate in six years," Whorley said.

He added that college students' reliance on cell phones will help Class120 become a success, and that students get better grades when they go to class more often, the Indianapolis Star reported.

Greg Havill, a father of two college students, bought the app and likes it because it gives students motivation to attend all of their classes. He made a $300 bet with his son to have perfect attendance this semester.

"It's ultimately up to the student whether he will get up at 8 a.m. and go to class," Havill said. "But if the student knows he's being monitored and there will be a consequence if he doesn't go to class, it will help."

Parents and teachers can buy Class120 for $17.99 a month or $199 a year, the Indianapolis Star reported.

The app currently has about 2,000 users, and Whorley plans on stretching that number to 5,000 by this fall. Core Principle's contract with a midsize college that is looking to use the app across campus should help the company accomplish this goal. Whorley did not reveal the name of the college.