As unfortunate as it may sound, college fees have sky-rocketed over the past few years to an extent that makes it almost unaffordable for few. That’s where legitimate crowdfunding for education steps in.
Since the tuition fees are expected to only increase over time, many families would be in need of help to pay for their children’s education.
Therefore, college education crowdfunding is now on the rise. It is a perfect solution for those who wish to not be burdened by dollars of debt as soon as they finish their studies.
Best Sites That Can Help You with Crowdfunding for Education
There are some amazing crowdfunding websites that can help you with expenses by raising enough money to pay for the tuition. Let’s check out some of them.
Gofundme is undoubtedly the #1 site for fundraising. It is widely being used for collecting money for different campaigns, personal causes, charity, etc. Consequently, most of the programs here are for educations purposes run by numerous students who need help to pay their tuition fees.
The total cost for Gofundme is 7.9% as processing fee and $0.30 transaction charges per every transfer.
Upstart works a bit differently than other websites for fundraising.
It invites other people to pay for tuition fees of different students but this has a reward in return as well. The donors would be paid a portion of student’s earning in the future as part of “Human Capital Contract”.
Note! The amount that needs to be paid back could be 1% to 7% of the income and comes in form of 5-year agreement.
Moreover, Upstart also has a program that mentors people who use the platform for future fundraising and similar campaigns.
ScholarMatch was specifically launched for college or university students who belonged to low-income background. Although the site originally catered to people in San Francisco Bay area, it is now accepted in majority of the US as a reliable fundraising platform.
In addition to the task of money collection for education purposes, the team at ScholarMatch also offers counselling to families who are struggling financially. It provides detailed sessions about the options that they have if they wish for the kids to continue with higher education.
Moreover, the website partners with different colleges and universities in San Francisco to help the talented, ambitious students find a scholarship that is the right match for them (hence the name!).
GradSave is currently raising funds for more than 11,000 college projects. It is an ideal place to start if you wish to raise money for your child’s education by sharing their project or tuition details with friends and family members.
Pave is another fundraising platform that could save students from incurring worrisome amount of debt in their academic years.
Similar to Upstart, Pave would also make every user sign a contract that states that they would share a percentage of their future income to people who back up the campaign. However, the rates applicable as part of Human Capital Contract can different from one website to another.
6. Zero Bound
This website runs with the help of volunteers who wish to relieve students of their debts. It was launched with the basic aim of strengthening community and creating a sense of solidarity among people who can help and those who are in need of aid.
Zero Bound charges 2.9% as processing fee. Moreover, $0.30 is set as transaction fee per every transfer. The campaigns that are successful in reaching their goals would then pay 5% services fees and those that do not complete the set aim would have to pay 8% as service fee.
This platform is completely dedicated to education related crowdfunding. It caters to raising money for final year projects, tuition assistance, etc.
The charging criterion is same as that of Zero Bound i.e., the campaigns that are successful in reaching their goals would pay 5% services fees and those that do not complete the set aim would have to pay 8% as service fee.
Does Crowdfunding for Education Actually Works?
Majority of the times, the people coming forward in fundraising campaigns are there to help a family member or a friend in time of need.
Although the percentage of strangers donating to a cause is low, it still exists and has helped in a number of events.
The advantage of crowdfunding services is that they are a reliable tool for fund collection even from relations where you could not directly ask for financial help.
Crowdfunding for education has helped raise sufficient funds from different contributors around the world. However, it is always a good idea to first look into rules and regulations that govern money collection via such websites. Do your research thoroughly before you launch the campaign. Best of Luck!