Is It A Good Idea To Use Crowdfunding For Higher Education?

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Higher education and crowdfunding are beginning to coexist in the same realm as more and more students are leaning on the generosity of strangers to help them through their college education. There are even some people who are trying their luck and try to raise the amount they need for their postgraduate studies.

There is no doubt that education is a crucial part of life, not to mention how it plays out in the overall economic structure of any country. The general premise is that the more educated a person is, the better off they are because they get to have a chance at a higher paying job. They even get to put up their own business and start companies. There are some who does not possess a college education who are able to transcend through and build empires but this is usually an exception rather than the rule.

The desire for most people to get their education is there but the problem is that higher education costs a lot. It would be  great if the government could fully subsidize college expenses for a student but those countries are still few in number. The rest are left to raise the money on their own and that is where crowdfunding plays into the overall picture.

But is it a good idea to make use of social funding to finance your education?

Crowdfunding your way to graduation

If you are one of those people who was left with no choice but to ask other people for help, crowdfunding becomes a serious option for your college and postgraduate dreams. Here are some things you might want to consider before launching a social funding campaign for your educational dreams.

  • It depends on your circumstance. There are a lot of factors you need to consider when it comes to higher education. There are sources you might want to exhaust first before knocking on the goodness of other people. Start with your parents and see if there is a way they can help you with the expenses. You can also look at scholarships and grants that are being offered at different levels – from the school, community and even specific associations.

  • Are you crowdfunding the whole thing? If you are able to look at these funding sources, you might not need to crowdfund such a big amount for your education. This makes your target a little more feasible and people might be moved to give because they see that you have done your part in trying to cover your cost of attendance.

  • How is your network reach? If you are going to ask other people for help, you might want to look at and fix your network first. Starting from your family and close relatives to your friends and mentors and finally to acquaintances. This can help you personalize your messages when reaching out to them which can lead to higher chances of receiving funding for your educational goal.

  • Do you have a plan B? If you do not get the money from crowdfunding, do you just stop going to school altogether? You need to have backup plans that are all geared towards reaching your dreams. You might want to talk to the school about student loans or look for a part time job that can cover the expenses over the course of time.

 

This article is written by the Crowdfunders Editorial Team. In Asia, Crowdfunders.Asia is a leading portal on providing news related to crowdfunding, start-up, property and business. It is operated by CoAssets.com. CoAssets is South East Asia’s first listed and largest real estate crowdfunding platform. If you have any Crowdfunding news or stories to share, please email [email protected]

 

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