You should try crowdsourcing if you lack the funds to pursue your ideal degree program. Although it may seem quite difficult, many students have already completed it.
Crowdfunding is probably the last thing that comes to mind if you’re having trouble paying for college.
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It won’t work for everyone, and it’s not the simplest way to make money. However, crowdfunding for your studies can be the best option if you’re skilled at promoting yourself online and have a compelling tale to share.
Continue reading to learn all there is to know about crowdsourcing your degree.
Table of Contents
What is crowdfunding?
Crowdfunding is essentially depending on the kindness of others to contribute to a cause, in this case, the cost of your degree. These people could include family, friends, professors, and complete strangers.
You create a crowdsourcing webpage on the internet and advertise it to the general public, media, and internet users. All of this is done with the expectation that kind individuals will help you reach your financial target.
Share your narrative and the reasons behind your fundraising request on your fundraising page. Additionally, you must be honest and make a budget that corresponds to the expense of your degree.
If you’re applying for a master’s programme that costs £10,000, don’t set your goal at £20,000 unless you clearly explain why you need the extra money. If not, anybody may easily look up the cost of your course on Google and find out.
What to do if you don’t reach your crowdfunding target
Check the fine print to be sure, as different crowdfunding platforms have varying policies on this. If you don’t reach your goal, some websites will reimburse all of your donors. However, some will allow you to keep all of your earnings.
Be careful with this, as if you aim too high, you might not achieve anything.
Can anyone set up a crowdfunding campaign?
In a technical sense, yes! Although anyone can attempt to crowdsource their degree, it’s not certain to be successful.
For many students, crowdfunding is undoubtedly a better alternative than for others. For instance, if you could easily obtain the funds through a Tuition Fee Loan from Student Finance, there would be no use in using crowdfunding to cover the cost of your tuition.
Also, some may question why you aren’t just taking on a part-time job to supplement your income if you’re attempting to crowdfund a small amount of additional funds to help you pay for living expenses.
However, crowdsourcing is far more frequent and a little easier for postgraduate degrees. The government is currently offering PhD and master’s degree programs with financial aid. However, the money is less accessible and doesn’t go as far.
Since they pay far more in tuition than domestic students and receive very little financial aid from the government, international students also frequently use crowdfunding.
In summary, crowdsourcing might be a viable choice if you can demonstrate that you would not have been able to pay for college without the kind donations of the public.
Who should do education crowdfunding?
1. Master’s students who are ineligible for the Postgraduate Loan
#1. Postgraduate Loans (PGLs)
These were implemented throughout the United Kingdom in August of 2016. But a lot of potential students aren’t qualified since they don’t meet the requirements.
Furthermore, even if you fulfill all the requirements, the PGL may not be the ideal choice for you.
#2. Loan repayments
This will be high if you already have an undergraduate debt that you are repaying (both must be repaid simultaneously). Furthermore, the £11,000 maximum loan amount won’t go very far. In many UK universities, it will hardly even cover the cost of the master’s program, let alone additional expenses.
Candidates for postgraduate courses typically have a specific area of research interest and are aware of this.
This is advantageous for crowdfunding since it allows you to be more precise about the subject matter you want to study and how important it is to you. If you convince strangers that you are dedicated and passionate, they are much more likely to donate, especially if they are academics in your subject.
2. Art students who can offer artwork in return for donations
When it comes to crowdfunding, you have an advantage if you study art. It’s simple to showcase your skills to the world and draw interest from possible funders (as well as the media!).
Giving something in return to donors is a fantastic concept for crowdsourcing. For instance, anybody who pays £100 or more could receive a tiny painting or a limited edition print.
Giving back is now formally required on several crowdfunding platforms. To really wow your audience, your fundraising page should have a ton of pictures and samples of your work.
3. International students with a great story to tell
Crowdfunding can be an excellent choice if you know how to promote yourself, whether you’re an overseas student wishing to study in the UK or a UK student looking to raise funds to study abroad.
Is there a reason you’re so keen to take this specific course at this specific university? If so, tell us about it. Donors to a crowdfund will want to know.
4. Lower-income candidates without a grant
Are you in a situation where the latest adjustments to university funding have a special influence on you?
With tuition rates tripling in 2012 and maintenance loans finding it increasingly difficult to cover rising living expenses and rent, many individuals from lower-income households are discovering that attending university has become more expensive.
You might discover that when you approach the media about your crowdsourcing effort, they are interested in learning about your experiences with the student finance system.
Pros and cons of crowdfunding your degree
Pros of starting a crowdfunding campaign
- Publicity: Your crowdsourcing initiative may get excellent press coverage. To improve your chances of hitting your goal, it is crucial to get your name out there.
- Debt-free money: You could be able to graduate from college debt-free if your crowdfunding campaign is a success.
- A fulfilling experience: Knowing that people have such faith in you after working hard on your campaign and perhaps seeing the results motivates you to strive even harder in college.
- Outstanding CV content: Your successful crowdfunding initiatives demonstrate your dedication and marketing prowess.
Cons of crowdfunding
- Public criticism: After publicizing your campaign on social media and in the media, you may receive negative feedback from the general public, especially from individuals who have sponsored it personally. However, you will also find a large number of supporters.
- Refunds for donations: Depending on the website you choose, if you are unable to reach your goal, donors may receive their money back. It’s also important to consider what to do in the event that your income is insufficient.
- Possible pressure: If someone else pays for your tuition, you can feel under pressure to do well in your degree program.
The best crowdfunding websites for students
Are you going to launch a crowdsourcing campaign? The most popular websites for students to use to crowdsource their degrees are these:
1. GoFundMe
Many students choose to use GoFundMe as their fundraiser website. Individuals and their unique tales are given greater attention than projects. This website would be a fantastic option if you have a compelling tale to share, such as how you overcame a specific obstacle to enroll in college.
Just be advised that your donations will be significantly reduced due to a transaction fee. To learn more about GoFundMe’s current costs, see their website.
Visit GoFundMe »
2. Crowdfunder
Crowdfunding is a more imaginative and community-oriented platform. Therefore, it’s beneficial for people who are interested in environmental arts, socially conscious studies, and related fields.
Campaigns to raise money for charitable organizations and individual causes are highly valued. Ensure that the main focus of your crowdfunding page is on helping others, not just yourself.
Crowdfunder levies fees, much like GoFundMe does. Check out their website to see the current price of these.
Visit Crowdfunder »
Read Also:
7 top tips for crowdfunding success
5 ways international students can finance their education in the UK
How to Get a Student Loan for Colleges in the US, Canada, the UK, and Europe
How can I improve my credit score as a UK migrant?
