Schooling abroad can be a big challenge because you have to pull the funds that you need to get yourself to the University. Crowdfunding can be the easiest way to make money if you’re good at marketing yourself online and you’ve got a great story to tell. This article discusses what you need to know about crowdfunding your degree.
Crowdfunding is simply relying on the generosity of others (family, friends, strangers, academics) to donate towards a cause- which is the cost of your degree.
How do you start crowdfunding?
To start, set up a crowdfunding page and promote it to the public, the press and the internet at large in the hope that generous people will help you out, and be nice enough to contribute in some way towards your financial goal. Use your fundraising page to engage your donors with a story and explain why you’re asking for donations. Even though the world is digital, people still crave that social connection to people, whether it’s behind a campaign or brand. You’ll also have to set a financial target that matches the cost of your degree, and be honest!
Anyone can carry out crowdfunding, but your success depends totally on the effort you put in and how many donors are willing to contribute. Crowdfunding may not be necessary if you have other means of funding your degree in terms of getting a Tuition Fee Loan.
Candidate eligible for Crowdfunding
Crowdfunding is used by international students because they face much higher tuition fees than home students and get very little financial assistance from the government, also if you can show that without the support or generosity of the public, you can’t afford the tuition fee of a university, then crowdfunding is a good option for you. As an international student, you need to have the skill of marketing yourself, tell people the reason you need to study in a particular university in a particular country, rather than the one in your home country. If you share your story -potential crowdfund donors may support your dreams of studying at the university of your choice.
Crowdfunding can also be used by Lower-income candidates with no access to grants. With the increase of tuition fees, many students from low-income countries or households will find that university has become more financially difficult, hence they seek the help of the public to help in their education. When approaching the media concerning your crowdfunding campaign, remember that journalists will likely be interested in hearing how the student Finance System has affected you.
Candidates with impressive art skills are at an advantage when it comes to crowdfunding as it shows off their talent to the world and attracts attention from potential donors and the media. A great funding idea is to offer something in return to those who make donations, it could be a painting or a picture to anyone who donates more.
Advantage and Disadvantage of crowdfunding your degree
Advantage of starting a crowdfunding campaign
- A rewarding experience- Working hard on your campaign and seeing your efforts pay off will likely encourage you to work very hard knowing that people have put so much belief and funds to help you succeed.
- It builds Publicity – You could potentially receive great coverage for your crowdfunding campaign. Getting in your name out there is incredibly important to increase your chances of reaching your target.
Disadvantage of crowdfunding
- Potential pressure – The pressure to perform well in your degree may become too much on you, knowing that your fees have been covered by kind donations from others.
- Public criticism – People might ridicule and make jest of you after sharing your campaign on social media and in the press, especially those who funded themselves but you find plenty of supporters too!
- Donations will be refunded – Some crowdfunding sites (depending on the site) can return the money to donors if you do not meet your target. You need to have a backup plan if you do not generate enough money.
Successful Tips for Crowdfunding
These few tips will help maximize your chances of reaching your crowdfund target:
- Be realistic with your crowdfunding target- if you set your target too high, you may risk losing it.
- Keep your donors updated- your donors will like to see progress and how you put their money into good use.
- Promote, promote, promote – You’ll need to spend time reaching out on social media and other platforms to reach your target. You can go as far as contacting your donors.
- Use your connections – get in touch with people who will help fund your crowdfunding campaign, the more people get to hear about your goal, the better your chances of success.
- Don’t make it all about you- Focus on how your research will benefit others as well as yourself.
- Student fundraising – Use fellow students to help develop crowdfunding campaigns. This will help expand the student’s skills and give them the ability to develop an entrepreneurial mindset.
Many students use crowdfunding now more than ever. They use it to meet their educational needs, research, academics, and fund innovative ideas. Crowdfunding allows them to showcase their marketing skills. There are incredible crowdfunding sites you can use to kick start that campaign whenever you are ready. Now that we know what it takes to successfully crowdfund your degree, what are you waiting for? Get on it already! We are rooting for you!