August 12, 2022

How to Use Crowdfunding to Help Cover College Costs

How to Use Crowdfunding to Help Cover College Costs

Is crowdfunding the best option to help you cover your college expenses? Does it work? What are the challenges? Read on to know the best tips for education fundraising.

Education- It is everyone’s basic right. But when you want to study further, the steep fee might be the biggest hurdle in achieving your education goal. If you don’t have the necessary cash to study for your dream degree, you’ll start with the process of looking for ways and means to cover the university fee costs. And the options are many.

  • Scholarships
  • Grants
  • Work-study
  • Student loans

You hope that at least one of these will work and you’ll be able to pay the fee. But, unfortunately, sometimes, these may not be feasible for you. So, is it the end of your dreams? No, because you have one more option and that is education fundraising. Many students have successfully crowdfunded their college expenses and you too can. Let’s see how.

What is education fundraising or crowdfunding?

Crowdfunding is the concept of collecting funds by relying on the generosity of others. It may be through your family, friends, and even strangers.

How do you start crowdfunding to help cover college costs?

The internet generation has it easy with crowdfunding. It is a common way of collecting funds than a direct approach. The process is easy and doesn’t cost you a dime. Maybe, this is the reason why Gen Z prefers this to other options.

 1. Select a trusted online fundraising platform

It is simple. You start with setting up a donation page on a trusted online fundraising platform. There are hundreds of platforms available online to help you set up your crowdfunding page. Each comes with its set of unique features and pricing. Study and understand what works best for you and if its features are worth the price. GivingX is a popular online fundraising platform to help you set up your education fundraising drive for free. Similarly, there are other platforms to help you in your fund-collection campaign. Weigh in the pros and cons and then set about creating a donation page.

 2. Design a campaign

After registering on the online fundraising platform, your next step is to develop the donation page. There are plenty of points you have to consider while designing this page. This is pivotal to connecting your mission with prospective donors. From titles, and images to your story, an effective donation page is what evokes emotions and compels readers to donate to your cause.

 3. Set a reasonable funding goal

Decide on the amount you want to raise through crowdfunding. It is unlikely to raise money to cover all the costs. Don’t ask for too much. For instance, start with the expectation of meeting your tuition fee and not the stay or travel expenses if you are studying abroad. Education fundraising that seeks a lesser amount is more likely to succeed compared to donations that have a higher fundraising goal.      

 4. Publicize the campaign

Once your donation page goes live on the online fundraising platform, don’t expect funds to pour in. You have to put your efforts into promoting the donation page link. The best way to accomplish it is to share it on your social media channels. Your family and friends will reshare this on their profiles. You'll be able to contact more people this way.

Tip: Ask your family and friends to donate to the cause before sharing it on social media. A good start with enough funds on the page will build trust among prospective donors and motivate them to contribute.   

 5. Monitor the crowdfunding campaign

GivingX provides you with a comprehensive campaign analytics report to help you study the impact and see its progress. If there’s any scope for improvement, do it and test if it’s getting in more funds. For instance, changing the text on Donate button or including short videos on the page may help. Also, pay heed to the comments and answer donor queries. In rare cases, the link may not be working and people may not be able to donate or share the link. Look into the technical aspects and immediately contact customer service if any issue arises.

 6. Thank the donors and provide campaign updates

There are high chances that a donor revisits the donation page to check the progress of the campaign. After all, every donor wants to know if their donations are being properly utilized and if it has had the intended impact. Update on the campaign progress and thank the donors to make them feel appreciated. It encourages them to continue and donate to other meaningful causes spreading universal love and positivity.

Why crowdfunding to help cover college costs?

There are various benefits associated with education fundraising through online fundraising platforms. Let’s see the advantages of crowdfunding.

  • It’s easy to start and you can start collecting funds immediately  
  • The funds received by the student are interest-free. They don’t have to pay it back to the donors.
  • It is the fastest way to raise money with no upfront fees
  • It’s more efficient compared to traditional ways of fundraising
  • It gives your cause the desired social media exposure      
  • It helps you build community support and loyalty

With crowdfunding, there is no limit to the funds you can collect. If your cause is genuine and it resonates with prospective donors, there is a high probability that the campaign goes viral and becomes a roaring success.

In a nutshell

The concept of crowdfunding to help cover college costs is not the most preferred option today but its use is growing. Thousands of students use online fundraising platforms in the hope of raising money to meet their education costs. It is the duty of each of us to contribute, in our capacity, to these education funds and help the students achieve their dreams.

GivingX is an online fundraising platform invested in helping students raise money through crowdfunding to help cover college costs. If you are a student who needs help, visit our platform and start an education fundraising campaign today.  


FAQs On Crowdfunding For Education

 1. Can anyone set up a crowdfunding campaign?

Technically yes. Anyone can set up a donation page on the online fundraising platform. Many individuals and registered nonprofits have benefited from crowdfunding. Even you can set up a donation page to help you cover college costs.

 2. What if I don’t meet my education fundraising campaign goal?

If you don’t meet your campaign goal, you can still withdraw the collected funds and keep however much you make on GivingX. Read the fine print when you deal with other online fundraising platforms, though, because some of them refund all your donors if you don’t meet the target.   

 3. What if I set a higher goal for my crowdfunding campaign?

Don’t set an unrealistic goal or ask for more from donors. Don’t set a target of $15,000 when the college fee is $10,000. Prospective donors will have an idea of the education costs and if you are not able to convince them why you need the extra cash, they will not donate to your fundraiser.

 4. What are the college costs for which I can raise money through crowdfunding?

You can try to raise money for education-related expenses such as-

  • to pay tuition fee
  • to pay off your student loan
  • to study abroad (including the fee and stay expenses)
  • to visit college campuses before making a choice

But do not expect to meet all the expenses through education fundraising. You may be successful in collecting a part of the necessary money. If you’re lucky and you develop a compelling campaign, you may raise more money than you expected.

 5. Can I depend on crowdfunding to meet my college costs?

No, crowdfunding shouldn’t be your only way to raise money for college costs. Spend most of your time researching and applying for scholarships and grants. These are stable sources of funding to help you pay the fees. Crowdfunding will help you get money to cover the expense gaps.