Everyone knows that the cost of going to college has gone through the roof in the last 15 years. And it shows no signs of slowing down.In fact it is projected that by 2030, with a 5% yearly increase in college tuition, out-of-state college costs at a public university will come to around $71,373 while in-state at the same college will cost $41,228 for families.If we thought college is expensive now, the next decade for college education is proving to place more financial responsibility on families.So, what’s the solution? We have discussed many ways of paying off your student loan debt and funding your college education. However, today I want to discuss something you might not have considered as a way to pay your way (or your child’s way) through college – crowdfunding.Crowdfunding has exploded over the last few years. It’s become easier than ever to raise small amounts of money from lots of people online. In fact, beyond personally raising money, crowdfunding has become key for investors in many different areas.If you’re considering using crowdfunding to pay for college, here’s what you need to know.Just like any contract or agreement, you need to know what you are getting into if you decide to crowdfund your education. It is nice that total strangers will be willing to invest in your education over the internet, however, it is important for you to read the rules and conditions so you don’t violate any platform-specific guidelines – an action that could very well land a person in court.You also need to remember that you will be required to pay taxes on the money you raise via a crowdfunding campaign as well as (typically) pay a percentage of your donations to the crowdfunding platform, whether or not you meet your goals in the campaign.You will have to convince people that you are worth investing in. This means creating a killer campaign. There are hundreds, maybe even thousands, of crowdfunding campaigns that never get seen and never get funded. It is important that you write a campaign that catches the eyes of potential funders.Here are 5 tips to help you create crowdfunding campaigns that attract attention and get funded.
So where can you go to find crowdfunding to pay for college? If you live in the United States, you can use any of the following platforms. Create an account, read their instructions, terms and conditions, and get started.
Occasionally, there are stories of people who misuse the funds they received via a crowdfunding campaign. . Once the funds are paid to you by the crowdfunding platform you used, make it a point to ONLY apply the money towards tuition costs and the cost of living as you pursue your degree.Even better, share your progress and results with your backers. If people invested in you, they would love to know how you are doing!We started this article by urging you to make sure you know what you are getting into when you choose a particular platform. Once you have successfully gotten people to donate to your cause, make sure to keep your end of the contract/agreement and fulfill all platform-specific requirements PLUS any promises you made in your campaign.It’s always better to overdeliver than under-deliver.Yes, you can ask complete strangers to help you go to college. And these crowdfunding platforms can help you crowdfund your way to a college education. But for many people, this should be a last resort. Make sure that you look for scholarships, grants, and other financial aid first. The tips we just shared should provide you with a strong foundation should you decide to go this route and secure crowfunding to pay for college.Let us know if the comments if you’ve gone this route to pay for college!