Have you tried crowdfunding your studies?

Are you looking for new ways to cover your college expenses? Crowd funding is the latest trend in student financing.

Are you looking for new ways to cover your college expenses? Crowd funding is the latest trend in student financing.

What is Crowdfunding?

Crowd funding refers to the mass funding of a project or venture through an online platform. It allows individuals and companies to donate money, often anonymously, to a worthy cause by linking prospective donors with would be beneficiaries. This form of financing has become popular in the non profit and small business sector however students can also access potential donors through these digital channels. In fact the high number of success stories has proven the viability of this funding model for cash strapped youth.

What's so great about Crowdfunding?

Unlike student loans or bursaries the money received from crowdfunding comes without conditions or repayment policies. Which is one of the reasons students have been flocking to these online platforms.

Most sites do not require upfront payments from students who wish to create an online profile and present their 'story'. This means that anybody who has internet access could be eligible to receive financial support. Feedback is immediate and students can track the progress of donations made to their account.

Are you interested in joining the crowdfunding craze? There are a number of initiatives that can help you source money for your academic programme.

For example Feenix, a crowd funding scheme created by Standard Bank seeks to provide financial aid to underprivileged students. Through the platform money is paid directly from the donor's account into the institution on behalf of the student.

Other local fund-raising sites include Backabuddy and GoFundMe SA