
Gofundme campaigns for college have become a popular way for students to raise funds for tuition, with over 50% of students using crowdfunding to help cover expenses.
Crowdfunding for college has seen significant growth, with Gofundme alone hosting over 1 million campaigns for education-related expenses.
Students can create a Gofundme campaign to raise funds for tuition, room and board, and other college expenses, with the average campaign raising around $3,000.
With the average annual tuition cost exceeding $35,000, crowdfunding has become a vital lifeline for many students struggling to make ends meet.
Using GoFundMe for College
Thousands of students are turning to GoFundMe to pay for college expenses, with over 100,000 campaigns raising over $60 million in donations in the last three years.
Most GoFundMe campaigns for college expenses focus on incidentals such as textbooks, housing deposits, and airfare to study abroad.
Rob Solomon, GoFundMe's CEO, says that these incidentals can be the difference between staying in college and having to drop out.
GoFundMe allows people to take home all the money they raise, regardless of whether they hit their target.
Successful campaigns often focus on a specific need, such as $1,200 for a semester's worth of books.
In 2016, a mother from Compton, California raised over $21,000 to cover four years' worth of costs for her son's books, supplies, and warm clothes while he attended Harvard.
Most donations come from friends and family members, often with just one or two degrees of separation.
In some cases, campaigns can go viral and receive donations from strangers.
GoFundMe is not meant to replace financial aid or scholarships, but rather to provide an additional source of funding for students.
The site has become a popular way for students to raise money for college expenses, with many students raising tens of thousands of dollars.
Here are some examples of students who have successfully used GoFundMe for college:
These students, and many others like them, are proof that GoFundMe can be a powerful tool for students who need financial assistance to attend college.
Need Extra Help
College can be expensive, with the average cost for a full-time undergraduate student at a four-year college in the U.S. increasing from $12,052 in 1985-86 to $26,120 in 2015-16.
Traditional student loan packages often don't cover all expenses, leaving students to struggle with books, meals, and other costs.
Almost 40% of adults under 30 are carrying some amount of student loan debt, with the median borrower in 2016 owing around $17,000.
Graduating from college often means high student debt, making it tough for students to handle their financial responsibilities after graduation.
GoFundMe Features and Tools
GoFundMe has made it easier than ever for students to pay for college with their new college fundraising hub. This resource provides tips and tools for students and their families to run successful campaigns.
Over 130,000 GoFundMes have raised $60 million from over 850,000 donations for college tuition and related campaigns in the last three years alone.
The new college fundraising hub serves as a resource for students and their communities, making it easy for donors to find students and for students to get the help they need.
GoFundMe has released a new guidebook highlighting the growing trend of college students turning to GoFundMe to pay for tuition and other costs associated with college.
This guidebook includes national data, state-specific data, and more to help students and their families navigate the process of crowdfunding for college.
Understanding Crowdfunding
Crowdfunding is a method of funding a cause or project by raising money from a large number of individual contributors, most commonly through online crowdfunding platforms.
Crowdfunding can be used to fund practically any project or cause, from a new website or business to the creation and distribution of a work of music, art or literature. Donations can be made without any requirement or expectation of a reward or repayment.
Donation-based crowdfunding is commonly used to raise money for charitable causes, like building a school in an underdeveloped country or paying someone's medical bills.
What Is Crowdfunding?
Crowdfunding is a method of funding a cause or project by raising money from a large number of individual contributors, most commonly through online crowdfunding platforms. This can be used to fund practically any project or cause.
Donation-based crowdfunding is commonly used to raise money for charitable causes, like building a school in an underdeveloped country or paying someone's medical bills. Contributors donate funds without any requirement or expectation of a reward or repayment.
Crowdfunding can be used to fund a new website or business, the development of a new, innovative product, or the creation and distribution of a work of music, art, or literature.
Crowdfunding for College: Trends and Scope
Crowdfunding for college has become a multi-billion-dollar global financial force, with students using it to pay for education and support each other.
The cost of education has risen twice as fast as medical care costs over the last few years, making it harder for students to afford college.
Student loan debt has doubled in the last 10 years, with many students turning to crowdfunding to help pay off their growing debt.
Half of the crowdfunding campaigns coming in are exploring ways to pay for school, while the other half are looking at options to pay off their student loan debt.
Crowdfunding has become a vital lifeline for many students, helping them to cover the costs of higher education and reduce their financial burden.
Frequently Asked Questions
How much does GoFundMe take out of $10,000?
GoFundMe takes 2.9% + $0.30 per donation, so on a $10,000 fundraiser, you can expect to pay around $290 in fees. This leaves you with $9,710 to support your cause.
Is there a better option than GoFundMe?
Yes, BetterWorld is a viable alternative to GoFundMe, offering flexibility with various fundraising options beyond traditional crowdfunding. Explore BetterWorld's features for a more comprehensive fundraising solution.
Sources
- https://www.businessinsider.com/gofundme-pays-for-college-2017-2
- https://www.gofundme.com/c/fundraising-for-students-and-teachers
- https://wgxa.tv/features/college-students-use-gofundme-as-alternative-to-financial-aid
- http://www.gofundme.com/blog/2017/02/15/gfmforcollege/
- https://www.affordablecollegesonline.org/college-resource-center/donation-programs-students/
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