Crowdfunding for College
Utilize these resources to repay your student loans or to manage your current financial situation.
September 01, 2014
Crowdfunding, the latest trend in the startup craze, allows the public to view and donate to causes and projects via a public platform.
Students have jumped on the bandwagon, utilizing crowdfunding resources to fund the often astronomical student loans that have accumulated.
Here are some resources that students can utilize crowdfunding for debt payment, as well as manage a current financial situation, easily and efficiently.
CommonBond “connects student borrowers and alumni investors to save students money on their loans and allow alumni to earn a financial return.”
So far, through CommonBond, millions of dollars in student loans have been funded and they plan to fund up to $100 million student loans in 2013.
Through GoFundMe, students can utilize the crowdfunding platform to create a personal donation campaign (or a charity campaign), share it online and use the funds raised.
Individuals, groups and organizations can utilize this online fundraising resource free of charge.
Indiegogo allows you to raise money for, well, whatever you want. It’s a crowdfunding platform that doesn’t decide who does or does not get funded – it’s all in the hands of the public.
Create a campaign, promote it and watch the money rake in.
Instagrad is basically a college savings plan registry, where loved ones can gift monetary contributions for a student’s future on special occasions or for no reason at all.
Instead of traditional gifts, Instagrad offers the unique opportunity to gift educational opportunities in as easy as two clicks of a mouse.
LoanLook provides tools for students, parents and schools for easier loan management. It was “built on the basis of transparency and inclusion,” so students and their families are empowered to understand their current financial situations.
This allows students to pursue and “achieve their immediate higher education goals without sacrificing their financial futures.”
Still in private beta testing mode, PigIt’s co-founder describes the site as “education’s entrepreneurial piggy bank.”
On the site, students are able to offer their personal skills, abilities or products in exchange for financial contributions.
The contributions will go directly to their debtors – whichever financial institution holds the debt for the student.
It’s a great way for students to actively gain control of their current debt situation, without the temptation of spending the funding elsewhere.
StudentLoanHero helps students who sign up manage their student loans and debt, saves students money with student loan calculators, store any important loan information digitally and allows students to easily get a glimpse into the big picture with a personalized dashboard.
Tuition.io allows students to see an overview of all student loans and gives students the power to understand their financial situations more easily because all records are kept in one place.
It doesn’t matter if your loans are from the government or private; Tuition.io loads the up-to-date information on balances and payments so that students can always be aware of their current financial situation.
Vittana allows a person to “find a student, make a loan, and watch the world change.” According to the web site, are given the opportunity to fulfill their dreams through educational funding and, in turn, 98 percent of students repay their loans.