If you don't have the cash needed to study your dream degree, why not try crowdfunding? It might sound pretty daunting, but plenty of students have done it before. Here's how...
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If you're struggling to pull together the funds you need to get yourself to university, crowdfunding probably isn't the first thing that springs to mind.
It's certainly not the easiest way to make money, and it won't suit everyone. But, if you're good at marketing yourself online, and you've got a great story to tell, crowdfunding for your studies could be the ideal route for you.
Read on to find out everything you need to know about crowdfunding your degree, and whether it could be the answer to your financial woes.
What's in this guide?
What is crowdfunding?
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Crowdfunding is basically relying on the generosity of others (family, friends, academics and strangers alike) to donate towards a cause – in this case, the costs of your degree.
You set up an online crowdfunding page (these are the best sites to use) and promote it to the public, the press and the internet at large in the hope that generous people will help you out, and be nice enough to contribute in some way towards your financial goal.
Use your fundraising page to tell the world your story and explain why you're asking for donations. You'll also have to set a financial target that matches the cost of your degree, and be honest!
Don't set your target at £20,000 if you're applying for a master's course that costs £10,000 unless you make clear why you need the extra cash. Otherwise, anyone can just Google your course and see how much it costs.
What to do if you don't reach your crowdfunding target
Different crowdfunding sites have different policies on this, so you'll have to check the small print to be sure. Some sites will refund all your donors if you don't meet your target, whereas others will allow you to keep however much you make.
Watch out for this, because if you set your target too high, you could end up with nothing.
Can anyone set up a crowdfunding campaign?
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Technically, yes! Anyone can try their hand at crowdfunding their degree, but whether you'll be successful with it is another story.
Crowdfunding is clearly a better option for some students than others.
For example, there's no point in crowdfunding the costs of your tuition fees if you could easily get the money through a Tuition Fee Loan from Student Finance.
And if you're trying to crowdfund a bit of extra money to help you cover living costs, people might wonder why you don't just get a part-time job to help you through.
On the other hand, crowdfunding for a postgraduate degree is a bit easier, and a lot more common. Although the government have now introduced financial support for master's degrees and PhD courses, the money doesn't go as far and can be more difficult to access.
International students often use crowdfunding too, as they face much higher tuition fees than home students and get very little government financial support.
In a nutshell, if you can show that without the generosity of the public, you genuinely would not be able to afford university, then crowdfunding could be a good option.
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