Top-quality education is not particularly affordable in India. Not everyone qualifies for scholarships and educational loans. While a few Indian students manage to arrange funds for their education by selling properties and taking loans, most others resort to crowdfunding.
Here are some reasons why many Indian students are resorting to education crowdfunding:
Education Crowdfunding is Free
There are hundreds of crowdfunding platforms online, and most of them support crowdfunding for education. Many of these offer free participation for needy students who wish to launch crowdfunding campaigns to raise funds for their education. They may, however, charge a certain commission once the campaign becomes successful and the requested amount of funds have been raised. Some platforms return the funds to the contributors (without charging anything) if the campaign does not reach its goal within the specified deadline.
No Requirement to repay the Funds
Unlike loans, the money raised through crowdfunding for education need not be repaid. The donors here contribute money for a good cause without expecting anything in return. Here it is all about selecting the right crowdfunding platform and reaching out to people who are genuinely interested in contributing money toward education. The key is to present the story in a way that relates to them. The fact that the money does not have to be repaid takes the financial stress out of the way. The students can thus focus completely on completing their education and realizing their dreams.
Crowdfunding is the Most Efficient Way of Raising Funds
Digital technology has made it very easy to raise funds for education via crowdfunding. Unlike banks and other private lenders, these crowdfunding platforms do not require candidates to have a good credit score or a decent financial standing. All it requires is a compelling and heartwarming copy that narrates the story of the student in need of funds. The story should mention the purpose behind raising funds, with details about the exact amount required. These platforms make it easy for students to convey their message to the right people.
It Helps to Providing Validation and Social Proof
Successful crowdfunding campaigns with well-written copies provide enough social proof and validation for students to carve their paths forward. These campaigns can also help in getting students admission into reputed universities of their choice. Such campaigns talk a lot about the kind of passion the students have for gaining the required knowledge and realizing their dreams. Going forward, the students may also become the go-to resource for anyone who wishes to raise funds for education.
Crowdfunding Can Help in Raising the Required Funds Quickly Without Any Upfront Fees
When compared to other options for financial sourcing, crowdfunding is the quickest and the most efficient option for students. If launched in the right way and promoted early, crowdfunding can help in raising more than the required amount of funds, much before the deadline. However, it does require a lot of effort from the students to reach out to the right people who will respond to the crowdfunding campaign. Also, since the competition would be very high, it is wiser for students to share their crowdfunding campaigns within their known circles.
It Helps in Gaining Early Adopters and Loyal Advocates
Successful crowdfunding campaigns aimed at raising funds for education can also get students, many potential advocates and early adopters. These people will genuinely believe in the stories of the students and would want to share the campaigns among their networks. Such recommendations will motivate many to trust the campaign and contribute towards its success. The early adopters will boost the success of the fundraiser and provide momentum to the campaign.
Crowdfunding Can Offer Marketing and Media Exposure
A successful crowdfunding campaign has a high chance of getting featured on a reputed blog, a popular news station, or even a print publication, which can bring more traffic to the campaign. This might help students in reaching out to donors outside their network. It will also increase the credibility and authenticity of the campaign while giving it the required push.
How to Achieve Success in Crowdfunding?
Many Indian students who have been struggling to get loans from banks or traditional lenders have found crowdfunding an excellent finance option. However, not all tend to achieve success when it comes to crowdfunding for education.
Crowdfunding for education may not be that easy a process when compared to the other traditional ways of raising funds. It requires a lot of time and effort on the student’s part to do the required research and promote the crowdfunding campaign after launching it. And after doing so much, if the campaign does not reach its funding target, the platform might return all the money to the contributors, leaving nothing to the owner of the campaign.
Before starting work on the crowdfunding campaign for education, it is important to choose the right crowdfunding platform which helps in reaching out to a maximum number of contributors.
The Bottom Line
There are many different types of crowdfunding platforms online that help in raising funds for different purposes. However, not all of them might work well when it comes to raising funds for education.
Ketto could be a great choice when it comes to education crowdfunding. One of the first few Indian peer-to-peer crowdfunding platforms, Ketto has helped in raising funds for more than 2 lakh individuals and organizations for various purposes. Pay a visit to the website to find out how to go about launching a crowdfunding campaign to raise funds for education.