Crowdfunding as An Alternative To Education Loans

5 min read
Education Loans

Seriously, almost all of us students have dreams of studying abroad. Or if not abroad, then in a top ranking Indian institution. Nobody wants to go to a university which is not really of a good rank; we all want the best for ourselves. But as funding options to universities in India and abroad get more and more limited, the chances that they can fund you become less and less viable.

Sometimes, you might not get a scholarship at all or just be happy with a partial scholarship. In these situations, we are wont to apply for educational loans. But educational loans leave you with a burden on your back and create stress. Honestly, is there any alternative to educational loans if your parents don’t have lots of money?

I am here to tell you there is! You might be a brilliant student who just got into the college of your dreams. But, you are stuck because of financial issues. Either you can’t afford a loan or your parents can’t afford your education. Either way, there is a solution for people like you. Crowdfunding is a very risk-free alternative to educational loans. So what exactly happens in crowdfunding.

There are various crowdfunding platforms like Impact Guru that crowdfund for various causes. One of these happens to be education. You put up a fundraiser on their website, they get in touch with you, you campaign with them on social media and draw traffic to their page.

Education Loans

If you can raise the entire target amount, its success for you. If you cannot, you would still have raised a significant chunk of your needs and maybe, just maybe the rest can be arranged.

So what exactly does crowdfunding have that educational loans do not? Firstly, it is extremely risk free. There is no fear of defaulting. There is also no fear of having to pay interest. The crowdfunding platform will take its cut once and that’s all that they will take.

There is no question of a margin either. For example, when you go to banks and you need one lakh for your loan, you will be granted only 80,000 if the bank agrees to finance only 80 percent of the loan amount. In crowdfunding, it is taken for granted that you do not have much to spare in the first place. So crowdfunding is far more suitable for students who come from economically underprivileged backgrounds.

Remember, if you have a dream about your career and you think you are capable of following up on it, then money should not be your worry. Our job at Impact Guru is to provide you with this money.

Our network and fundraisers have saved lives (medical crowdfunding) and educated children (NGO crowdfunding). Your higher education is after all an issue that can be solved with relocating resources.

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