Should I Opt For Crowdfunding To Sponsor My Education?
Crowdfunding for almost anything these days is possible. There are many ways to go about it and many sites to check out as well, which help you with leads and ideas on how to get the most with Crowdfunding and in paying student loans too. In most cases, one would need to start a campaign and would need kind donations from others around across the world to pitch in and create the student loan fund you need. That would then be the outcome of Crowdfunding, which wouldn’t place the burden of student loans to repay once you are done with your education. However, with Crowdfunding student loans, there are pros and cons to deal with. Here are some of them!
The PROS of Crowdfunding
Money comes for free
You have total access to free money, when you crowdfund and this is true. Kind and good hearted or generous individuals from across the globe would want you to get the best education and hence would help you with the money pool you need, and to tackle the debts you have as well. This will help you with financial success, a better education and to move on with your career too. Hence, when choosing a Crowdfunding platform, opt for one that has lowest fees and this would bring you close to breaking even soonest.
Expect nothing in return
Remember, one of the pros with Crowdfunding is that you get the money you want for your education and the givers expect nothing in return. This is because, the money you get is gifted and hence no expectations are made for returns on the same. You have no interests to repay and no charges or ancillary costs as well. This probably would be one of the best pros of Crowdfunding ever, isn’t it?
You get to reach out to more people
Crowdfunding is one of the best and easiest ways to market yourself and make your presence felt in the world out there. Use the power of social media and blogging to spread more awareness about your educational needs, and your campaign would garner more attention. And if you are new in the job market too, more visibility towards employers comes about using Crowdfunding too.
The cons of Crowdfunding
While we did speak about the pros, here are the cons that you should be aware of with regard to Crowdfunding. Patience is a virtue to begin with.
Are you sure you would raise the amount you need?
Not everyone would be willing to pitch in a dollar or two for your educational needs, which is why to pay off your debts, you may have to wait for long till your campaigns aim is reached. The economy around is a saturated one, and every graduate almost is clamouring for money online. And most haven’t been able to even raise the amount their need so far, not even close to their break even point.
Further debts possible
There are various models of Crowdfunding to use, but what happens if the methodology chosen doesn’t work in your favour? It would be too late to shift into another mode of Crowdfunding, and p2p lending or peer to peer lending would be done at a major risk too. This would be as good as taking another loan with rate of interest and plenty of fees attached to it, to pay off one student loan that hovers on your head. If Crowdfunding doesn’t come up to your expectation, you would have to repay more!
Time is money
We all know the value of time and this is why, if the Crowdfunding campaign isn’t working out like you wanted it to, your time would be wasted. Time is money, and this time could have otherwise been spent looking for a job, enhancing your skills and making ends meet by earning through other means too. Think about it!
Do check very wisely with an expert to know if Crowdfunding actually would be best for you to pay off students loans or not? Be wise!