It’s an emerging social media trend that has evoked scorn from some, but support from many others. Several students with dreams of a foreign education have been turning to social media with education crowdfunding appeals for help with the (often prohibitive) fees of premier institutions.
Many of these applicants describe themselves as first-generation learners with hopes of using their exposure and lessons abroad to effect change in the grassroots. They usually parade stellar educational credentials and resort to crowdfunding after securing admissions in some of the world’s most prestigious institutions.
While others note that the scope of applying to banks and financial institutions for assistance has shrunk amid the Covid pandemic, a few applicants only seek partial assistance, saying they’ll take a smaller loan or pick up a part-time job to meet the remaining expenses.
The idea of soliciting contributions for education has been criticised by many online, who question why the applicants don’t take loans instead. However, hundreds of people are pitching in with not just contributions but also words of encouragement.
Some applicants say they turn to education crowdfunding because they are unable to afford the loans — they say they are from modest backgrounds and don’t have anything to offer as collateral, the absence of which translates to higher interest rates.
SFA, a crowdfunding platform, says it has seen a 300 per cent increase in the number of education fundraisers over the last one year. Of the education fundraisers on our platform, SFA co-founder Mrunal Pawar said, 40 per cent have been able to raise about 50 per cent of their goal amount, while about 20 per cent have achieved 20 per cent of their target.
One of the most effective ways to provide education to the underprivileged children is online crowdfunding.
Education crowdfunding can be used by an individual to raise funds for his school or college fee. A fundraiser can also be started for a non-profit organization aiming to educate the children from rural areas.
SFA is the best place to fundraise, whether you are an individual, group, or organization.
1. Start your fundraiser
2. Share with friends
3. Manage donations
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