“Crowdfunding isn’t about collecting money. It’s about making something happen with a crowd of people who believe in something. Normal people, not rich people with a lot of power, just people like you and me.”
There are various opportunities an individual witness to progress in life. Apart from monetary gains what holds of utmost importance is the gain of knowledge. It is by far the most empowering gift that can be acquired by any individual. There is no definite end towards learning and the framework of education helps in strengthening the core of the nation. The nation is grappling with issues related to poverty, inequality, discrimination and many more and amidst all these there are issues which incur only because of lack of knowledge. These issues can be tackled to a great extent by using online crowdfunding, where students can garner help in regards to the knowledge they aspire by raising funds online.
Education crowdfunding is the way out for struggling students, who are unable to afford higher education, without even taking the long run burden of an education loan. Often the education loan stresses the students to an extent that they either give up on the aspects of educational prospects or strive hard to pay back the amount which has touched high notches after severe rates of interests being added to it. Crowdfunding for education is being sought by various socio-economic groups across the nation in large volumes. The increase in the indulgence of people with the digital media has given more power and opened up arenas to explore various online fundraising platforms that are a great opportunity for students who genuinely require financial aid at their immediate dispense. Soon India would be in the same league as US, UK and China in terms of crowdfunding for education as reported by Brainbuxa.
There are many benefits which attracts a student to raise funds for his/her education through crowdfunding in India. The fundraising platform helps in raising funds through people from diverse economic groups due to its wider connectivity over the web. There is lesser or no repay burden on the student than relying on a single person for similar kinds of donations. A donor can always decide as to how much and how little to contribute and yet add to the cause in a significant way. The whole task is culminated in a few clicks and the reach to masses is also enhanced as things are available on a platform which can be easily accessed by anyone from anywhere across the globe.
The education loans which are offered by the banks are really expensive as the rate of interests hover somewhere between 9.5%-13% which leads to issues in terms of high capital returns to be paid back. The donation model of crowdfunding cut shorts this issue significantly by only charging the individual with nominal amount for the transactions as platform fee for the online fundraising platform. The model reinforces the faith in the establishment of a stronger education model for the nation and prospects to improve the scenario radically. It’s upto us as the society to accept this new concept and contribute our bit to make it a success and improve the future of our nation together.