Large percentage of students will end up with debt in some way or another. Related to their studies, projects or just housing for the interim, while they are in school. We have heard the stories of default rates creeping up each year and the statistics are true. More and more students are defaulting on their loans in the last few years. So how can people tackle their student debt? Crowdfunding is one alternative way, to get creative and run a successful campaign. It is possible to reduce your debt through crowdfunding. Keep in mind that research has shown that 60 percent of student debt borrowers expect to pay off their loans in their 40s.
With crowdfunding you can get quite creative on campaigns. For example some students offer advice or coaching for small donations. While others can offer something more tangible, like small handcrafted gifts in return for donations. There are many platforms that can be used for these campaigns, generosity and gofundme are just a few examples. On top of the existing platforms, you can also setup campaigns directly on your website. Directly setting up campaigns can have it’s advantages, you can avoid some of the higher fees on traditional platforms and also are able to further customize your page. You can set campaigns with no end times as well, even partially reducing your debt can mean some success over time.
With your campaign you will need to go beyond your network of friends and family if you are looking for more success. Your family and friends can give you a great head start on a campaign. However they can simply share your page among their own network of friends. Which can encourage further donations and support. You can keep going beyond this however, by promoting yourself more on social media. Even engaging forums as well. The more work you put it into the campaign, the better results you will see. Meaning you will be able to further reduce your loan.