NCFA Guest Post | June 26, 2017

While a degree is one of life’s best acquisitions, it comes at a price. Many students need to work two or three jobs at a time, as well as find time to study just so they can obtain their degrees, and while most students prevail, many others do not. It’s a stressful time being a student. If you’re not working or studying, you’re likely stressing over personal finances. Once a degree is obtained, though, it can provide endless opportunities in a variety of industries. If you’re currently looking to get on a course but you’re not in a financial position to pay for the costs, you may want to consider the crowdfunding route to get the capital you need.

What is Crowdfunding?

Crowdfunding is a method that’s used for individuals to seek capital for great ideas, exciting projects, or for personal finance reasons. The finance is provided by multiple strangers online who, in return, get to feel good that they’ve helped someone out. Crowdfunding is generally used by those seeking financial help because they are disabled and can’t get a job or because they’ve been injured in a car accident and can’t afford their medical bills.

How Do You Get Started?

Getting started is easy depending on your overall requirements. There are many sites online that can help you pursue crowdfunding to help pay for your degree, but there are also those out there that don’t work. Look at this list of top crowdfunding sites, which are some of the most popular choices. Once you’ve found a site you’re happy with, simply register and follow further instructions. Some sites will require you to verify information, but once you’ve done that you should be ready to seek capital for your degree.

You Will Need to Pursue a Well-Paid Career

While many crowdfunding sites are built based on donations, there are those out there that are primarily for investors and will want the loan paid back with interest. When it comes to these type of crowdfunding sites, they aren’t going to have any interest if you’re only looking to secure a low-paid job as a waiter. Investors want you to at least obtain an online accounting degree by using one of the online bachelors of accounting programs that Maryville University offers. The higher paid the job you are looking to secure a career in will give you more chance of success when it comes to seeking finance from crowdfunding websites.

What Are the Costs Involved?

The costs involved depend on the crowdfunding site you use. Many sites will charge you around 5% of the capital you have successfully been given by investors, but then you will need to look at further transaction costs and interest repayments. It can be quite expensive to secure a crowdfunding project, but if you’re opting for a degree that could land you a well-paid job in the future, it’s certainly worth doing if you have no other option.

Crowdfunding is an excellent way to secure capital if you’re desperate to get a project started or you simply need funds to help for personal finance. But, make sure you’re using one of the many reputable crowdfunding sites out there otherwise you could run into other problems.

 

The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding stakeholders across the country. NCFA Canada provides education, research, leadership, support, and networking opportunities to over 1500+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada. Learn more at www.ncfacanada.org.


Please take 5min and show support for capital innovation, SME growth and new investment opportunities in alternative finance markets:

  • Your confidential responses will form the basis for NCFAs annual 2017 report to be published later this fall
  • Armed with this data, we seek to promote nationwide growth within the industry and create a persuasive impact on allowing more flexible government regulations and educational support for Alternative Finance Crowdfunding in Canada.  Share your voice now

“We are on the cusp of a new, potentially revolutionary era in consumer and SME finance that harnesses the wisdom of the crowd and its power to effect huge change in the financial sector.”  NCFA Canada

Take the survey now:   http://bit.ly/2perd2N

*Only Open until June 30

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