Crowd Scholarships: The Cure to Student Debt?

As a college student, I can safely say that the topic of debt is a tricky and emotional one to discuss. College students across the country realize as they go to class every day how much money they will owe after graduation. Whether it is calculating the cost of a fifty-minute class period or the siphoning of money for textbooks, money is top of mind for students. However, Instagrad has developed a crowdfunding platform to combat these concerns.

Instagrad-logoInstagrad, founded by Mauricio Idarraga, Vicken Kanadijan, Didier Boucard and Sanjay Bakshani, “strives to make the promise of college a reality for every child.” They are targeting parents with young children, pointing out that raising money for college takes time. This bottom-up strategy is supported by co-founder Didier Boucard who stated in a Venturebeat.com article  that, “our competition is not our peers but Toy R Us, Walmart, and Target…with student debt at $1 trillion we want to change the paradigm and make parents refocus on what’s important: a college education.” Additionally, “the average debt per students is over $27,000″, so clearly there is a problem looking for a solution. Enter, the crowd. Instagrad’s model is to create a platform with a description of your child, and network to raise money for your child’s future.

To compete, both now and in the future, children will need a great education, and Instagrad is making that education attainable. Bakshani states that, “Instagrad eliminates the guessing game and settle on something everyone agrees with: a college education is the best gift anyone can get”. Instagrad is utilizing the crowd to reduce the current and potential level of student debt, while providing hope for younger generations to overcome the climbing cost of higher education. In the same vein, crowdfunding platforms such as College Beyond Cancer are “empowering college and graduate student survivors of childhood and young adulthood cancers to proactively finance their education”. They have used a crowdfunding platforms powered by Launcht.com to raise awareness about crowdfunding while supporting a good cause.

That’s not all, corporations are getting on the bandwagon too. Microsoft recently launched Chip In, which lets students use all or nothing crowdfunding campaigns to fund the purchase of laptop computers. It is obvious that crowdfunding is impacting education. Such a versatile tool is being used to shape the future of many young students by giving them a better chance to attend university.

 

 

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3 Responses to Crowd Scholarships: The Cure to Student Debt?

  1. SteveO says:

    Saving for college early is so important, with the help of others it really does take a lot of the burden off and makes reaching your savings goals that much easier. I use GradSave which is also a crowd-funding site for college savings. Actually after some research I found that GradSave’s fees are much lower than Instagrad and have successfully saved over $2,000 in the past year.

  2. Marc says:

    I also use GradSave. Fees are 3% less than Instagrad and GradSave has excellent service. Check them both out before you plunge.

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