US Secretary of Homeland Security Janet Napolitano recently announced she would be leaving her position at the DHS to become President of the University of California system. Her resignation spotlights the growing importance of college education in America. In other education news, President Barack Obama recently stressed the value of higher education as a means for US growth. Progress towards this growth though is hindered by the burgeoning price of college. A recent news report by CNBC examined this problem and introduced how crowdfunding can alleviate the financial burden of paying for college.
Universities across the United States are looking for innovative techniques to teach students at a more affordable price. This includes offering more classes online to reduce high costs. However, the fact remains that students who graduate from college will have an average of $26,600 of debt. This potential for high-indebtedness is a reason why some young people will never receive the education they need to be successful.
In today’s digital age, university crowdfunding presents individuals with the opportunity to ease the financial concerns of college. One such business that is attempting to create these opportunities is the New York based startup Pave.
In order for an individual to potentially receive funding for his or her cause through Pave’s platform “a person submits an application telling their story and outlining why they need the money and how they will use it.” If Pave decides to approve the application the individual’s story will be placed onto the Pave website. This allows for potential investors to learn more about each individual and aids the backers in deciding whether or not to provide money.
Students who acquire funding through Pave would then pay back this investment after graduation through a portion of their income after gaining employment. Accordingly, if a person procures a successful job not only would they benefit but so would the backers who would see a greater return on their original investment. This type of business, which is made possible by crowdfunding shows that different methods should be considered in tackling the issue of rising college costs.
Crowdfunding offers a unique chance now for people to actively explore an alternative approach to financing a college education. If you are interested in starting your own university crowdfunding initiative using Launcht’s white-label platform please click here.