Funding College Tuition Through GoFundMe: A Comprehensive Guide

The cost of college is high and climbing. For many, crowdfunding for college education has become a necessity. If you are looking for help paying for college, you are not alone. Financial aid is available and so are student loans, but there’s another way to bridge the financial gap-crowdfunding on GoFundMe.

The Rising Costs of Higher Education

With the growing cost of college tuition averaging $108,584 over four years at an in-state public institution, it’s become increasingly more difficult for students to pursue higher education. According to College Data, the annual cost for students at an in-state public college for the 2021 to 2022 academic year is an average of $27,330. Tuition is often the single biggest college expense. Tuition varies by institution and by degree program.

By the time parents in the US send their children to college, they will have already spent around $272,049, the average cost of raising a child. In recent years, more parents and students have turned to crowdfunding to avoid debt as they pay for college and all of its additional expenses.

Many college students have never lived on their own before, and the cost of room and board (i.e., housing and food) can be intimidating. Housing costs vary greatly depending on the campus and city. At many schools, housing and food can roughly equal the cost of tuition. Many students opt for on-campus student housing in their first year. At some schools, students live in dorms for all four years. CNN Business reports that the median US rent was $1,827 and is only expected to rise.

Studying abroad can be one of the most rewarding experiences for a college student. The cost of studying abroad varies widely between school-sponsored programs and private ones. Factor in the cost of taking weekend trips or traveling after your program ends. Your estimates will depend on the predicted exchange rate and cost of living. Compare the costs of different transportation options (planes, trains, buses, etc.).

Textbook publishers often charge shocking sums. Savvy students can find ways around retail pricing by looking online and searching used bookstores. Additionally, most students will need to own a computer and phone during college. There are deals to be had on both, and some schools provide laptops to students. Leave room in your budget for basic school supplies and miscellaneous costs. On top of tuition, college expenses can immensely add up.

Understanding Crowdfunding for College

College crowdfunding fundraisers allow family, friends, and communities to come together in support of young people trying to reach their dreams. The beauty of crowdfunding is that it not only helps you raise needed funds for school; it also allows family and friends to support your goals and become part of your college success story. You may even get support from strangers in the GoFundMe community and others around the world.

Every day, students raise money for tuition, room and board, school supplies, student loan payments, and other educational expenses on our platform. Whether you’re seeking assistance for tuition, classroom supplies, study abroad programs, or other educational expenses, our fundraising platform offers students an easy, powerful, and trusted way to achieve your financial goals. Additionally, if you’re part of Greek life or other student organizations, GoFundMe can help fund your group’s activities, school events, or philanthropic projects.

GoFundMe as a Viable Option

GoFundMe empowers fundraising for students so that your supporters are able to quickly and easily contribute to your education. Unlike loans or other types of financial aid, there is no application process to start fundraising. Sure, the cost of college can be daunting, but college fundraising is here to help you bridge the gap and make this happen. From what we’ve seen, friends and family welcome the opportunity to help students succeed. Your college crowdfunding fundraiser page gives people a way to support you emotionally and financially.

Real-Life Examples

Help with tuition: Luna is a grad student who accepted an offer from UC Berkeley to pursue a Ph.D. in Medical Anthropology. Being accepted into this program meant Luna had to relocate to California. Luna started a GoFundMe and turned to their community and chosen family for support.
Classroom supplies: Maria is a second-grade teacher at a small school in Texas. Entering her fifth year of teaching, Maria was assigned to a classroom that did not have a whiteboard in it for her to teach from.
Teacher power: Three teachers at CES came together to raise money for their fourth-grade classrooms so that every student has the supplies they need for success. The supplies needed range from composition notebooks and 3-ring binders to pencil pouches/boxes and art supplies.
Rahnyi raised money to help her attend a study abroad program in Tanzania.

Setting Up Your GoFundMe Campaign

Everything you need to help your fundraiser succeed is here. Click the ‘Start a GoFundMe’ button and answer a few questions to get started. Once live, share your fundraiser link with friends and family to start gaining momentum. Add your bank information to securely start receiving funds or invite your intended recipient to add theirs.

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Key Elements of a Successful Campaign

Share your educational aspirations: Share your educational aspirations, the challenges you’re facing, and how the funds will help you (or your club) achieve your goals.
Be transparent and specific: Be transparent and specific, when possible, about why you’re raising funds.
Break down the costs: In your description, break down the costs or estimates you’re looking for help with. This could include tuition fees, school supplies, travel expenses for study abroad or field trips, or classroom resources.
Ask close contacts first: Before sharing your fundraiser broadly, try asking three of your closest friends or family members to consider donating.

Telling Your Story Effectively

When people visit your fundraiser, you’ll want them to engage with your story right away. Images and videos that are clear and help you tell your story are important, but the words you choose matter just as much. Not sure where to start? In your fundraiser, we recommend including as many details as you can about what you are fundraising for and how much you need to raise.

Utilizing Visuals

Yes, you can use photos and videos to help tell your story on your fundraising page. Whether you’re arranging in-person fundraising activities like a bake sale, car wash or a movie night, or online fundraising events, strong pictures and videos can help engage potential donors (like pictures of delicious baked goods) and showcase a great fundraiser after the event. One way you can consider using photos or videos is by adding them to a fundraiser progress update to thank everyone who took part. Yes, one way you can consider using photos or videos is by adding one to a fundraiser update to easily thank everyone or engage with a progress update.

Team Fundraising

If you are fundraising as part of a club or organization such as a sorority or club team, adding team members can be a great way to help reach your goal. You can add team members to help you set up and run any fundraising events after the donation page is set up. Get your team to brainstorm school fundraising ideas for different types of events your whole club or sorority can take part in, whether it’s a sponsored pajama day, a fun gathering like a movie night or trivia night, or a bigger event like a talent show or dance-a-thon. You can ask local restaurants to donate food for the event and local businesses to donate prizes for a raffle.

Sharing and Promoting Your Campaign

Sharing your fundraiser is one of the most important things you can do to bring in donations. Social media is the easiest way to spread news of your fundraiser to your friends, family, and beyond. Think of your fundraiser page as another social media channel. Keep people in the loop. Where are you on the path to reaching your fundraising goal? What have you already used the money for? Events are a great way to bring people together in support of your fundraiser. In your event invitation, encourage people to share your fundraiser link on social media.

Engaging with Alumni

Maximize your fundraising efforts and donations by reaching out to an alumni network. Crowdfunding makes it easy for your school’s alumni to share your fundraiser and become part of your fundraising story. Foster a genuine connection to your cause: Contact alumni who donate to scholarships or specific programs to the students their money supports. Find a way to show alumni the clear difference their donations can make towards a student’s education. To deepen alums’ connection to your cause, share photos and videos from your fundraiser. Spotlight shared experiences: Create the opportunity for mini-reunions. Approach alums who attended school together (in one year, or a short span of years) and host events that allow them to relive shared experiences. Is there an anniversary of an important moment in the university’s history? Do members of a certain class share a specific bond? Appeal to their interests: As with any organized fundraiser, you’ll want to segment your audience so you can make specific pitches to many different alumni groups. Re-engage with alumni on social media: Your college has a presence on social media-use it to get the most out of your fundraiser. Target social media followers who like and follow the alumni community. Make giving easy: Crowdfunding not only makes alumni giving simple and fast, but it involves alumni in sharing your fundraiser.

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Providing Updates and Showing Gratitude

After you’ve started raising money, donors will be curious to know how their contributions are making a difference. Posting updates keeps supporters up to date on your fundraising journey-and this can lead to more donations and donor retention. Everyone loves receiving thanks for a kind deed, and your donors are no different. In fact, thank-you notes are an essential fundraising tool. Yes, one way you can consider using photos or videos is by adding one to a fundraiser update to easily thank everyone or engage with a progress update.

Mobile App Management

If you’d like to easily manage your fundraiser on the go, a solid mobile app is important. A well-made mobile app will allow you to seamlessly make changes to your fundraiser, thank donors, and withdraw your funds all from your phone.

Financial Considerations

Donations made to personal GoFundMe fundraisers are generally considered to be “personal gifts” which, for the most part, are not taxed as income in the United States, a GoFundMe spokesperson said.

Fees and Payment Processing

One small transaction fee (2.9% + $0.30) is automatically deducted per donation-that’s it. Everything else goes directly to your cause. The process of setting up and verifying transfers can take 3-7 business days or longer to complete.

Financial Aid Implications

Students considering using crowdfunding for college costs should first make sure they understand how their school will treat the money when calculating their financial aid package, said Karen McCarthy, vice president for public policy and federal relations at the National Association of Student Financial Aid Administrators.

Alternative Funding Options

But don’t lose heart-while crowdfunding is one great option for raising money for school, there are plenty of other ways of paying college fees in case you fall short of your fundraising goal.

Budgeting and Financial Management

Being able to afford college can feel like a huge hurdle to overcome, but by creating a budget, managing your finances is doable. Nail down a time span for your budget whether it be for a month, academic year, or calendar year. Pick a budgeting tool to easily track your income and expenses. Record and categorize your monthly expenses to see where your funds are going so you can better manage your finances.

Financial Aid and FAFSA

It’s difficult to pay for college without the necessary funds to cover tuition. Financial aid is one of the well-known options available to anyone whose family doesn’t have the means to financially support them through school. FAFSA stands for Free Application for Federal Student Aid and it is offered by the US government. It allows a student to apply for aid by filling out details about his or her family’s background. This includes total household income, savings, and any assets they happen to own. To help pay for college or career/trade school, students should apply for FAFSA to get access to federal student aid. Federal student aid is the largest source of aid. If your parents have divorced or separated, only list the parent who claims you as a dependent on your FAFSA form.

Scholarships

Scholarships are the closest to free money for college you can get. If you don’t qualify for financial aid, don’t get discouraged. A common misconception is that all scholarships are merit-based. In reality, you don’t need to be at the top of your class in order to be eligible for what’s out there. Lots of scholarships are centered on need, location, talent, and even heritage. Chances are you’ll qualify for more state scholarships than national ones. Look at local organizations and institutions or talk with your guidance counselor about how to go to college for free even if you don’t have a stellar performance to back you, and what’s available in your area.

Grants

Grants are a great way to get money for college since they don’t have to be repaid, unlike student loans. Department of Education offers a number of federal grants to students. Even though the amount of relief you qualify for is generally need-based, other factors like the cost of tuition, your status as a student, and your coursework will also be taken into account. Federal Supplemental Educational Opportunity Grant (FSEOG): This grant is given directly by the financial aid office at each participating college. State grants are also worth applying to, especially if you want to maximize your chance of receiving a full aid package. While grants on the state level can be more competitive (they usually require that you have a minimum GPA), there tends to be a greater pool of financial aid money for school available to those who apply on a local scale. Additionally, grants don’t necessarily need to come out of federal money either. Nonprofit organizations, religious institutions, and charities can also provide monetary grants to students. State grants typically require that you fill out an additional form to FAFSA, so make sure you do your research about how to apply so you can access the right grants.

ROTC and Military Programs

ROTC programs prepare college students for the military once they’ve graduated. Over a thousand colleges offer this program, allowing students to pursue a university education without having to worry about tuition or room and board. Each military academy has its own programs with a special set of requirements and schools, while the US Coast Guard doesn’t offer the same ROTC initiative. If you plan to volunteer in exchange for education awards (whether it be domestically or internationally), then there’s always the AmeriCorps or Peace Corps. There’s a fellowship program available to Peace Corps volunteers continuing with their upper education called the Paul D.

Private Student Loans

Private student loans are often used to supplement any extra costs if your federal financial aid package doesn’t cover all college expenses. Private student loans are commonly issued by a bank or financial institution. Unlike federal student loans, eligibility for private student loans is determined by your credit score.

Crowdfunding for Student Loan Repayment

Aside from tuition, GoFundMe can also be utilized to address existing student loan debt. Have you ever thought about what life could look like without student loan debt? You’re not alone if you daydream about how to quickly finish paying off student loans. There are 45 million Americans burdened by this, according to Forbes. But your financial future doesn’t have to look bleak.

When you look into how to get rid of student loans, you might discover the options are limited. Student loans aren’t easily forgiven, even in bankruptcy. In many cases, borrowers can’t even refinance student loans at lower rates. This is where crowdfunding comes into the picture. Many people who have used crowdfunding for student loans were able to avoid decades of debt.

How it Works

People raise money by starting an online fundraiser that their friends, family, and community members contribute to. They then apply the donations to their student loan balances. But unlike student loan repayment, the money you receive through fundraising doesn’t have to be repaid-except in gratitude to those who have supported you. Creating a fundraiser can help you learn new marketing, social media, and video editing skills. There’s a possibility that you might not reach your fundraising goal. Creating an impactful fundraiser can take some time, but with GoFundMe, set up is easy and you can easily manage your fundraiser on the go.

Tips for Student Loan Repayment Fundraising

Some crowdfunding sites have a fee to start or manage a fundraiser. You’ll want to look for a crowdfunding site that allows you to keep as much of the money you raise as possible.
When people visit your fundraiser, you’ll want them to engage with your story right away. Images and videos that are clear and help you tell your story are important, but the words you choose matter just as much. Not sure where to start?
Sharing your fundraiser with everyone you know is the best way to maximize donations. When sharing your fundraiser, consider including in your message that you’d prefer to receive a donation to your personal fundraiser instead of a graduation gift. Providing clarity to donors that pay for student loans will help them understand that a donation is much more meaningful and will go a long way in helping with your future. Reaching out to people for money can be difficult.
After you’ve started raising money, donors will be curious to know how their contributions are making a difference. Posting updates keeps supporters up to date on your fundraising journey-and this can lead to more donations and donor retention.
Everyone loves receiving thanks for a kind deed, and your donors are no different. In fact, thank-you notes are an essential fundraising tool.

Success Stories

Shannon was featured on The New York Times podcast “The Daily” when her nursing license was suspended because she couldn’t make her student loan payments. In serious financial trouble and unable to work, she didn’t know where to turn.
Twenty-one years ago, Rachel dropped out of film school at UCLA when she became pregnant. Flash forward to the present day, and Rachel has decided to continue pursuing her lifelong dream of working in Hollywood. Aside from the political barriers to breaking into the film industry as a female director, Rachel faced financial barriers as well: a $12,000 fee to join the Director’s Guild of America, moving expenses, and existing student loan debt.
Cassie, a queer non-binary working-class person, was having difficulty paying for their private student loans due to recently becoming disabled and being unable to find stable employment. The more time that passed without paying, the more interest and fees were accumulating. Cassie understood the power of asking for help from their community-how there is so much value in showing up for one another and being vulnerable about your needs.

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