Quiz: How much do you know about crowdfunding for university?

04 Sep 2019

Going to university is a worthy investment but with the escalating costs of higher education, it’s no surprise that students are turning to crowdfunding platforms to finance their degrees.

While far from easy, crowdfunding for university can offer a viable option for students who may have exhausted all other options, such as scholarships and loans.

Numerous reports suggest that students have enjoyed varying degrees of success when it comes to crowdfunding for their degree, but should you go down that road too?

Depending on who you ask, crowdfunding for university can spark different reactions. Some say that it serves as an easy way out of financing studies without putting in ‘hard work’, while advocates claim it serves as a helpful alternative for students to put themselves through university and lessen their debt upon graduating.

Regardless of what others may think, if you’re thinking about crowdfunding for university, you’ll first need to know what it entails. Take our quiz and see how well you fare!

What is crowdfunding?

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The process of raising funds online.

The process of raising funds for a new business venture.

Correct! Wrong!

True or false: Even if you fail to meet your crowdfunding goal, you’ll get to keep all the money raised.

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True

False

Not necessarily - that depends on the policies of the crowdfunding platform you’re using.

Correct! Wrong!

What are some of the common challenges of crowdfunding for university?

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Creating a good crowdfunding pitch.

Being consistent when it comes to marketing your campaign to encourage the public to donate to your cause.

It might take longer than you’d expect to raise your goal.

All of the above.

Correct! Wrong!

How can you create a good crowdfunding pitch to finance your education?

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Highlight what makes you different from other students who are crowdfunding for university (i.e. your legitimate and urgent needs), as well as what you’ve done to help yourself, your determination and passion for your area of study and what you hope to accomplish upon graduating.

Highlight that you can’t afford your degree and need the help of good-willing donors.

Correct! Wrong!

Which of the following may help contribute to a students’ crowdfunding success?

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Promote your campaign to everyone in your network.

Religiously market your campaign both online and offline to reach potential donors.

Setting a realistic financial target.

All of the above.

Correct! Wrong!

Which of the below is not a common crowdfunding mistake?

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Choosing the right time to launch a campaign.

Failing to prepare before launching your campaign (i.e. taking the time to craft your story, researching the right platform that suits your needs, etc.).