MINNEAPOLIS - Crowdfunding has been used to finance business ideas, pay medical bills, and even raise money for vacations. Now, students are using the tool to tackle high tuition.
The average cost of tuition is at an all-time high at around $33,000 for private schools, $9,000 for in-state, and about $25,000 for out-of-state tuition. The high costs are causing students to put on their thinking caps to make ends meet.
Henry Bott will be a sophomore this year at University of St. Thomas and is hoping to finance his college career with a GoFundMe account. The Hopkins native is setting his sights on an $80,000 goal.
He’s not alone. With higher education hopefuls facing a looming student loan debt averaging about $37,000 for the 2016 college grad, more and more students are turning to crowdfunding. In fact, GoFundMe released a guidebook to help students click away the growing cost of college.
Since 2014, there have been over 130,000 campaigns for college expenses raising over $60,000,000 and over 850,000 donations made.