From Shawnice Meador:
If you’ve been to college, are in college or are planning to go, you know that a college degree can cost enough to affect your personal finances for years – sometimes for life. We look at some facts and figures about college, tuition, and some of the ways that students pay for their degree.
Funding College: The Numbers
There are three timelines for raising funds to pay for college tuition: before, during and after. Obviously, having some or all funds upfront is nice. It gives you a 3-4 year head start on students who accumulate college debt. But given the cost of college, it’s not an option for everyone. Earning and paying tuition during college costs you time while you’re studying, potentially delaying your degree with distractions — but it’s a fact of life. Paying for college after graduating — i.e., acquiring student debt — is of course the most costly option because it involves interest payments. Of course, if you drop out of college and have loans, those could come due immediately.
We take a look at the numbers for college enrollments, tuition and other related figures.
According to the U.S. Census Bureau’s Sep 2013 report “School Enrollment: 2012,” college enrollment was down in academic year 2012-2013.
What College Costs
According to CollegeBoard.org:
This is per a Harvard Graduate School of Education report, “Pathways to Prosperity Project,” published in 2011, which also provides the following figures:
Student Debt: The Numbers
According to the Federal Reserve Bank of New York’s 2013-Q3 Quarterly Report on Household Debt and Credit:
From common to uncommon, here are some ways students have paid for their college tuition.
Jon Wheatley documented his purchase of an apartment in Las Vegas:
Marshall Haas took a different approach, re-renting multiple properties that he rented in 4 locations:
More on Crowd Funding
Crowd funding makes it relatively easy to ask strangers to invest you — at least easier for most people than asking friends and family.
The success for a campaigner in this sort of approach lies in how a campaign is marketed, targeting the right investors, being candid about how you’ll use funds (and sometimes giving updates about fund use), and staying within the rules of a given crowdfunding site. Sites also have to adhere to SEC (U.S. Securities and Exchange Commission) rules.
The SEC has gotten involved in the past few years because of the boom in investment on crowdfunding sites. Here are some quick details.
By no means an exhaustive list, here are a few crowd funding sites that either allow for the raising of funds for tuition or paying off student debt, or might be an opportunity to fund a revenue-generating project that will help pay for the cost of college.
Information for this article was collected from the following pages and web sites: