Crowdfunding your Masters

If you can't afford to study a Masters degree, you could try crowdfunding, a way to raise money online by asking large groups of people to make small contributions towards your overall goal

What is crowdfunding?

It is the practice of funding a project or business by requesting small amounts of money from a large number of people. This typically takes place through a donations page set up on an online platform.

This method of fundraising has been used by a range of people, including:

• artists
• entrepreneurs
• filmmakers
• inventors
• musicians.

What can crowdfunding cover?

The money can be used for various purposes, such as:

• developing a new gadget or invention
• making an independent film
• supporting a social cause
• starting a business or entrepreneurial venture.

Can I crowdfund my university tuition fees?

Yes, anyone can crowdfund by setting up a page on one of the many crowdfunding websites.

You'll need to bear in mind that crowdfunding for a Masters degree o°ù PhD study is extremely hard work, and you'll need to be great at marketing yourself. Despite this note of caution, the rewards can be worth the effort.

Why would people donate to crowdfunding?

You'll be able to offer rewards to your supporters depending on their contribution. This could be as simple as acknowledging their donation in your dissertation or something more involved, such as providing video updates on the results of your research.

It's your choice, but be careful not to over-promise rewards that you may not be able to fulfil - remember, postgraduate study is a major time commitment, and you'll need to prioritise your studies over other activities.

Does the crowdfunding money need to be paid back?

No, not with donation-based crowdfunding, as this is regarded as a donation with no expectation of repayment, apart from any incentives offered above.

For loan and equity-based fundraising, the money will either need to be repaid with interest or the investor will get a stake in the business.

Which crowdfunding platforms should I use?

Popular websites for students crowdfunding for university include:

• Crowdfunder
• GoFundMe
• Indiegogo
• JustGiving
• Kickstarter

These sites make it easy to:

• track your progress
• give updates to your backers
• let them know about any incentives you've decided to offer.

You'll also receive a link to your page that you can share on social media.

Before getting started, find out about any fees they charge and the minimum funding amounts they specify.

How do I set up a crowdfunding campaign for my Masters study?

You'll first need to register with your chosen crowdfunding platform. You can then set up a campaign page.

This involves setting a fundraising goal and then writing a summary of how you plan to use the money raised through your campaign page. Your story is crucial for explaining why people should consider donating to your study costs.

What happens once the campaign page is set up?

You'll need to dedicate time and effort to maintaining your campaign, and it'll be up to you to promote your page to family, friends, and strangers, perhaps through social media or the press.

If you're successful, donations can quickly add up. For example, if 50 friends, family members and other small-scale philanthropists each donated £50, you'd have raised £2,500.

What if I don't reach my target amount?

Although the money you raise through crowdfunding may not cover all of your tuition fees or living expenses, it should still be a significant contribution, especially when combined with other sources of postgraduate funding.

What are the key advantages of crowdfunding?

• Crowdfunding is a way to raise money for postgraduate study that doesn't involve getting into debt. You don't have to pay the money back, and can choose your target amount and start promoting your page whenever you like.
• You have the opportunity to build a network of people who are genuinely interested in your research.
• You'll have a better chance if you can get some exposure in the local press or have a wide reach on social media, especially if you have an engaging story to tell.
• There are no entry requirements, unlike other funding methods. Anyone can crowdfund as long as you have the commitment, enthusiasm and drive to put in the required effort.
• There's nothing to stop you combining whatever you raise from crowdfunding with a postgraduate loan, PhD loan, Masters scholarship or any other type of student finance.
• Successfully crowdfunding for postgraduate study will look great on your CV, as it demonstrates a range of transferable skills that will impress employers.

What are the disadvantages?

• Crowdfunding a Masters is difficult, and funding is by no means guaranteed. You'll need to invest a lot of your own time to make it successful, at the same time as you're applying for postgraduate study and throughout your course as well.
• Why should strangers give their money to you? It may be relatively simple to persuade friends and family to donate and help you get to university, but it's your job to convince other people to part with their cash. For example, you could explain the benefits of any original research you plan to undertake at university and try to attract the support of others in the same field.
• You have to be prepared for the possibility that you won't reach your target and have a backup plan ready.

Five top tips for crowdfunding your Masters

Jonathan May, CEO and founder of Hubbub, offers his tips for crowdfunding success.

• Do plenty of planning - the majority of failed projects can be attributed to a lack of planning. Crowdfunding can be extremely difficult, so you must ensure that you've figured out who you'll be asking to donate and who'll help you to promote the project. You must also consider how you'll ask them.
• Research success stories - thousands of people have used this method to fully or partially fund their education. This means that there's a massive database of case studies for you to read, and you can cherry-pick innovative and powerful ideas. Send an email to those who've already crowdfunded their postgraduate course, asking them about the biggest challenges and for their advice.
• Get creative - there are millions of students around the world who need funding for tuition fees, so you must stand out from the crowd and emphasise why you deserve it more than anyone else. This can be done by creating an engaging video and offering inventive and personable rewards. Explain why you're doing postgraduate study and how you're going to make the world a better place. Nobody is going to support a degree that has no discernible impact.
• Market yourself - there are many free materials and platforms available for you to utilise. You can drastically increase your reach using tools such as X, Instagram and Facebook, while automation tools, such as CoSchedule and Hootsuite, can allow you to write a marketing plan well in advance. Press and blog exposure are effective, but not easy to get unless you have an interesting slant. Start letting the media know about your story immediately.
• Have realistic expectations - many project creators mistakenly believe that crowdfunding is magic, and assume that Google will automatically send philanthropists straight to your page. The reality is that the majority of your contributions will come from friends and family. The tone and style of your pitch is therefore crucial - to capture a wider audience, you must inspire people. If you don't back yourself, don't expect other people to.

Find out more

• Search for postgraduate courses.
• Read how to create a great video CV.
• Discover how to make good use of social media.