Ever wondered if there is any funding opportunity apart from scholarship? the answer is YES. According to statistics collected by me in 2016, More than 78% of college students in underdeveloped communities lack adequate funding for education.
The word ‘lack adequate funding’ in this study is defined as not being financially stable but not limited to not getting the needed utilities at the appropriate time. Students in this category, according to claims tend to drop out of school as a result of malnutrition, hunger, poor living standard, and non-afford-ability of the needed materials to enhance their study.
However, the major contributor to the high rate of drop-out among poor students is the inability to pay the school fees. Although, government and private organizations keeps on supporting students with the establishment of different scholarship schemes – it’s just like a drop water in an ocean, the effect cannot be felt.
Nevertheless, raising funds for education isn’t as hard as most believe, it’s just that people always explore the wrong or just one channel in course of raising fund for education. Students believe applying for a scholarship is the only way to get cash, however, there are hundreds of better and efficient methods one can utilize.
The latest method being in use is called crowd-sourcing where hundreds or thousands of people pool money into a specific course be it for profit’ sake or otherwise. This fund raising method is also used in raising fund for education (will be better discussed in the list.
According to Google’s definition crowd-funding can be defined as the practice of funding a project or venture by raising money from a large number of people who each contribute a relatively small amount, typically via the Internet. As briefed in the earlier paragraph, crowd-funding is useful when raising money either for personal purpose or for profit. This has made crowd-funding a very suitable as an alternative to scholarship.
As of today, there countless numbers of free crowd-funding platform readily available on the Internet examples of which are:
GoCharitable.com, amidst many other. However, it should be noted that some countries are not supported on some of these platforms. Moreover, the use of this method is also controlled to avoid the abuse of this and is a good alternative to scholarship.
- Study loan
This is one of the rarest way employed to get fund for education and the limitations includes:
- One would have to repay the money based on agreement and one should also expect interest.
- These study loan program is not well structured in developing and underdeveloped countries, and it is only disbursed by banks and private organization for profit sake.
- The loan tenure may not favorable and may be available at high interest.
- You may not be able to meet the criteria for the loan
Study loan should be last option one should go for, may be in case one has tried other methods to no avail. These are useful links to where one could get study loan in some countries.
https://studyloans.com.au/ for Australians
https://www.sltf.gov.gh/ for Ghanaians
- Applying for Grants
Grant should not be misconstrued as scholarship because scholarship is just a type of grant available for students. Quoting directly from www.academicinfo.net “Education grants for individuals are awarded by the federal and state governments, however, usually based on financial need. Some scholarships may be awarded based on financial need, but most often are given for academic, athletic or other achievement such as community service, musical talent, performing arts, engineering skill, writing talent or pursuing certain academic studies or careers. Scholarships may also be given for relatively oddball reasons such as left-handedness, duck calling ability or best prom fashions created from duct tape. Scholarships may be given for certain characteristics, ethnic background, heritage, minority status, gender or height.”
Applying for a competition may qualify you for a grant which could be channeled into education depending on the policy of such competition.
- Borrowing from friends and family
This method of raising funds is probably the most common and oldest of all. It is also the most reliable way because all you have to do is just to talk to one’s family or friends on what course the money is needed for.
All the methods work well and it is effective in raising money for your education program. Any other idea? drop a comment below.