Many enrolled and aspiring tertiary students in South Africa can attest to the fact that finding a reliable source of funding for your tertiary studies can be a daunting task. This is despite there being available Student loans and bursary schemes that can be found online and often have strict criteria requirements.
Crowdfunding entities where you can make a case for how limited funding resources are the only thing standing between you and your educational goals are also a viable alternative.
This is particularly the case in situations where you find that other student funding options only fund students who are at a certain level of study. So with this in mind, here are some currently available crowdfunding options for tertiary students in the country:
Feenix is a South African crowdfunding platform that was created to help students pay for their education. The platform is supported by Standard Bank and offers a simple and secure way for students to raise funds.
Students can create a profile on the platform and then share their stories and funding needs with potential donors.
Donors can contribute any amount they choose, and all donations are tax-deductible. Feenix also provides students with access to academic and personal support, including mentorship and counselling services.
BackaBuddy is another popular crowdfunding platform in South Africa that can be used by students to raise funds for their education. The platform allows students to create a fundraising campaign and share it with their networks via social media and email.
Donors can contribute any amount they choose, and funds are transferred directly to the student's bank account. BackaBuddy charges a fee of 5% for successful campaigns, and students can also opt to receive additional support and coaching to help them maximize their fundraising efforts.
While not specifically targeted towards South African students, GoFundMe is a popular global crowdfunding platform that can be used by students in South Africa to raise funds for their education. The platform allows students to create a fundraising campaign and share it with their networks.
Donors can contribute any amount they choose, and funds are transferred directly to the student's bank account. GoFundMe charges a fee of 2.9% plus $0.30 per donation, and students can also opt to receive additional support and coaching to help them maximise their fundraising efforts.
Another initiative run by the Khula Bursary Company collaborates with colleges to assist students in managing their debt. "100% Black recipients who are South African citizens, disabled, young, and living in a rural area" are the company's stated target demographic.
In the 2020 financial year, it reported helping at least 23 students who were eligible and who received complete financial assistance to settle their debt problems and receive their academic papers.
The WeSovle4X student debt stokvel is one of many organisations helping students solve the problem of debt through crowdfunding. The stokvel operates by asking South Africans to donate R100 (or more) monthly to alleviate student debt.
The programme collected R1.5 million in 2022 to assist 22 students with paying off their debt. According to Tsietsi Ngobese, the founder of WeSolve4X, that was R200,000 more than was collected in 2021.
Students who need help paying off their debt have submitted more than 10,000 applications to the scheme, which is still in operation this year. Students are encouraged to continue applying.
The above-mentioned platforms are just a few of the available crowdfunding platforms that can be used by students to raise funds. By leveraging the power of social media and the generosity of their networks, students can turn to these platforms to help them achieve their educational goals.
