Four Questions to Ask Before Crowdfunding for Your MBA

by Alex Feldman

November 29, 2017

In the past few years, we have seen a massive increase in education-centric crowdfunding platforms and campaigns. An increasing number of students, who are already burdened with student debt or want to avoid getting into this position, are turning to local communities, online groups, and even total strangers in a bid to gain financial help with their college tuition. If you are considering studying for an online MBA degree but the cost of doing so is holding you back, then you might have already considered services such as GoFundMe or Upstart for paying your education expenses. But, is it worth doing? We’ve listed some of the main things to consider before crowdfunding for your degree.

#1. Do You Have Other Options?

In general, crowdfunding for your education shouldn’t be your go-to option, it’s worth at least exploring the other options available to you before deciding if this is the best avenue for you to take. For example, you may be able to gain a scholarship from a business group or association, gain grants and other non-repayable funding from your college, or even convince your employer to invest in your education if it means that they are able to promote you and reap benefits as a result.

#2. Can You Repay Investors?

In general, crowdfunding for education doesn’t mean that you’re given the money for free. In most cases, you’re asking people to invest in your future, with a promise to pay them back a certain percentage of your income once you have graduated and are earning over a certain amount. In many cases, it works the same way as a student loan, however, there’s no interest to pay and the amount that you repay will depend on your income. The good news for anybody hoping to crowdfund their masters of business administration online is that salaries for Rutgers Online MBA graduates are on the rise.

#3. Does Your Future Career Bring Value?

Another important question to ask before crowdfunding for your MBA is how much value will your future career choice bring to society. If you are hoping to become an entrepreneur and set up your own business that will help your local community, for example, then you are more likely to garner the interest of investors than somebody who is pursuing a career path that provides little value to society.

#4. Have You Done Your Research?

Lastly, before you can get started with your crowdfunding campaign, it’s vital to ensure that you have carried out extensive research on the subject of crowdfunding and know exactly what the steps you must take will entail. To do this, it’s a good idea to look into previous educational crowdfunding campaigns; studying a selection of both successful and unsuccessful ventures will help you determine what to do and what to avoid to be in with the best chance of success.

If you’re hoping to get help with funding your MBA tuition, then crowdfunding could be an option for you. But, make sure that you ask these important questions first!