Avoid racking up debt with student loans by asking your social network for help.
First, am I eligible?
The only requirement for crowdfunding through PeduL is you must be enrolled or planning to enroll in a higher education program. If you’re in high school, you need to wait until you’re a senior to create your campaign. Otherwise, there are no restrictions on who can use PeduL.
How does PeduL work?
Unlike scholarships or student loans, PeduL is a crowdfunding platform that helps you raise money for college from friends, family and even strangers. You create a campaign that details the college you’re attending, how much you need to raise and a little bit about yourself.
PeduL doesn’t have any limits on the goal you set for your campaign, so it can be anywhere from a few hundred dollars to several thousand depending on your need. You then share your campaign with your social network and wait for donations to come in. PeduL has its own network of scholarship providers and corporations that may also contribute to your campaign.
Once you’ve reached your goal — or even if you don’t — PeduL sends whatever funds you’ve raised directly to your school.
How much does PeduL cost?
It doesn’t cost anything to create a campaign through PeduL. Rather than charging you an upfront fee, PeduL collects a 5% platform fee and a payment processing fee from each sponsor that makes a donation.
Top reasons to consider PeduL
No upfront fees or fundraising limits makes PeduL a worthy contender when looking to secure funds for college. Here are a few perks you can take advantage of:
- Free to use. There are no upfront fees to set up a campaign on PeduL. Instead, it earns money by charging your sponsors a platform and processing fee.
- Can fundraise as much as you want. PeduL doesn’t set limits on how much — or little — you can fundraise. If you’re able to crowdfund a good chunk of your college expenses, this can help you take out fewer student loans.
- Funds go directly to your school. University bureaucracy can be difficult to navigate. PeduL simplifies the process by sending your funds directly to your program for you.
- Open to more types of students. Unlike many student loan providers that limit funding to students of Title IV schools, PeduL allows you to raise funds for any higher education program — including technical schools.
Why you might want to look elsewhere
Not sure PetaL is right for you? Consider these potential drawbacks before you create a campaign:
- Small network of corporate sponsors. While PeduL is working to build its network of corporate sponsors and scholarship providers, there isn’t much traction — yet. This means you’ll need to rely more heavily on friends and family to donate to your campaign.
- Fees for sponsors. Though a 5% platform fee isn’t huge, some sponsors may be turned off — especially when they could just give you the money directly.
- May not be able to raise all of your tuition costs. Because PeduL is so new to the crowdfunding scene, it doesn’t have a huge user base just yet. Instead, you might want to use this platform on top of student loans and scholarships, rather than as an alternative.
Compare private student loan providers
Not able to fundraise all of your college expenses through PeduL? Consider taking out private student loans as well.
What does the Internet say about PeduL?
Not much, which isn’t surprising given that PeduL’s only been around for a year. It doesn’t have a page on the Better Business Bureau or Trustpilot, though it does have a handful of reviews on its Facebook page. All three users gave the company a five-star rating.
If you’re interested in learning more about the platform and how it works, you can call PeduL with any questions. Unlike larger student loan providers and scholarship programs, PeduL doesn’t have a customer service team just yet. The upside? You’ll be able to speak to the CEO or COO directly — a unique feature, even among crowdfunding platforms.
What to expect when signing up
It only takes a few minutes to create your PeduL account and start a campaign. Follow these steps to begin:
- Go to PeduL’s website and click Start Your Campaign.
- Enter your name, email, phone number and ZIP code, then create a password. Alternatively, you can sign up through your Facebook or LinkedIn account. Click Next.
- Enter information about your college or higher education program. Click Next.
- Enter details about your background, work experience and hobbies, then submit your campaign.
Adding more information about yourself, including your career goals and volunteer experience, may help you attract more sponsors. You can even upload a photo to go with your campaign.
Once it’s all set up, you can share a link to your page with your friends, family and social network to start raising funds.
How to apply step-by-step with screenshots
How to become a sponsor
Interested in making a donation to a student’s campaign? Follow these simple steps:
- Go to PeduL’s website and enter the student’s name in the Search Campaigns toolbar at the top of the page.
- Click Sponsor Today.
- Enter the amount you’d like to donate to the campaign.
- Select how much you’d like to pay for the PeduL processing fee.
- Enter your payment information and click Continue.
Interested in sponsoring more than one student? You can also make an account with PeduL to make future donations easier.
More about PeduL
PeduL was founded by two graduates of Rutgers University in October 2017. The company is on a mission to help student pays for higher education without having to rely entirely on student loans. Though it’s still relatively small, it has plans to expand its network of corporate sponsors to help students raise even more funds.
Bottom line
Crowdfunding through PeduL may not be the most conventional way to pay for tuition, but it can help you put a dent in your college expenses. It doesn’t cost a dime to set up a campaign, and there’s no limit to how much you can fundraise. However, because it’s still so new, you’ll likely need to rely more heavily on your own friends and family rather than PeduL’s limited network of corporate sponsors.
Worried you won’t raise enough money? Read our guide to student loans to learn how they can help where PeduL falls short.
Frequently asked questions
Image source: pedul.com