As college tuition prices continue to rise along with student loan debt, many students are looking for new ways to fund their education beyond the traditional methods, with many turning to crowd funding, Fox Business reports. “Crowd funding presents an appealing alternative of securing the funding ahead of time and eliminates the possible consequences of thousands in student loans – especially since those loans carry an interest rate and a penalty for defaulting,” says Steven Smith, CEO of Finicity, maker of money management program Mvelopes. “Graduating debt free and starting your adult life without the burden of debt is what I believe is driving so many students to the crowd-funding model.” Crowd funding allows individuals to appeal for funds for any reason—whether it’s for medical bills, making a movie or buying a business—to people to work together in a collaborative effort to pool their resources.
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