Crowdfunding for College

Years of an economic recession have had a huge impact on families and their financial forecasting. Students are bearing more of the cost of paying for college and a recent Sallie Mae study seems to confirm that.

Sallie Mae offers federally guaranteed and private student loans to some 10 million borrowers. Sallie Mae also produces an annual survey which details who is paying for higher education loans. The survey released this week found that undergraduates now pay for 30 percent of college costs themselves — the highest in four years.

As students identify creative ways to fund their higher education goals, we thought it was important to give a face to one of those students. Berklee College of Music bound Atlanta student Satarra Moore-Troutman is attempting to close her financial college gap by sharing her story online. 

Troutman’s story was shared on Facebook and through the crowdfunding site Indiegogo.com.  Crowdfunding is a new and emerging way of funding new ideas or projects by soliciting funds through small donations over the internet.  You can read her complete story here, but below are some excerpts.

“After thirteen years of rigorous study ranging from learning how not to sing obnoxiously during nap time, to managing a hectic schedule of honors and International Baccalaureate classes, multiple during and after school musical ensembles, and a self motivated career gigging around Atlanta, I finally achieved my goal of being accepted to my dream school of Berklee College of Music, located in Boston Massachusetts. Although I received a generous amount in both merit scholarship and need based financial aid, that has covered a large majority of the tuition, a balance of $20,000 dollars still remains to be paid in August before I can attend school in September.

Believe in not only the goals of others, but the power of a village to raise a child and smile a little more often. Change is still one of life’s major paradoxical consistencies, but another important truth still remains, it is only through the assistance of others that mountains are moved.”