Tailored University Donations: Student-Specific Giving

Making donations to universities is a great way to give back and help a new generation of students. There are many ways to donate, and several benefits to doing so, from supporting important causes to receiving tax benefits. Whether you want to donate directly to a student or to the university itself, there are options to ensure your donation has a positive impact. This introduction will cover the various ways to make student-specific donations to a university, including the different platforms available and the benefits of donating.

Donate stocks, real estate, or other assets to a charitable trust

Donating stocks, real estate, or other assets to a charitable trust is a great way to support students and educational institutions. Here are some key things to know about making such donations:

Donating Stocks

When donating stocks to a charitable organization, it is important to ensure that the receiving organization can accept the stock donation. Most charities accept publicly traded stocks, but not all can accept private company stocks or other non-liquid assets. By donating stocks directly to a qualified charitable organization, you can avoid paying capital gains tax on the appreciated security. Additionally, you may be eligible for tax deductions based on the fair market value of the stock on the transfer date. Donating stocks can result in larger contributions to the charity and potential tax savings for the donor.

Donating Real Estate

Real estate, such as a personal residence, vacation home, commercial property, or undeveloped land, can be donated to charitable organizations. One benefit of donating real estate is avoiding the hassle of selling the property. By donating appreciated real estate, you may qualify for a federal income tax charitable deduction equal to the property's full fair market value, reducing the cost of the gift. Additionally, donating real estate can help eliminate capital gains tax on its appreciation.

Charitable Remainder Trusts

A charitable remainder trust is a great way to donate assets and receive an income stream for life or a term of up to 20 years. You can fund this type of trust with appreciated real estate or other assets, and the trust will make set payments to the charitable organization for a chosen number of years. The longer the term, the greater the potential tax savings. At the end of the term, the remaining trust assets can go to your chosen beneficiaries, allowing for a tax-efficient transfer of property to family members.

Planned Giving Options

Various organizations, such as the United Negro College Fund (UNCF), offer planned giving options that include donating stocks, real estate, bequests, annuities, and more. These options allow donors to contribute in ways that can provide tax benefits and support educational causes.

By donating stocks, real estate, or other assets to a charitable trust, you can make a significant impact on students' lives while also potentially benefiting from tax advantages and efficient asset transfers.

Donate directly to a student's college savings plan

Donating directly to a student's college savings plan is a great way to help them fund their education. Here are some ways to go about it:

Crowdfunding Platforms

There are several crowdfunding platforms available that are specifically designed to help students raise money for their college expenses. Platforms like ScholarMatch, StudentDonate.com, DreamFund, GoFundMe, and Indiegogo allow students to set up individual accounts to crowdfund for their tuition and related costs. These platforms provide an accessible avenue for donors to contribute directly to a student's financial needs.

Gift of College Program

The Gift of College program is another avenue to consider. This program allows individuals to purchase gift cards specifically for donating to 529 college savings plans. This option simplifies the process of donating directly to a student's savings plan, making it more accessible for donors to contribute.

Direct Contributions

If you know a student personally and want to support their education, you can simply donate directly to them. This can be done through a platform like StudentDonate.com, or by directly transferring funds to their savings account if you have that information. This method ensures that the student receives the full amount without any platform fees, and it can be a very meaningful way to support their education.

Tax Benefits

When donating to students or educational institutions, it is worth considering the tax benefits that may be available to you. Charitable donations to universities and colleges are often tax-deductible, and some states offer tax credits for these contributions. Additionally, if you are donating appreciated assets, such as stocks or real estate, consider using a charitable remainder trust to eliminate capital gains taxes upon transfer. These strategies can help maximize the impact of your donation while also providing tax benefits.

Remember, when donating directly to a student's college savings plan, ensure that you are compliant with any relevant laws and regulations, and always consider the student's financial privacy and security.

Donate to a crowdfunding platform for students

Crowdfunding is an innovative way to raise money from a large group of personal investors. It is more than just an online fundraising strategy—it’s a movement. In 2024, crowdfunding added $1.03 billion to the US economy, with the average crowdfunding campaign raising nearly $8,000.

There are several crowdfunding platforms that allow donors to make student-specific donations. Here are some of the best crowdfunding platforms for scholarships:

GoFundMe

GoFundMe is the world’s leading crowdfunding platform. It is a free platform intended to fundraise for individuals, charitable causes, and community projects. Anyone can create a campaign on GoFundMe, and it is well-suited for personal fundraising. While GoFundMe does not charge a platform fee for fundraising campaigns, it does charge a payment fee of 2.9% plus 30 cents.

StudentDonate.com

StudentDonate.com is a non-profit crowdfunding platform that helps students pay for their college expenses by receiving micro-donations.

DreamFund

DreamFund is a crowdfunding platform that helps individuals raise money from their circles of family and friends for a wide variety of purposes, including paying for college.

Indiegogo

Indiegogo is a major reward-based crowdfunding platform for entrepreneurs, including those focused on raising funds for their college education.

Bold.org

Bold.org is another crowdfunding platform that provides resources to help students afford college without the burden of student loan debt.

When donating to a crowdfunding platform for students, it is important to consider the security and transparency of the platform. The integration of blockchain technology, for example, can enhance security and trust. Additionally, advancements in virtual reality (VR) and augmented reality (AR) can revolutionize the way scholarship campaigns are presented and experienced, potentially deepening the willingness of donors to support.

Provide funds for scholarships and financial aid

Providing funds for scholarships and financial aid can be done in several ways. One way is to donate directly to a university or college, specifying that the funds should be used for scholarships or financial aid. Many universities and colleges have funds or programs specifically for providing scholarships and financial aid to students. You can usually find information about these funds or programs on the university's website or by contacting the university directly. Some universities may also have specific campaigns or initiatives that you can donate to, which aim to increase scholarship opportunities and support student research.

Another way to provide funds for scholarships and financial aid is to donate to organisations that specialise in providing scholarships and financial aid to students. For example, the United Negro College Fund (UNCF) in the US offers a variety of ways for individuals to donate and help students with fees, books, supplies, room and board, and tuition. The organisation also has an Emergency Student Aid (ESA) program that helps students with funding emergencies, including housing and food insecurities.

Additionally, you can contribute to crowdfunding campaigns that are specifically for raising money for scholarships or financial aid. Platforms such as ScholarMatch, StudentDonate.com, DreamFund, GoFundMe, and Indiegogo all facilitate crowdfunding campaigns for students raising money for college. These platforms often cater to underserved students and help them access and succeed in college.

Finally, you can also donate gently-used professional clothing to colleges and universities that provide such clothing to students for job interviews. This can help students save money and feel more confident as they prepare to enter the professional world.

Donate gently-used professional clothes to help students with job interviews

If you want to make student-specific donations to a university, there are several ways to do so. One way is to donate gently-used professional clothes to help students with job interviews. Some colleges, like Clark College in Vancouver, WA, offer gently-used professional clothing to students for interviews. You can reach out to universities in your area to see if they have similar programs and would accept your clothing donations.

When donating professional clothing, ensure the items are in good condition, free of any rips, stains, or damage. They should be cleaned and pressed, ready to be worn. You can also include accessories like belts, scarves, and jewellery, as well as unused cosmetics and toiletries, to help students feel confident and prepared for their interviews.

Some organisations, like A Wider Circle, provide professional clothing free of charge to anyone who needs it, not just students. They offer a limited number of appointments where individuals can select a few professional outfits. These organisations rely on donations from the community, so your gently-used clothing can make a significant impact on someone's life.

Alternatively, you can contribute financially to organisations that provide these services. For example, Dress for Success accepts gift cards and store credits of any amount, enabling clients to purchase items typically not available in their standard inventory. They also have a donation-matching program to maximise your impact.

If you know a particular student who may need help, you can donate directly to their college savings plan. The Gift of College program, for instance, lets individuals buy gift cards for donating to student savings accounts. You can also support students by sending care packages with treats and supplies, which can be especially meaningful for those from low-income or non-traditional backgrounds who may be struggling with homesickness.

Frequently asked questions