News
07 Apr 2021

Can I Pay my University Tuition in Crypto?

The question that crossed the mind of millions of students worldwide.

Since Bitcoin and other cryptocurrencies became so popular in the last couple of months, people started to think about how much utility they have. 

If we want to go full-on crypto, we need to be sure that we can use them in all of the economic and institutional areas available. 

We know that we can easily buy Teslas, Real-Estates, or Xbox games with cryptocurrencies. We can even treat ourselves with a delicious Burger King.  

But can we pay with crypto for our education? 

Early adopters

As was expected, the first university that saw the potential of cryptocurrencies was specialized in Business Administration and Management. 

We’re talking about the University of Nicosia, a Cyprus University with both in-class and distance learning programs. 

The Senior Vice-Rector Dr. Andreas Oilemitis announced in November 2013 that the University will accept Bitcoin as tuition payment, following to convert them into euros to avoid any issues with their unstable value.

Starting with 2014, other educational institutions from all around the world followed their example:

- The US King’s College;

- The non-profit business school ESMT in Berlin;

- The University of Cumbria, with headquarters in Carlisle, Lancaster, Ambleside, and London;

They all understood that giving the students the possibility to pay with crypto makes the courses a lot more affordable - since they don’t need to pay huge fees to the banks. At the same time, Universities don’t lose anything since the tuition remains the same. 

Crypto donations to Universities

Things can go another way around. 

If students pay Universities to access their current courses, other parties pay them to design new courses to teach students about blockchain technology. 

Well, “pay” is overstating. It’s not like Universities demanded money. Quite the opposite. They introduced blockchain courses on their own initiative. 

But because this way they prepare students to join the crypto world (as future investors or employees), a lot of crypto companies felt the need to reward these educational institutions. 

Looking at the numbers, it’s obvious how much this impacted the crypto community:

- San Francisco State University got a $25 million donation in Ripple from Brad Garglihouse;

- Princeton University and other 16 institutions got a share of $50 million from Ripple;

- Virginia Tech received $3 million in EOS from Dan Karnier in 2018.

And these are just a few of them. People know how much blockchain technology is worth in every area. So there is no surprise that such great minds happily join the crypto community. 

The current situation

Adopting cryptocurrencies brings a lot of advantages, but it has disadvantages too. For now, the volatility of popular coins and tokens could raise issues in educational institutions. 

There are scholarships to dispense, teachers to pay, and educational tools to invest in. The stakes are too high for now. 

However, you can still use crypto to pay for your University courses if you want. But in a different way. 

The most notable solution is the Student Coin platform, where you can initiate a crowdfunding proposal in exchange for your own customized token. 

Once you get the needed money, you can withdraw them, pay for your University, and then enjoy student life. After you graduate, get hired, and start making a profit, you can pay back your crypto loan cyclically to your investors. 

This platform was released this year, and it got the approval of over 500 universities around the world - including Harvard and Stanford. 

Conclusion

Switching to crypto is not an easy task when there are not many ways to use your decentralized money. But the more crypto developers come with innovative ideas, the more we can enjoy life without being concerned about third parties managing our assets.

No other news.

3 coins to keep an eye on 👀

Subscribe to receive a weekly selection of 3 coins to watch closely, based on upcoming events and technical analysis.