So you can't get funding for college. The federally funded loans only cover a small portion of your enormous tuition and private loans are unavailable because of the credit crunch. GreenNote helps to fill that gap by allowing you to appeal to your social network for loans.
As the site says:
"Using the GreenNote online platform, students connect with their social network—friends, family, friends of family, community leaders and others—to ask for small student loans. GreenNote helps formalize everything into legally binding loans and handles all the details from loan documentation through repayment.
Loans are designed to hover around the federal Stafford rate (now about 6.8%). GreenNote takes care of the paperwork, payments, etc and charges 2 percent fee up front from the student out of the principle of the loan, and another 1 percent from the lenders out of the interest.
So, would you ask your social network and close friends and relatives for a loan through GreenNote? Would you give to a member of your social network via GreenNote?
Related Articles:
Lending Club Passes $100,000 Mark In Loans To Facebook Users by PhilR - Jun 20, 2007
Despite Credit Crunch Student Loans Still Easy to Get by Sam Cass - Mar 19, 2008
Student Loan Crunch is Coming by Tom Davis - Apr 10, 2008
Options to Pay for Costs of College Dwindling by Sam Cass - Apr 14, 2008
Interview with Kevin Walker from SimpleTuition on How the Credit Crunch is Impacting Student Lending by Sol Nasisi - Apr 24, 2008.
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