Greenville County, SC

With school loan organizations experiencing their own financial crises right now and many going out of business, GreenNote launched today with a novel idea. As they describe it on their website, “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.”

Curious? Here are GreenNote’s Loan Terms:

• 1. Fixed interest rate currently set at 6.8%
• 2. Repayment term of 10 years
• 3. Payments deferred up to 5 years
• 4. No citizenship or co-signer requirements
• 5. May be used for any post-secondary educational institution; proof of enrollment required
• 6. Maximum up to cost of attendance (less financial aid)
• 7. Grace period of 6 months (following separation from school)
• 8. Interest accumulates while your payments are deferred and is added to the loan balance at repayment.
• 9. No prepayment penalties
• 10. Repayment will be principal and interest
• 11. Documentation fee of 2% (minimum $49)
• 12. Annual lender administration fee of 1%

A few other companies that future students young and older may want to look at include: Fynanz, Prosper, and Zopa. With lower percentage points for school loans, these options should tailor to a wide group of individuals - an idea in these troubling times that may have a leg to run on.

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