Company Extends Service to Enable Anyone to Find and Lend to Students Based on Common Interests
NASFAA CONFERENCE, ORLANDO, Fla. - July 08, 2008 - GreenNote (www.greennote.com) today launched the GreenNote Network, which enables anyone to help students by lending them money for college as well as earning a good return on their investment.
Anyone - individuals, institutions and affiliation groups - can participate in the GreennNote Network. Interested lenders use GreenNote's online tools to search for students based on a wide variety of criteria such as school of attendance, demographic information and/or areas of study. They can then provide a student with a loan that helps them lower their costs of going to college, and in return receive a fixed return of 6.8 percent per annum on their loan.
"Our vision is to enable social lending for education that allows the general public to be able to help students secure low-cost loans," said Akash Agarwal, CEO and Founder of GreenNote. "The GreenNote Network is designed to give people an opportunity to support and invest in the education of others."
Students with active loan drives through GreenNote choose whether they wish to participate with the GreenNote Network of lenders. Unlike private bank loans or other traditional loans, GreenNote does not require students to have a credit report, co-signer or show proof of citizenship. The rate is fixed at 6.8 percent compared to private lending alternatives that typically carry a variable rate up to 20 percent.
Lenders can provide as little as $100 to the students they wish to support. GreenNote manages the entire process by formalizing the agreements for all its lenders into legally binding loans and handles all the details from loan documentation through repayment, making it simple and easy for lenders to loan money to students.
GreenNote plans to work with all post-secondary schools in the country to help financial aid officers, students and parents best utilize the GreenNote alternative.
About GreenNote, Inc.
GreenNote helps students obtain loans for education via social networking rather than through traditional lending methods. Using the GreenNote online platform, students connect with their social network - friends, family, friends of family, community leaders and others – to borrow money. GreenNote helps formalize everything into legally binding loans and handles all the details. GreenNote is backed by Menlo Ventures and other prominent investors. For more information, visit www.greennote.com.
Posted 07/01/08 to www.NASFAA.org. Posting of press releases is done as a service to Members and does not imply endorsement or support by NASFAA. NASFAA does not review this information for content or accuracy.
