New Service Helps Students Secure Low-Cost Loans REDWOOD CITY, Calif., June 4
REDWOOD CITY, Calif., June 4 /PRNewswire/ -- GreenNote
(http://www.greennote.com) launched a service today that enables students to
obtain low-cost student loans from family, friends or anyone interested in
helping the student.
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.
"GreenNote is a great new way for me to finance my college education,"
said Naidu Sandrana, who expects to graduate from Kellogg School of Management
(Northwestern) in 2010. "GreenNote helps me get money for school at a lower
rate from people who believe in me."
To obtain a loan, a student simply uses GreenNote to create a profile and
requests loans from family, friends and others in his or her social network.
GreenNote then formalizes the agreement for students and lenders into legally
binding loans and handles all the details from loan documentation through
repayment.
"GreenNote is a powerful new resource for students looking to borrow money
for school," said Richard Toomey, Associate Vice Provost Enrollment Management
and Dean of University Financial Aid Services at Santa Clara University. "The
GreenNote service makes it easy to manage the process for obtaining loans
directly from people you know."
GreenNote plans to work with all post-secondary schools in the county to
help financial aid officers, students and parents best utilize the GreenNote
alternative loan format.
"The environment for student lending has radically changed in the last
year leaving more students unsure how to pay for school," said Akash Agarwal,
CEO and Founder of GreenNote. "The current credit crunch and rising tuition
costs have created an environment where students need to raise money that
won't leave them overly burdened after graduation."
In the near future, anyone can become a lender and use GreenNote to find
students based on numerous criteria, including school affiliations, areas of
study, extracurricular activities, high school and other demographic data.
Terms of GreenNote Loans
-- Students can participate regardless of credit history
-- No citizenship or co-signer requirements
-- Fixed interest rate currently set at 6.8 percent
-- Payments deferred up to 5 years; repayment term of 10 years
-- Lenders receive a return on investment
-- No prepayment penalties
About GreenNote
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 http://www.greennote.com.
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respective owners.
Media Contact:
Andy Coffaro
FortyThree, Inc.
831.401.3175
GreenNote@fortythreepr.com
SOURCE GreenNote
