SAN FRANCISCO (KCBS) -- Students too timid to ask friends and family for help with college tuition need only look online for some help. A Bay-Area based website has put a whole new twist on college lending by helping to facilitate college loans among people who know each other.
”GreenNote.com really taps into your social circle, and tries to play off the fact that people that know you are somewhat connected to you either directly or indirectly,” said website founder and C.E.O Akash Agarwal.
The business will help students conduct their own pledge drive of sorts, but in an orderly way.
”You can have multiple parties involved and have some sort of structure with the loan terms, payments, collections. It’s all streamlined, with the money going directly to the school. It becomes a little bit challenging if you try to do it yourself,” said Agarwal.
GreenNote loans the money at 6.8 percent. Most loans will be small, between $5,000 and $7,000, which is not enough to cover the cost of a full tuition.
| KCBS' Patti Reising reports |
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