Using GreenNote to Pay for Business School

GreenNote is a revolutionary new service that allows students to raise money for school regardless of credit scores.

To learn more about how the program works, I spoke with Akash Agarwal, CEO and Founder of GreenNote. Here's what he had to say about how this social network-based student loan program is helping people finance their education with low-cost loans.

Q: How is GreenNote different from traditional student loan lenders?

A: GreenNote helps students secure low-cost loans through social networking. Using GreenNote’s online platform, students connect with their social networks to obtain small loans from friends, family and community. Since there are no traditional credit requirements, all students can get low-cost loans.


Q: What are GreenNote's qualification requirements?

A: The minimum loan amount must total $1,000, but any individual lender in your network may provide as little as $100. There are no credit checks, proof of citizenship or co-signer requirements.


Q: Who are the lenders?

A: Lenders can be anyone. They could be family, friends, friends of friends, members of community groups and other interested beneficiaries, such as school alumni or people who play the same sports as the student.


Q: How does GreenNote fit into financial aid packages?

A: We gather all the money pledged to the student and channel it directly to the student’s college. The GreenNote money is then pooled together with the student’s other financial aid and distributed by the school.


Q: What are the repayment terms?

A: GreenNote loans are currently fixed rate loans at 6.8%. The student can defer payments on the loan for up to five years (including a six-month grace period), and the repayment term is 10 years.


Q: What is the maximum amount of money that a student can borrow?

A: You can fund the entire cost of your education, as defined by your school.