GreenNote: Private Student Loans With Networking

GreenNote is a new peer to peer lending (P2P) service focusing on private student loans. When students want more money than they can get through government loan programs, they have to go private. Unfortunately, private loans are difficult to come by these days due to the global credit crunch. GreenNote seems to be right on time.

The idea is that you borrow from your friends and family. You hit them up for cash via email, and ask them to forward the request to anybody else who might be willing to fund your education. As the NetBanker writes,

"the power of GreenNote's model is tapping into the friends of friends, and the friends of those friends, and so on".

Obviously there's no need to use the service if mom and dad are making the loan. But if you want to spread your net wide, it's worth a shot.

Further reading:

• GreenNote.com
• Peer to Peer Lending Overview
• Student Loans 101