September 3rd, 2009
SimpleTuition and GreenNote: Last-Minute Tuition Dollars!
With the new school year just around the corner, count on student loan websites SimpleTuition and GreenNote for last-minute help to secure money for everything from dorm rent to the first semester’s textbooks. The average $25,000 sticker price for a college education is making it harder for students to make ends meet after Dad and Mom are all tapped out, federal aid still isn’t enough, a part-time job is impossible with a student schedule, and there are still bills to be paid. At the eleventh hour, SimpleTuition and GreenNote are your loan alternatives to cover your education and all your student expenses, and still have money left-over to eat more than just noodles every day.
Picking a loan has never been so easy
SimpleTuition is a loan search engine that matches private and federal loans to your financial situation and takes the work out of searching hundreds of student lenders to find the best student loan option for you. Once you input information such as your college and requested loan amount, the site generates an easy-to-compare chart of big and small lenders. I was able to compare PNC Bank, Sallie Mae, and Federal Stafford Loans to see who could offer me the lowest APR, most affordable monthly payments, along with the shortest repayment period
Finding last-minute funding through SimpleTution is especially valuable to the busy student because SimpleTuition does all the legwork of comparing all types of loan options. There is a lot of money to be saved by comparing different loan options before you make a decision. Students can also get support at SimpleTuition through a wealth of information-rich resources like a student loan blog, federal aid programs, advice on choosing the right loan, and tips on how to get better loan rates. Having all the information you need to know about loans in one spot makes the site especially useful and a good learning tool for students new to loans.
With time running out and tuition bills needing to be paid in full this semester, SimpleTuition offers an efficient search process to help you save you money from the convenience of your computer.
“Get student loans from people who believe in you”
That’s GreenNote’s tagline, reflecting a unique, non-traditional loan alternative that enables you to arrange loan agreements within your own personal network of family friends. GreenNote works like this: students ask their personal social network for small loan pledges via email. Once your loan pledges, each pledge of a $100 minimum, reaches $1000, GreenNote verifies and packages them into a single loan agreement between the student and the Pledgers.
How do the pledges get repaid? GreenNote handles all the paperwork, including the billing, servicing, and repayment allocations. For the student, the best feature of this unique peer-to-peer lending platform is that it lets your pledges select “gift my pledge” to the student as a much-appreciated graduation present. Let’s see a big bank do that.
While the 6.8% APR, which tends to be lower than traditional student lender terms, is sweet for the student, Pledgers should keep in mind they may never get the money back – this happens to lenders all the time. At GreenNote, there are no credit score requirements, no reviewing the credit report, and no co-signer requirements. While the pledges likely do know where you live, their options are limited if you default on your loan.
Borrowers get into the dangerous waters of involving financial life with personal life where a borrower’s fiscal responsibility is brought to the close attention of family members and friends alike. You may experience uncomfortable holiday moments when you look around the table and know Aunt Mary and Uncle Tom are expecting those payments come December. Be prepared for the conversations to begin revolving as much around your future job possibilities and income as much as it does your grades, classes, and dating life.
It’s almost the first day of class…what are you waiting for?
GreenNote and SimpleTuition are two easy steps to help you find the funds to pay for your college education without going through the hassle and inconvenience of tediously looking up loan offers one by one, or even being limited to traditional loan offers at all. Now you have no excuse for not paying off your student expenses when getting you through the door to higher education is only a few mouse clicks away.
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