GreenNote: Get student loans from people who believe in you

It would appear to be a good time to review this one as it’s changed a bit since it first launched.

Originally set up as a platform for students to obtain legally documented and repayable loans to help towards post-secondary education, new owners have since turned it into a donation only site with the emphasis on helping out with those additional expenses that can mount up rather than funding a complete education. Having said that there is at least one example on the site of a student trying to raise $50,000!

The whole concept is still linked to a student’s social network where the profile they create on Greennote.com will be pushed. It costs $20 to set up this profile and run a fundraising campaign throughout the year. Any subsequent campaign will cost another $20.

The site has useful tips on how to create a good profile that sets out academic and career goals and represents a document that people will react positively to.

Potential donors can also browse the site in search of student profiles however I think it’s unlikely that much traffic would be generated this way without some kind of nationwide advertising campaign.

Donors can give any amount they like and are not charged by the site. The transaction is personal between donor and student with donations going straight to the student’s PayPal account. Greennote.com does not hold any of the cash and is merely a platform for introductions.

Conclusion
Used properly this site could have its uses however I’m not sure how much scope for fundraising there is beyond friends and family especially as it is now donation only. No matter how good the profile page is many strangers might still worry that their few dollars is probably helping fund the party season.