GreenNote > FAQs
FAQs
General/Preliminary Questions
Q: Is this for real? Who is behind GreenNote?We’ve been backed by a leading venture capital firm in Silicon Valley. Our management team and board have tons of real-world finance and student lending experience. Fortunately, we’re long past having to repay our student loans. But we feel your pain because we’re concerned about the high cost of college for our own kids now. We are also Delaware C Corporation headquartered in California.
Q: What are the loan terms?
The interest rate is fixed at 6.8%. You get to defer your payments for up to five years while you attend school. Once you leave school, you will get six months grace period before payments start, so long as the total deferral time does not exceed five years. Once you do start repaying your loans, you can repay over 10 years. You can always pay in less, with no prepayment penalties. For more information, see complete loan terms.
Q: How can it work for me if I have no network?
You might think that you do not know people who have the money to lend you, but think outside the box! Think of people beyond your personal family and friends: Co-workers, community and church leaders, the scout leader, anybody that thinks highly of you. They want you to go to school and succeed. They might help you!
It’s easy. Our platform helps you raise money for school from friends, family and other individuals in your social network. First, you fill out your online profile. Then you ask potential lenders—the folks in your network—to pledge as little as $100 or as much as they wish. GreenNote simply facilitates the process, making it quick and easy to help you collect the funds. We handle all the details and simplify repayment to your lenders when it comes time.
GreenNote combines the power of microfinance—helping individuals secure larger sums of money through a series of typically small transactions—with social networking.
Please click on the specific FAQs for the group that you’re interested in:
Student FAQsParent FAQs
Lender FAQs
School FAQs
