Cology News

Forget Last Minute Gifts, Students Want Cash For College

December 19, 2011

Social Networking Through GreenNote Making Holidays Brighter

PHOENIX— Searching for the perfect holiday gift for your college-aged child, grandchild or friend? Forget the mall, or a letter to Santa. With the cost of college continuing to rise, many students are simply asking for cash. Don’€™t believe it? Check your social networks. Chances are you’€™ll find friends, relatives, and neighbors online seeking funds to reach education goals.

The increasing popularity of utilizing social media to solve personal challenges, and the financial gaps that exist through traditional lending, is the inspiration behind GreenNote.

Just where are these students? Many are on GreenNote, an online platform, through Cology Inc., that allows students to connect with social networks to ask for financial support. Participants pay a one-time $20 fee for unlimited donations from friends, family, community leaders and others through PayPal or a major credit card. Often these come in the form of micro-donations, but as traditional financial sources continue to diminish, larger donations are becoming more common.

“The increasing popularity of utilizing social media to solve personal challenges, and the financial gaps that exist through traditional lending, is the inspiration behind GreenNote, explains Bill Hubert, president of Cology. €œGreenNote helps students achieve higher education dreams by empowering their social networks to create very real results.

More than 22,000 people have turned to GreenNote for assistance since its launch in October 2007 including single moms returning to college, traditional freshman and everything in-between. A sample of current students include:

  • Grecia is a first-generation college student striving to become a dentist. She is asking for $1,500 and has received donations ranging from $10 to $200 to accumulate $830 so far. Donations have come from family, close friends and several anonymous donors.
  • Catherine wants to go back to school, but is short $6,000. So far, friends and family have contributed $570 to help her on her path.
  • Amber wants to study abroad in Greece this summer. She has received $445 of her $3,000 goal through 11 different donors – mostly family and friends.
  • Dallas is seeking $5,000 towards an education in theater and dance performance. Two anonymous benefactors are supporting his dreams through $25 and $1,000 donations.

These are just a few of the hundreds of students on GreenNote and other online platforms seeking cash for college this season. Who else will help make their holidays bright?

To learn more about GreenNote’€™s ability to turn friends, fans and followers into scholarship donors, visit www.GreenNote.com today. To learn about Cology’€™s work with colleges, credit unions and community banks across the nation, visit www.cology.com.

About Cology, Inc.

As an industry leader in the student lending space, Cology’€™s resources like GreenNote and TuitionU.com help families make fiscally responsible decisions when financing post-secondary education.

Primarily, Cology provides end-to-end technology and core processing solutions for lenders. Volta, the company’s universal core processing system, is the technology that supports more than 250 of the nation’s fastest growing resource providers in the education finance market today. For information on becoming a lending resource for students visit www.cology.com today.

Contacts

Tangerine Communications
Heather Austin, 602-738-9252
Heather@tangerinecommunications.com