Now there is a new way for college students and alumni to connect online in an effort to help make tuition.

The The deal: Students create profiles that include some background information (where they are from, what they are studying) as well as a request for financial assistance (up to $2,000 per semester).

Interested alums can then make interest-free loans from $50 to the full amount (partial sponsorships are OK) with the understanding that the loan repayment begins the January after a student graduates and that the loan is paid back within five years.

All involved parties sign a promissory note when a loan is made, thereby creating a legally binding deal. All monies are deposited directly to university tuition offices to reduce fraud. Any defaults will be reported to the credit bureaus, according to the site's founders.

The organization, which is awaiting nonprofit status approval, is currently beta testing at Harvard. The three founders, who first connected at Harvard, plan to expand to other U.S. colleges and universities this fall.

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