Exhibit 10.1




                                 PROMISSORY NOTE
                                                              New York, New York
                                                              September 30, 2002

     For value received, STUDENT ADVANTAGE, INC., a Delaware corporation (the
"BORROWER"), promises to pay to the order of SCHOLAR, INC. (the "LENDER") the
unpaid principal amount of each Loan made by the Lender to the Borrower pursuant
to the Loan Agreement referred to below on the Maturity Date. The Borrower
promises to pay interest on the unpaid principal amount of each such Loan on the
dates, at the rate or rates and in the manner provided for in the Loan
Agreement. All such payments of principal and interest shall be made in lawful
money of the United States of America and in immediately available funds at the
office specified in accordance with the Loan Agreement.

     All Loans made by the Lender and all repayments of the principal thereof
shall be recorded by the Lender and, prior to any transfer hereof, appropriate
notations to evidence the foregoing information with respect to each such Loan
then outstanding shall be endorsed by the Lender on the schedule attached
hereto, or on a continuation of such schedule attached to and made a part
hereof; PROVIDED that the failure of the Lender to make any such recordation or
endorsement shall not affect the obligations of the Borrower hereunder or under
the Loan Agreement.

     This Promissory Note is one of the Notes referred to in the Loan Agreement
dated as of June 25, 2001 (as the same shall be modified and supplemented and in
effect from time to time, the "LOAN AGREEMENT"), among the Borrower, the
Subsidiary Guarantors party thereto, the lenders party thereto and Reservoir
Capital Partners, L.P., as Administrative Agent. Terms used but not otherwise
defined herein have the respective meanings assigned to them in the Loan
Agreement. Reference is made to the Loan Agreement for provisions for the
prepayment, the acceleration of the maturity and the limitations on the
transferability of this Promissory Note. Reference is made to the Security
Agreement and the pledge made by the Borrower and the Subsidiary Guarantors
therein securing, among other things, the obligations of the Borrower hereunder.
This Promissory Note shall be construed in accordance with and governed by the
law of the State of New York.

                                       STUDENT ADVANTAGE, INC.

                                       By /s/ Sevim M. Perry
                                         ---------------------------------------
                                         Name:  Sevim M. Perry
                                         Title:  Vice President, Finance






                            Promissory Note (cont'd)

                         LOANS AND PAYMENTS OF PRINCIPAL



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                            Type of Loan                                  Amount of Principal
       Date             (Term or Revolving)          Amount of Loan              Repaid          Notation Made By
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