I haven't done much research on the concept, but stumbled across this site and found it interesting. It looks like it connects alumni and those who want to invest with students who need to borrow money for education.
my alma mater has a similar program, it is funded by students to help students who are in jepordy of leaving the college due to financial hardships. It is pretty cool, I think they have raised something like half a million dollars in six years, all from active student donations!