Document:

<PAGE>
                                                                    EXHIBIT 10.2

                       AMENDMENT NO. 10 TO LOAN AGREEMENT

            AMENDMENT NO. 10 TO LOAN AGREEMENT dated as of April 30, 2003 (this
"Amendment"), among STUDENT ADVANTAGE, INC., a Delaware corporation (the
"Borrower"); each of the Subsidiaries of the Borrower identified under the
caption "SUBSIDIARY GUARANTORS" on the signature pages hereto (individually, a
"Subsidiary Guarantor" and, collectively, the "Subsidiary Guarantors" and,
together with the Borrower, the "Obligors"); SCHOLAR, INC., a Delaware
corporation ("Scholar"); JOHN KATZMAN, an individual residing in New York, New
York ("Katzman"); and each of the Lenders that is a signatory hereto other than
Scholar and Katzman (each, a "Reservoir Lender" and, collectively, the
"Reservoir Lenders").

            WHEREAS, the Borrower, the Subsidiary Guarantors, the Reservoir
Lenders, Scholar and Katzman are parties to a Loan Agreement dated as of June
25, 2001 (as modified and supplemented and in effect on the date hereof by nine
amendments thereto, the "Loan Agreement"), providing, subject to the terms and
conditions thereof, for loans to be made by said Lenders to the Borrower; and

            WHEREAS, the Reservoir Lenders, Scholar, and Katzman have agreed
with the Borrower and the Subsidiary Guarantors to modify and amend the terms of
the Loan Agreement pursuant to the terms of this Amendment;

            NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby mutually acknowledged, the parties hereto desire
to modify and amend the Loan Agreement pursuant to the terms hereof, as follows:

            Section 1. Definitions. Except as otherwise defined in this
Amendment, terms defined in the Loan Agreement are used herein as defined
therein. References in the Loan Agreement (including references to the Loan
Agreement as amended hereby) to "this Agreement" (and indirect references such
as "hereunder", "hereby", "herein" and "hereof") shall be deemed to be
references to the Loan Agreement as amended hereby.

            Section 2. Loan Repayment.

            (a) Contemporaneously with the closing of the proposed sale of the
assets of the Borrower's OCM Direct business and notwithstanding any provision
to the contrary in Section 3 of Amendment No. 9 to Loan Agreement dated as of
March 31, 2003, as amended by two separate letter agreements, the Borrower shall
pay to the Lenders Nine Million Dollars ($9,000,000) to be paid to reduce the
principal of the Loans, which $9,000,000 shall be paid as follows: (i) Six
Million Six Hundred Thirty-Seven Thousand One Hundred Dollars ($6,637,100) to
Reservoir Capital Partners, L.P, (ii) One Million One Hundred Twelve Thousand
Nine Hundred Dollars ($1,112,900) to Reservoir Capital Master Fund, L.P., and
(iii) One Million Two Hundred Fifty Thousand Dollars ($1,250,000) to Scholar.

            (b) Section 3 of Amendment No. 9 to Loan Agreement is hereby deleted
in its entirety, and the Parties agree that all repayments other than in
subsection
<PAGE>
2 (a) above shall be allocated as follows: (i) first to interest accrued from
and after May 1, 2003 on the Loans and second to principal, allocated among the
Reservoir Lenders collectively, as one payment party, Katzman, as another payee,
and Scholar as the final payee such that 57.7% of each payment shall be
allocated to the Reservoir Lenders in the aggregate, 7.7% allocated to Katzman,
and 34.6% allocated to Scholar, until a total of Six Million Five Hundred
Thousand Dollars ($6,500,000) has been paid in the aggregate under this
subsection (b); and (ii) then, the Reservoir Lenders and Katzman will receive
such amounts of the remaining $1,000,000 in equal portions.

            Section 3. Loan Agreement Amendment.

            (a) Section 1.1 of the Loan Agreement is amended by deleting the
reference to "12%" in the definition of "Applicable Rate" and substituting "10%"
therefor.

            (b) Section 1.1 of the Loan Agreement is amended by deleting the
definition of the term "Quarterly Date" and substituting the following therefor:
"'Quarterly Dates' means the 30th of September, the 31st of December, the 31st
of March, and the 30th of June."

            (c) Section 1.1 of the Loan Agreement is amended by deleting the
definition of the term "Maturity Date" and substituting the following therefor:
"'Maturity Date' means January 31, 2005."

            (d) Section 2.06(a) of the Loan Agreement is deleted in its entirety
and the following shall be substituted therefor: "The Borrower hereby
unconditionally promises to pay to the Lenders: (i) $9,000,000 upon the closing
of the transaction contemplated by the asset purchase agreement selling the OCM
assets, and (ii) all outstanding Loans on the Maturity Date."

            (e) Section 3(c)(ii) of Amendment No. 6 to the Loan Agreement is
deleted in its entirety and the following shall be substituted therefor:. "The
interest rate payable on the Scholar Loan evidenced by the Scholar Note will be
the Applicable Rate.", as provided by this Amendment.

            (f) Notwithstanding any provision in Article II of the Loan
Agreement to the contrary or any other provision in the Loan Agreement to the
contrary, interest only shall be paid in immediately available funds directly to
the Reservoir Lenders, Scholar and Katzman on the principal balance of the Loans
from time to time outstanding on each of the Term Loan Interest Payment Dates
commencing on September 30, 2003 (which first payment shall include interest
from and after May 1, 2003). Except as expressly stated in this Amendment, no
payment of the principal amount of the Loan or payment of fees will be due
(provided, that, the principal balance of the Loans will be due on the Maturity
Date). The Borrower also agrees, in lieu of any amounts now due or hereafter due
under Section 2.08 of the Loan Agreement, the Borrower shall pay a One Hundred
Thousand Dollar ($100,000) fee to Scholar and also a $100,000 fee directly to
the Reservoir Lenders (which $100,000 fee directly to the Reservoir Lenders
shall be

                                       2
<PAGE>
allocated between the Reservoir Lenders in proportion to their relative
percentages) by December 31, 2003 and again on June 30, 2004 if any of the Loans
are outstanding as of such payment date.

            (g) All accrued, but unpaid, interest due under the Loan Agreement
(other than under the Scholar Loan) as of the date of this Amendment shall be
waived and forgiven through April 30, 2003. Accrued but unpaid interest due to
Scholar with respect to the period from September 30, 2002 through April 30,
2003 will be payable on the Maturity Date and will not be paid until all of the
Loans payable to the Reservoir Lenders have been repaid.

            (h) By way of clarification, the Borrower agrees to pay to Scholar
its reasonable legal fees for outside counsel incurred in connection with the
making and negotiation of the Scholar Loan and the enforcement of rights
thereunder.

            Section 4. Katzman Fee.

            (a) Effective May 1, 2003, the interest rate payable on the Katzman
Fee is 10% per annum, rather than the 12% per annum interest rate specified in
Amendment No. 8 to Loan Agreement.

            (b) Notwithstanding any provision in the Loan Agreement to the
contrary and subject to subsections 2(b) and 4(d) of this Amendment, the Katzman
Fee will be due on the January 31, 2005 Maturity Date.

(c) All accrued, but unpaid, interest due under the Loan Agreement relating to
the Katzman Fee as of the date of this Amendment shall be waived and forgiven
through April 30, 2003.

            Section 6. Conditions Precedent. This Amendment shall become
effective as of the date hereof upon the receipt by the Administrative Agent of
counterparts of this Amendment executed by each of the parties hereto and
consummation of the sale of the OCM assets by May 2, 2003 and payments specified
in subsection 2(a) of this Amendment.

            Section 7. Consent to OCM Sale. The Lenders consent to the
Borrower's sale of its equity interest in its OCM Direct, Inc. subsidiary and
the subsidiaries of such subsidiary to Alloy, Inc. or a subsidiary thereof under
the terms and conditions set forth in the asset purchase agreement, the most
recent draft of which has been provided to the Lenders, and the performance of
the transactions contemplated thereby.

            Section 8. Ratification. Except as amended, modified or waived
hereby, the Loan Agreement and the Loan Documents remain in full force and
effect and are hereby ratified and affirmed by the Borrower and each Subsidiary
Guarantor. Except as amended hereby, the Loan Agreement, including without
limitation the Guarantees, shall remain in full force and effect and bind and
inure to the benefit of the parties thereto and are hereby ratified and
confirmed.

                                       3
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            Section 9. Miscellaneous. This Amendment may be executed in any
number of counterparts, all of which taken together shall constitute one and the
same amendatory instrument and any of the parties hereto may execute this
Amendment by signing any such counterpart. This Amendment shall be governed by,
and construed in accordance with, the laws of the State of New York. To the
extent that any of the Loan Documents, any of the Warrant Documents refers to
the Loan Agreement, such reference shall mean the Loan Agreement as amended
hereby.

                            [Signature pages follow.]

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            IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed by their respective authorized officers as of the day and year
first above written.

                                        STUDENT ADVANTAGE, INC.

                                        By: /s/ Raymond V. Sozzi, Jr.
                                            ------------------------------------
                                            Name:  Raymond V. Sozzi, Jr.
                                            Title: President

                                        SUBSIDIARY GUARANTORS

                                        COLLEGE411.COM, INC.

                                        By: /s/ Raymond V. Sozzi, Jr.
                                            ------------------------------------
                                            Name:  Raymond V. Sozzi, Jr.
                                            Title: President

                                        STUDENT ADVANTAGE SECURITIES CORPORATION

                                        By: /s/ Raymond V. Sozzi, Jr.
                                            ------------------------------------
                                            Name:  Raymond V. Sozzi, Jr.
                                            Title: President

                                        SCHOLARAID.COM, INC.

                                        By: /s/ Raymond V. Sozzi, Jr.
                                            ------------------------------------
                                            Name:  Raymond V. Sozzi, Jr.
                                            Title: President

                                       5
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                                        THE DIGITAL PUBLISHING COMPANY, INC.

                                        By: /s/ Raymond V. Sozzi, Jr.
                                            ------------------------------------
                                            Name:  Raymond V. Sozzi, Jr.
                                            Title: President

                                        OFFICIAL COLLEGE SPORTS NETWORK, INC.

                                        By: /s/ Raymond V. Sozzi, Jr.
                                            ------------------------------------
                                            Name:  Raymond V. Sozzi, Jr.
                                            Title: President

                                        U-WIRE, INC.

                                        By: /s/ Raymond V. Sozzi, Jr.
                                            ------------------------------------
                                            Name:  Raymond V. Sozzi, Jr.
                                            Title: President

                                        KATZMAN

                                        By: /s/ John Katzman
                                            ------------------------------------
                                            Name: John Katzman

                                        LENDERS

                                        SCHOLAR, INC.

                                        By: /s/ Raymond V. Sozzi, Jr.
                                            ------------------------------------
                                            Name:  Raymond V. Sozzi, Jr.
                                            Title: President

                                       6
<PAGE>
                                        RESERVOIR CAPITAL PARTNERS, L.P.,
                                           individually and as Administrative
                                           Agent

                                        By: Reservoir Capital Group, L.L.C.,
                                            General Partner

                                             By: /s/ Gregg Zeitlin
                                                 -------------------------------
                                                 Name:  Gregg Zeitlin
                                                 Title: Managing Director

                                        RESERVOIR CAPITAL MASTER FUND L.P.

                                        By: Reservoir Capital Group, L.L.C.,
                                            General Partner

                                        By: /s/ Gregg Zeitlin
                                            ------------------------------------
                                            Name:  Gregg Zeitlin
                                            Title: Managing Director

                                       7<PAGE>
                                                                    Exhibit 10.3

                   FIRST AMENDMENT TO REVOLVING LINE OF CREDIT
                      LOAN AGREEMENT AND SECURITY AGREEMENT

      THIS FIRST AMENDMENT TO REVOLVING LINE OF CREDIT LOAN AGREEMENT AND
SECURITY AGREEMENT ("First Amendment") is made as of January 24, 2003, by and
among OCM DIRECT, INC., COLLEGIATE CARPETS, INC., and CAREPACKAGES, INC., each
having an address at c/o OCM DIRECT, INC., 4630 Montgomery Avenue, Suite 600,
Bethesda, Maryland 20814 (collectively, the "Borrower"), Student Advantage, Inc.
(the "Guarantor") and Bank of America, N.A., a national banking corporation (the
"Lender").

                                    RECITALS

      A.    The Borrower and the Lender entered into a Revolving Line of Credit
            Loan Agreement and Security Agreement, dated as of February 13, 2002
            (the "Loan Agreement").

      B.    The Loan Agreement governs and secures a certain line of credit loan
            facility extended by Lender to Borrower in the maximum principal
            amount of Five Million and 00/100 Dollars ($5,000,000.00), evidenced
            by a Revolving Note executed by Borrower dated as of February 13,
            2002 (the "Revolving Note").

      C.    The parties desire to amend the Loan Agreement to extend the Ending
            Date of the Loan Agreement to April 30, 2003.

      D.    The Guarantor desires to enter into this First Amendment to evidence
            the Guarantor's consent to the terms and conditions of this First
            Amendment and to confirm that the Guaranty remains in full force and
            effect as to all credit extended under the Loan Agreement as amended
            by this First Amendment.

      E.    Capitalized terms used in this First Amendment and not defined
            herein have the meanings ascribed to them in the Loan Agreement.

                                   AGREEMENTS

      NOW, THEREFORE, in consideration of the premises, the mutual agreements
herein contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrower, the Guarantor and
the Lender hereby agree as follows:

1.    REPRESENTATIONS AND WARRANTIES. To induce the Lender to enter into this
      First Amendment, the Borrower warrants and represents to the Lender that:

                                       1
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      a.    The Borrower's books and records properly reflect the Borrower's
            financial condition, and no material adverse change in the
            Borrower's financial condition has occurred since the last date that
            the Borrower provided financial reports to the Lender; and

      b.    No litigation is pending or threatened against the Borrower of which
            the Borrower has not informed the Lender in writing; and

      c.    The Borrower is in compliance with all provisions of the Loan
            Agreement and with all applicable laws and regulations; and

      d.    Borrower has the power and authority to enter into this First
            Amendment, to perform its obligations hereunder, to execute all
            documents being executed and delivered in connection herewith, and
            to incur the obligations provided for herein, all of which have been
            duly authorized and approved in accordance with the Borrower's
            organizational documents; and

      e.    This First Amendment, together with all documents executed in
            connection herewith or pursuant hereto, constitute the valid and
            legally binding obligations of the Borrower in accordance with their
            respective terms; and

      f.    The Borrower's obligations under the Loan Documents remain valid and
            enforceable obligations, and the execution and delivery of this
            First Amendment and the other documents executed in connection
            herewith shall not be construed as a novation of the Loan Agreement
            or the other Loan Documents.

2.    ENDING DATE. The definition of "Ending Date" is hereby modified to mean
      April 30, 2003.

3.    NO MANAGEMENT OR SERVICES FEES. Borrower shall not deliver to Guarantor
      any fee for the management of Borrower or for the provision of any service
      by Guarantor to Borrower, without the prior written consent of Lender.

4.    LOAN FEE. In consideration of Lender's agreement to this First Amendment,
      Borrower promises to pay to Lender, on demand, a loan fee of Seven
      Thousand and 00/100 Dollars ($7,000.00).

5.    ADDITIONAL FEES AND COSTS. The Borrower promises to pay, on demand, all
      costs (including attorneys fees) incurred by the Lender for the
      preparation of this First Amendment, the preparation of any documents
      executed in connection with this First Amendment and any other expenses
      incurred by Lender in relation to this First Amendment. The Borrower
      authorizes the Lender to advance funds to itself or to third parties to
      pay such fees, costs and expenses, and

                                       2
<PAGE>
      any loan fee provided in this First Amendment, which advances shall be
      deemed to be Advances to the Borrower under the Loan Agreement.

6.    REAFFIRMATION; NO OFFSETS OR DEFENSES. Except as modified by this First
      Amendment, the Loan Agreement remains in full force and effect and
      unmodified. Borrower and the Guarantor warrant and represent that they
      have no offsets or defenses to their obligations under the Loan Agreement,
      as so modified, and the other Loan Documents.

7.    GUARANTOR CONSENT. The Guarantor consents to this First Amendment, agrees
      that this First Amendment does not impair the Guarantor's liabilities or
      obligations under the Guaranty, and confirms that the Guaranty remains in
      full force and effect as to all credit extended under the Loan Agreement
      as amended by this First Amendment.

8.    RELEASE AND WAIVER. In consideration of Lender's agreement to this First
      Amendment, the Borrower hereby releases and waives any and all claims of
      any kind that it may have against the Lender as of the date of this First
      Amendment arising out of or relating to the Revolving Note or the Loan
      Agreement, as amended by this First Amendment.

9.    ARBITRATION.

      This paragraph concerns the resolution of any controversies or claims
      between the Borrower and the Lender, whether arising in contract, tort or
      by statute, including but not limited to controversies or claims that
      arise out of or relate to: (i) the Loan Agreement as modified by this
      First Amendment (including any renewals, extensions or modifications); or
      (ii) any document related to this First Amendment (collectively a
      "Claim").

      At the request of the Borrower or the Lender, any Claim shall be resolved
      by binding arbitration in accordance with the Federal Arbitration Act
      (Title 9, U.S. Code) (the "Act"). The Act will apply even though this
      First Amendment provides that it is governed by the law of a specified
      state.

      Arbitration proceedings will be determined in accordance with the Act, the
      applicable rules and procedures for the arbitration of disputes of JAMS or
      any successor thereof ("JAMS"), and the terms of this paragraph. In the
      event of any inconsistency, the terms of this paragraph shall control.

      The arbitration shall be administered by JAMS and conducted in any U.S.
      state where real or tangible personal property collateral for this credit
      is located or if there is no such collateral, in Maryland. All Claims
      shall be determined by one arbitrator; however, if Claims exceed
      $5,000,000, upon the request of any party, the Claims shall be decided by
      three arbitrators. All arbitration hearings shall commence within 90 days
      of the demand for arbitration and close

                                       3
<PAGE>
      within 90 days of commencement and the award of the arbitrator(s) shall be
      issued within 30 days of the close of the hearing. However, the
      arbitrator(s), upon a showing of good cause, may extend the commencement
      of the hearing for up to an additional 60 days. The arbitrator(s) shall
      provide a concise written statement of reasons for the award. The
      arbitration award may be submitted to any court having jurisdiction to be
      confirmed and enforced.

      The arbitrator(s) will have the authority to decide whether any Claim is
      barred by the statute of limitations and, if so, to dismiss the
      arbitration on that basis. For purposes of the application of the statute
      of limitations, the service on JAMS under applicable JAMS rules of a
      notice of Claim is the equivalent of the filing of a lawsuit. Any dispute
      concerning this arbitration provision or whether a claim is arbitrable
      shall be determined by the arbitrator(s). The arbitrator(s) shall have the
      power to award legal fees pursuant to the terms of the Loan Agreement as
      modified by this First Amendment.

      This paragraph does not limit the right of the Borrower or the Lender to:
      (i) exercise self-help remedies, such as but not limited to, setoff; (ii)
      initiate judicial or nonjudicial foreclosure against any real or personal
      property collateral; (iii) exercise any judicial or power of sale rights,
      or (iv) act in a court of law to obtain an interim remedy, such as but no
      limited to, injunctive relief, writ of possession or appointment of a
      receiver, or additional or supplementary remedies.

10.   WAIVER OF TRIAL BY JURY. BY AGREEING TO BINDING ARBITRATION, BORROWER AND
      LENDER IRREVOCABLY AND VOLUNTARILY WAIVE ANY RIGHT THEY MAY HAVE TO A
      TRIAL BY JURY IN RESPECT OF A CLAIM. FURTHERMORE, WITHOUT INTENDING IN ANY
      WAY TO LIMIT THIS FIRST AMENDMENT TO ARBITRATE, TO THE EXTENT ANY CLAIM IS
      NOT ARBITRATED, THE PARTIES IRREVOCABLY AND VOLUNTARILY WAIVE ANY RIGHT
      THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF SUCH CLAIM. THIS PROVISION
      IS A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO THIS FIRST
      AMENDMENT.

11.   NO ORAL AGREEMENT. THIS FIRST AMENDMENT, THE LOAN AGREEMENT, AND THE
      REVOLVING NOTE, GUARANTY AND SECURITY DOCUMENTS REFERRED TO HEREIN OR IN
      THE LOAN AGREEMENT CONSTITUTE THE ENTIRE AGREEMENT OF THE PARTIES
      CONCERNING THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY
      EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE
      PARTIES. THERE ARE NO UNWRITTEN OR ORAL AGREEMENTS BETWEEN THE PARTIES.

                                       4
<PAGE>
      IN WITNESS WHEREOF, the undersigned have duly executed this First
Amendment as of the day and year first hereinabove set forth.

                      OCM DIRECT, INC., a Delaware corporation

                      By:  /s/ Raymond V. Sozzi, Jr.              (SEAL)
                         -----------------------------------------
                           Raymond V. Sozzi, Jr.
                           President

                      COLLEGIATE CARPETS, INC., a Maryland corporation

                      By:  /s/ Raymond V. Sozzi, Jr.              (SEAL)
                         -----------------------------------------
                           Raymond V. Sozzi, Jr.
                           President

                      CAREPACKAGES, INC., a Delaware corporation

                      By:  /s/ Raymond V. Sozzi, Jr.              (SEAL)
                         -----------------------------------------
                           Raymond V. Sozzi, Jr.
                           President

                      STUDENT ADVANTAGE, INC., a Delaware corporation

                      By:  /s/ Raymond V. Sozzi, Jr.
                         -----------------------------------------
                           Raymond V. Sozzi, Jr.
                           President

                      BANK OF AMERICA, N.A.

                      By:  /s/ Michael J. Radcliffe               (SEAL)
                         -----------------------------------------
                           Michael J. Radcliffe
                           Vice President

                                       5
<PAGE>
                              GUARANTOR'S CONSENT

      The undersigned (the "Guarantor") consents to this First Amendment, agrees
that this First Amendment does not impair the Guarantor's liabilities or
obligations under the Guaranty, and confirms that the Guaranty remains in full
force and effect as to all credit extended under the Revolving Note as amended
by this First Amendment. For purposes of this Consent, the Guaranty means that
certain Guaranty, dated as of February 13, 2002, executed by or on behalf of the
Guarantor. Further, in consideration of this First Amendment, the Guarantor
hereby releases and waives any and all claims of any kind that it may have
against the Lender as of the date of this First Amendment arising out of or
relating to the Revolving Note or the Loan Agreement.

                                             STUDENT ADVANTAGE, INC., a Delaware
                                             corporation

                                            By: /s/ Raymond V. Sozzi, Jr. (SEAL)
                                               ---------------------------
                                                Raymond V. Sozzi, Jr.
                                                President

COMMONWEALTH OF MASSACHUSETTS  )
                               )        To-wit:
COUNTY/CITY OF SUFFOLK         )

      I, Michael S. Traister, a Notary Public in and for the jurisdiction
aforesaid, do certify that Raymond V. Sozzi, Jr., whose name is signed to the
writing above as President of each of OCM Direct Inc., Collegiate Carpets, Inc.,
CarePackages, Inc., and Student Advantage, Inc., has acknowledged the same
before me in my jurisdiction aforesaid.

      Given under my hand and seal this 24th day of January, 2003.

                                     /s/ Michael S. Traister
                                     --------------------------------
                                     Notary Public

My Commission Expires: September 4, 2003

                                       6

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