Document:

<PAGE>

                                                                    Exhibit 10.3

                       AMENDMENT NO. 9 TO LOAN AGREEMENT

                   AMENDMENT NO. 9 TO LOAN AGREEMENT dated as of March 31, 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 Corp. 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 eight 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 have agreed to lend to the
Borrower additional monies contemporaneously with the execution 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. Loans. Contemporaneously herewith, the Reservoir
Lenders will lend to the Borrower an additional One Million Five Hundred
Thousand Dollars ($1,500,000.00) as a Term Loan (the "Additional Reservoir
Lendings"), which Additional Reservoir Lendings shall be evidenced by two
promissory notes in or substantially in the forms attached hereto as Exhibits
A-1 and A-2, hereto. The borrowings contemplated by this Amendment shall not
constitute additional warranties or representations regarding the Obligors or
any fact or circumstance whatsoever, except that the warranties and
representations made in Section 4.01, 4.02 and 4.03 of the Loan Agreement are
hereby incorporated by reference and made as of the date hereof (and the term
"Transactions" therein shall include, without limitation, the transactions
contemplated by this Amendment), it being understood that the Borrower is not in
good corporate standing with the State of Delaware, Secretary of State.

                  Section 3. Payments.

                  (a) Notwithstanding any provision of the Loan Agreement to the
contrary, all payments on Loans after the date hereof (including payments made
under the Security Agreement) shall be made to the Administrative Agent for the
account of the Lenders and shall be allocated as follows:

                           (i) all payments, until such time as Reservoir shall
         have been repaid the Additional Reservoir Lendings provided hereunder,
         together with accrued, but unpaid interest thereon arising after the
         date of this Amendment, shall be paid over promptly to Reservoir;

<PAGE>

                           (ii) all payments, until such time as Reservoir shall
         have been repaid the $500,000 borrowed under Amendment No. 8 to Loan
         Agreement, together with accrued, but unpaid interest thereon arising
         after March 14, 2003 disbursement date thereof, shall be paid over
         promptly to Reservoir

                           (iii) thereafter, all payments, until such time as
         Reservoir shall have been repaid an additional $4,016,000 of the Loans,
         together with accrued, but unpaid interest thereon arising after
         December 30, 2002, shall be paid over promptly to the Reservoir
         Lenders;

                          (iv) thereafter, all payments, until such time as an
         additional $9,000,000 of the Loans, together with accrued but unpaid
         interest thereon arising after December 30, 2002, and $500,000 of the
         Katzman Fee, together with accrued deemed interest thereon, shall have
         been paid over to the Lenders and Katzman, 57.89% of such monies shall
         be paid to the Reservoir Lenders, 5.26% shall be paid to Katzman and
         36.84% shall be paid over to Scholar; and

                          (v) thereafter, all payments, until such time as an
         additional $500,000 of the Loans, together with accrued, but unpaid
         interest thereon arising after December 30, 2002, and an additional
         $500,000 of the Katzman Fee together with accrued deemed interest
         thereon, shall have been paid to Katzman and the Reservoir Lenders 50%
         of such monies shall be paid to Katzman and 50% shall be paid to the
         Reservoir Lenders.

                  (b) (i) In paragraph (b) of the letter dated December 30, 2002
from the Borrower to the Lenders relating to disposition of proceeds from
certain asset sales (the "Dispositions Letter"), the number "$6,500,000" shall
be replaced by "$8,000,000." (ii) In paragraph (c) of the Dispositions Letter,
the number "$8,500,000" shall be replaced by "$10,000,000".

                  Section 4. Loan Agreement Amendment. 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) $4,000,000 by April 14, 2003, and (ii) the remainder of the Loans on the
Maturity Date."

                  Section 5. 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.

                  Section 6. 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.

                  Section 7. 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.]

<PAGE>

                  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

                                           THE DIGITAL PUBLISHING COMPANY, INC.

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

<PAGE>

                                           OFFICIAL COLLEGE SPORTS NETWORK, INC.

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

                                           U-WIRE, INC.

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

                                           KATZMAN

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

                                           LENDERS

                                           SCHOLAR, INC.

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

<PAGE>

                                           RESERVOIR CAPITAL PARTNERS, L.P.,
                                              individually and as Administrative
                                              Agent

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

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

                                           RESERVOIR CAPITAL ASSOCIATES L.P.

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

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

                                           RESERVOIR CAPITAL MASTER FUND L.P.

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

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

<PAGE>

                                                                     Exhibit A-1

                                 PROMISSORY NOTE

                                                              New York, New York
                  March 31, 2003

                  For value received, STUDENT ADVANTAGE, INC., a Delaware
corporation (the "Borrower"), promises to pay to the order of RESERVOIR CAPITAL
PARTNERS, L.P. (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 from time to time by the Lender to the
Borrower 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 ____________________________
                                              Name:  Raymond V. Sozzi, Jr.
                                              Title: President

<PAGE>

                            Promissory Note (cont'd)

                         LOANS AND PAYMENTS OF PRINCIPAL

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
                            Type of Loan                                   Amount of Principal
       Date             (Term or Revolving)             Amount of Loan           Repaid            Notation Made By
-------------------------------------------------------------------------------------------------------------------
<S>                     <C>                             <C>                <C>                     <C>
      3/31/03                  Term                       $1,284,600
-------------------------------------------------------------------------------------------------------------------

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________
</TABLE>

<PAGE>

                                                                     Exhibit A-2

                                 PROMISSORY NOTE

                                                              New York, New York
                                                                  March 31, 2002

                  For value received, STUDENT ADVANTAGE, INC., a Delaware
corporation (the "Borrower"), promises to pay to the order of RESERVOIR CAPITAL
MASTER FUND, L.P. (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 from time to time by the
Lender to the Borrower 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 ____________________________
                                              Name:  Raymond V. Sozzi, Jr.
                                              Title: President

<PAGE>

                            Promissory Note (cont'd)

                         LOANS AND PAYMENTS OF PRINCIPAL

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
                            Type of Loan                                   Amount of Principal
       Date             (Term or Revolving)             Amount of Loan           Repaid            Notation Made By
-------------------------------------------------------------------------------------------------------------------
<S>                     <C>                             <C>                <C>                     <C>
      3/31/03                  Term                        $215,400
-------------------------------------------------------------------------------------------------------------------

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________
</TABLE><PAGE>

                                                                    EXHIBIT 4.11

                                                       August 8, 2002

Mr. Steven Fisch
78 Highland Avenue
Newton, Massachusetts 02460

Re:   SEVERANCE

Dear Steven,

In the event that your employment is involuntarily terminated by IONA other than
for cause and you satisfy the conditions described below, IONA will pay you
severance as follows:

(i)   if you are terminated during your first year of employment by IONA, you
      will be paid cash severance equal to the total annualized cash
      compensation set forth in the first paragraph of the "Compensation"
      section of the offer letter dated August 8, 2002 from IONA to you ("Total
      Annualized Cash Compensation") less the amount of all cash paid to you by
      IONA through the date of your termination; or

(ii)  if you are terminated during your second or any subsequent year of
      employment by IONA you will be paid cash severance equal to your Total
      Annualized Cash Compensation.

In order to receive any severance, you must, within the period specified by
IONA, sign and deliver to IONA a Separation Agreement and Release in a form
satisfactory to IONA and you must return all of IONA's property.

For purposes of this letter, "cause" shall mean conduct involving one or more of
the following: (i) your substantial and continuing failure, after notice
thereof, to render services to the Company in accordance with the terms or
requirements of your employment; (ii) disloyalty, gross negligence, willful
misconduct, dishonesty or breach of fiduciary duty to the Company; (iii) the
commission of an act of embezzlement or fraud; (iv) deliberate disregard of the
rules or policies of the Company which results in direct or indirect loss,
damage or injury to the Company; (v) the unauthorized disclosure of any trade
secret or confidential information of the Company; or (vi) the commission of an
act which constitutes unfair competition with the Company or which induces any
customer or supplier to breach a contract with the Company.

Sincerely,

/s/ Nancy E. Fleming
-------------------------------------------
Nancy E. Fleming
Senior Director, Human Resources - Americas

AGREED & ACCEPTED:

SIGNED:     /s/ Steven Fisch
        -----------------------------------

PRINTED NAME: Steven Fisch
              -----------------------------

DATE:   August 8, 2002
        -----------------------------------

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