Document:

<PAGE>

                                                                    Exhibit 10.1

                                 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 /s/ Raymond V. Sozzi, Jr.
                                                   ----------------------------
                                                   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
-------------------------------------------------------------------------------------------------------------------

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___________________________________________________________________________________________________________________
</TABLE><PAGE>

                                                                    Exhibit 10.2

                                 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 /s/ Raymond V. Sozzi, Jr.
                                                   ----------------------------
                                                   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>

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