Why students who need financial aid the most aren’t getting enough of it
Low-income households are shouldering the most student debt. Why?
You have a world of options at your fingertips when it comes to paying down your loans. Knowing what they are is the key to becoming debt-free.
— Hanneh Bareham
Hanneh Bareham, a Certified Financial Education Instructor℠, is a former Bankrate personal finance writer. She started as a credit cards reporter before transitioning into the role of student loans reporter. She is now a writer on the loans team, further widening her scope across multiple forms of consumer lending.
She has been featured in multiple national and regional media outlets, including Yahoo, CNBC, Business Insider, The Chicago Tribune, The Seattle Times and more. Her desire to empower borrowers comes from her own experiences as a college graduate managing her finances during a tumultuous economic climate. She aims to help others reach their goals through a better understanding of macroeconomic trends.
When she's not checking her repayment strategies with a loan calculator, Hanneh enjoys acting, baking and trying to find the best cup of coffee on the East Coast.
When it comes to taking out any sort of installment loan or repayment plan, it's so important to know exactly what you're signing up for. Before applying, read the terms and conditions or find the basic loan details — like interest rate ranges and repayment terms — on the lender's website to make sure you're doing what's best for your finances.
You have a world of options at your fingertips when it comes to paying down your loans. Knowing what they are is the key to becoming debt-free.
— Hanneh Bareham
Low-income households are shouldering the most student debt. Why?
Affirm doesn't have fees or charge interest on some of its buy now, pay later loans, but it does charge high interest rates if you miss a payment.
Brigit is a pay advance app that lends small amounts — $250 at a time — that have set repayment timelines. There are no APRs,, but a monthly fee is charged.
Afterpay is a buy now, pay later app that has a loyalty rewards program and a 0% interest option when you pay in four installments.
Klarna is a buy now, pay later app that has flexible eligibility requirements and bases loan amounts on repayment history.
Empower offers cash advances up to $250 and is best suited for users who are looking for a small advance.
New changes will bring many PSLF and IDR-eligible borrowers closer to forgiveness.
Axos Bank’s unsecured personal loans offer $5,000 to $50,000 for borrowers with good credit. It offers fast funding but charges an origination fee.