Is ‘Learn Now, Pay Later’ Just Another Student Debt Trap?

The “buy now, pay later” transaction is simple: Shoppers are offered an installment loan at the point of purchase, spreading the cost of the product across several payments. They’re often available without a credit check.

Is 'Learn Now, Pay Later' OK or just another student debt trap. Intellistudies/iStock

The “Buy Now, Pay Later” (BNLP) transaction is simple: Shoppers are offered an installment loan at the point of purchase, spreading the cost of the product across several payments. They’re often available without a credit check.

BNLP financing has become a go-to payment method at most major retailers for everything from clothing and cosmetics to computers and patio furniture. Now, it’s gaining traction for an even bigger expense: higher education.