Inspiration
International students often struggle with understanding how their student loans work in the U.S. financial system. Specifically, they may make minimum payments that only cover interest, leaving the principal (the actual amount borrowed) largely untouched. This results in years of payments with little progress in reducing their loan balance.
What it does
Our app provides an innovative, user-friendly solution that empowers international students to take control of their student loans by offering a personalized tool to understand and manage their debt more effectively. It addresses the problem of students unknowingly making minimum payments that only cover interest, leaving them stuck in debt for longer periods. Through financial literacy education and loan management tools, we offer a path to financial independence.
Our app goes beyond simple numbers; it empowers users by giving them the tool to: Reality Check Their Plans
How we built it
Backend: • Python: Versatile programming language for ease of use. • Flask: Lightweight framework for building RESTful APIs. • Jupyter Notebooks: Data analysis and visualization tool. • Loan Dataset: Real-world data for insights on loans. Frontend: • HTML: Structures the content of the application. • CSS: Styles the UI for a professional look. • JavaScript: Adds interactivity, communicates with backend.
Challenges we ran into
We had troubles configuring our APIs.
Accomplishments that we're proud of
In the backend, we successfully implemented our machine learning model.
What we learned
We learned the importance of time management
What's next for Never Broke Again
Future improvement and additional features: This creates a platform to further expand and help students with their financial literacy
Loan Repayment Calculator
A tool that calculates the exact amount users need to pay each month to cover both the interest and the principal, helping them reduce their loan balance faster. It will show users the long-term impact of their payments, including how much they’ll save in interest by paying more than the minimum.
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