Big data is transforming many facets of our lives. One of the ways consumers are looking to big data is with the student loan crisis. Big data advances could also make the government more understanding with its student loan forgiveness program.
Big Data Could Turn the Student Loan Crisis on its Head
There are multiple applications of big data for solving the pay back a student loan crisis. In 2017, Fortune published an article on the ways big data are being applied to help at-risk students graduate.
The article cited a study by Georgia State University, which showed a new approach using big data has helped graduation rates increase by 30% in some major demographics. The study opened the door for some other big data applications regarding the student loan crisis.
One of the ways that big data can be useful is by helping students graduate on time. This will make students less likely to default on their debts, which can mean that the government won’t feel it as much of a burden to offer student loan forgiveness.
As more students benefit from big data, the student loan forgiveness rate is likely to increase. However, students will still need to be aware of the process for seeking forgiveness. They can follow the steps listed below.
Student Loan Forgiveness Process with Big Data
There are many ways to have your student loan forgiven in the big data age. Some loans are partially forgiven. If you’re fortunate enough, you can have the entire balance forgiven. Currently, there are federal and state programs designed for teachers, people who work in non-profit agencies, those who are employed by government agencies, people who opt for public service jobs, and more. One of the largest such programs, based on the number of participants and on amounts written off, is associated with the U.S. military branches. Big data tools make it easier to find these opportunities.
If you have a large financial obligation and are not averse to serving a year or two, or three in the military, you stand to have up to $40,000 of the debt eliminated. Of course, each military branch has its own program and they differ a lot. Still, it helps to know the various kinds of plans available to you if you opt to join the Army, Navy, Air Force, Marines or Coast Guard. There are other programs that are not connected to military service. If you don’t want to enlist, consider opting for one of the other choices.
If you teach in a school that is categorized as economically disadvantaged, you can earn up to $17,500 in write-offs. The main thing for teachers to remember is that each state has its own programs, and some public-school systems even have designated plans for new teachers. You always need to check with your district about what’s available because the majority of schools have some kind of help for people who had to borrow to get through college and graduate school.
Big data helps new teachers find districts that qualify.
Programs for Military Personnel
In total, based on data from 2015, borrowers who enlisted in the military were able to say goodbye to nearly $2 billion in education bills. The trick for borrowers is staying in for up to three years and working as hard as possible to achieve a rank of corporal or above (or the equivalent rank in non-Army branches). Not only can you earn huge dollar amounts of write-offs, you’ll also be earning a military salary at the same time, so it’s almost like getting double pay for a single job.
Military programs differ based on the branch you serve in, the length of time you stay in and the program you opt for (some branches give you a choice). Currently, there are several large plans in operation, all of which have many thousands of participants. They include SCRA: The Servicemembers Civil Relief Act and CLRP: The Military College Loan Repayment Program.
Big data helps you research these opportunities better, so you can select the right branch of the military.
What about Doctors Who Join the Military?
If you already have a degree in dentistry or general medicine, you can reduce what you owe by up to $40,000 for each year of service. That means a typical three-year hitch could wipe out $120,000 of student debt. Even for doctors and dentists, however, each branch has its own way of doing things when it comes to these kinds of plans. Always read the fine print before enlisting so you know before you go and can make the best deal possible.
Big Data is Key to Solving the Student Loan Crisis
The student loan crisis is growing exponentially, but big data is helping solve the problem. Big data helps students find the best student loan forgiveness options and makes lenders more likely to forgive them.