Author(s): S Vinod Kumar, Hadiya Begum, Hindu Preethi and G Yasashwini

Abstract: Access to higher education is severely limited in poor nations due to a lack of financial resources. Due to their parents' unemployment and their nations' failing economy, brilliant but financially struggling youngsters are unable to finish their education. Consequently, the pupils' abilities are underutilized. Student loans are a financial aid program that governments provide to college students so that they may finance their education and realize their academic potential. Student loans are made available by the government via the government of education. When the students enter the workforce, they are required to repay the loan plus interest. Student loans have historically only ever been funded by governments. The worldwide economic catastrophe is a direct consequence of the Russia-Ukraine conflict and the COVID-19 pandemic. Government expenditure has grown in response to the worldwide economic downturn. We want to use blockchain technology and crowdsourcing to completely revamp the student loan program, which will help the government save costs. This paper introduces a crowdsourced decentralized loan platform that uses blockchain technology to enable investors to contribute to the funding of higher education. Investors via the platform's network of regulated financial institutions will be able to lend money to students. When the students join the employment, they will repay the debts, along with interest. Students will be able to pay for their own education via the proposed platform, investors will earn interest, and governments will be able to reallocate funds now allocated to college loan programs to other uses. We support the efficacy of our endeavors with numerical findings and do a comprehensive security study.

DOI: 10.33545/27075923.2024.v5.i2a.73

Pages: 10-14 | Views: 339 | Downloads: 152

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