NASHVILLE, Tenn. (WTVF) — A team of data science students at Fisk University won a hackathon in April with a project that compared North Nashville and Green Hills.
The winning Hackathon group found a severe disparity in loans given within Nashville's 37208 and 37215 zip codes which they said affects many other aspects of prospering life.
The 8-hour Hackathon was put on by Fisk, Belmont University, Blacks in Technology and many other community partners.
"Community. I think that sums it all up to see everybody from different walks of life, different areas, different backgrounds, all converge for our community. Because even though it's 37208, and 37215, these are our communities. So it's us," explained Blacks in Technology VP and Fisk University Fellow, Lena Winfree.
She teaches the students who won the Hackathon in April after a day of data sifting.
"We were given data of that included on stuff across Tennessee. And it was what separated by ZIP codes. And then some of the different columns, for example, would be like how many loans were taken out in a certain zip code, and then they would break it down by race. And then–so there was a lot of data that we can work with. And the challenge was just to take the data and tell the story with it," explained Fisk University Senior Asha Hopkins.
The team of students chose two zip codes to compare: 37208 and 37215.
"We looked at things such as educational background, we look at financial economic status, we look at family count, we look at a variety, a variety of different variables," Fisk University Sophomore Trenton Moore explained. "And really noticing all those differences allow us to understand that the main issue at this moment is really a lack of financial literacy."
After hours of sorting and trying to figure out some common threads, the team of students found some glaring differences.
"Our findings were that even within the [37208] zip code, there's a racial disparity between the loans. So with white people taking like that the average loan was like $20,000 in the zip code versus their white counterparts taking out 60,000 which is a really important point because if you're taking out smaller loans, you're probably using these on utilities, groceries, things to survive, whereas the white people in this community are able to take these loans out to build equity, right?" explained Hopkins.
Among their findings, were some dramatic banking differences.
"With these like quick cash loan places in Tennessee, there's no cap on how much interest they can charge you," detailed Hopkins. "So one of the things we found out about Tennessee in particular, one of the highest interest rates ever recorded here was 460% interest on a loan that was probably used just to buy groceries."
As the team looked into quick loan spots in the 37208 zip code, they realized they were surprised by how many there were. Then, they realized something else staggering.
"I feel like we all always see McDonald's, you know, when we're driving, we see the Golden Arches constantly," explained Hopkins. "To think that there is this predatory establishment that is that has more locations in America, than McDonald's is insane, to say the least."
These findings also took the judges back and made them really stop and listen. Metro Councilman Freddie O'Connell was one of those judges.
"I was really impressed across the board and how good they were at capturing data and then also turning it into a really great presentation," said O'Connell. "So I want other people to see it. You know, it's work that I hope doesn't just kind of go away now because the hackathon is over, I think it's important for us to get some exposure...I want to see if we can maybe even have them present to a forum at Council."
The students had several ideas for how to improve the disparities they found:
- Financial literacy classes
- Legislative change to put a cap on loan interest like many other states
- Pushing banks to offer loans in a way that discourages visits to quick cash places
Claire KopskyBlacks in Technology VP and Fisk University Fellow Lena Winfree
"Unfortunately, I've seen the numbers and I've been working with these numbers for a very long time," said Winfree. "For me, it wasn't new, but it was great to see the light bulbs go on, which is a big passion of mine. So I was very excited to see people come together and really say, 'wow, this is something we need to take care of and believe' be passionate about the solution."
The students told NewsChannel 5 that the experience of presenting to community leaders was a significant motivator in their work.
"When we came into this hackathon, and we were given real data about real people in our community, it it just made it so much more human," recalled Hopkins. "And it felt like our work wasn't just for a grade, it was something that could possibly change a lot of lives."
