With this FitBit for education, my plan is to allow students and universities to track their progress through college. With these education-bits students can set educational goals for themselves, track their studying, and the university can set scholarship rewards for students who meet these goals. In addition to this, the education-bit can be integrated with the school's learning management system of choice (Canvas, Blackboard, etc.) and with student's mobile phones and laptops. The system can send reminders and alerts to their bits about assignments, grades, and important messages from professors. I envision this technology could also be used a big motivational factor. The university and professors can hold educational competitions, such as who can read the most books, utilize the library facilities the most, etc. When students are motivated and successful, they don't drop out.
Universities could use this technology to save money an learn a lot of information from these as well. For example they can track what services are being used and what services aren't and allocate resources more efficiently. They can also save widespread on the costs of utilities by tracking if someone is using a classroom and if it isn't being used turn off the lights and air conditioning in those rooms. The university can use the data for a myriad of things, such as staffing decisions and giving personal attention to students who are struggling.
These are just a few of the ways this kind of technology can be used.