[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.98,0:00:06.44,Default,,0000,0000,0000,,Today 40 million Americans are indebted\Nfor their passage to the new economy.
Dialogue: 0,0:00:08.04,0:00:10.14,Default,,0000,0000,0000,,Too poor to pay their way through college,
Dialogue: 0,0:00:10.17,0:00:14.51,Default,,0000,0000,0000,,they now owe lenders\Nmore than one trillion US dollars.
Dialogue: 0,0:00:15.71,0:00:17.95,Default,,0000,0000,0000,,They do find what jobs they can get
Dialogue: 0,0:00:17.97,0:00:20.46,Default,,0000,0000,0000,,to pay off a debt\Nthat is secured on their person.
Dialogue: 0,0:00:21.20,0:00:23.25,Default,,0000,0000,0000,,In America,
Dialogue: 0,0:00:23.27,0:00:28.80,Default,,0000,0000,0000,,even a bankrupt gambler\Ngets a second chance.
Dialogue: 0,0:00:30.35,0:00:33.15,Default,,0000,0000,0000,,But it is nearly impossible
Dialogue: 0,0:00:33.18,0:00:36.65,Default,,0000,0000,0000,,for an American to get discharged\Ntheir student loan debts.
Dialogue: 0,0:00:40.42,0:00:43.14,Default,,0000,0000,0000,,Once upon a time in America,
Dialogue: 0,0:00:43.16,0:00:45.82,Default,,0000,0000,0000,,going to college did not mean\Ngraduating with debt.
Dialogue: 0,0:00:47.30,0:00:52.58,Default,,0000,0000,0000,,My friend Paul's father\Ngraduated from Colorado State University
Dialogue: 0,0:00:52.61,0:00:53.76,Default,,0000,0000,0000,,on the GI Bill.
Dialogue: 0,0:00:55.55,0:00:57.13,Default,,0000,0000,0000,,For his generation,
Dialogue: 0,0:00:57.16,0:01:00.01,Default,,0000,0000,0000,,higher education was free or almost free,
Dialogue: 0,0:01:00.03,0:01:02.43,Default,,0000,0000,0000,,because it was thought of\Nas a public good.
Dialogue: 0,0:01:03.68,0:01:04.87,Default,,0000,0000,0000,,Not anymore.
Dialogue: 0,0:01:06.17,0:01:10.27,Default,,0000,0000,0000,,When Paul also graduated\Nfrom Colorado State University,
Dialogue: 0,0:01:10.29,0:01:13.66,Default,,0000,0000,0000,,he paid for his English degree\Nby working part-time.
Dialogue: 0,0:01:14.16,0:01:15.32,Default,,0000,0000,0000,,30 years ago,
Dialogue: 0,0:01:15.34,0:01:18.01,Default,,0000,0000,0000,,higher education tuition\Nwas affordable, reasonable,
Dialogue: 0,0:01:18.03,0:01:21.43,Default,,0000,0000,0000,,and what debts you accumulated,\Nyou paid off by graduation date.
Dialogue: 0,0:01:21.95,0:01:23.10,Default,,0000,0000,0000,,Not anymore.
Dialogue: 0,0:01:23.83,0:01:27.20,Default,,0000,0000,0000,,Paul's daughter followed in his footsteps,
Dialogue: 0,0:01:27.23,0:01:28.53,Default,,0000,0000,0000,,but with one difference:
Dialogue: 0,0:01:28.55,0:01:31.04,Default,,0000,0000,0000,,when she graduated five years ago,
Dialogue: 0,0:01:31.07,0:01:32.42,Default,,0000,0000,0000,,it was with a whopping debt.
Dialogue: 0,0:01:33.18,0:01:36.52,Default,,0000,0000,0000,,Students like Kate have to take on a loan
Dialogue: 0,0:01:36.54,0:01:39.74,Default,,0000,0000,0000,,because the cost of higher education\Nhas become unaffordable
Dialogue: 0,0:01:39.77,0:01:43.46,Default,,0000,0000,0000,,for many if not most American families.
Dialogue: 0,0:01:44.43,0:01:45.58,Default,,0000,0000,0000,,But so what?
Dialogue: 0,0:01:46.12,0:01:48.66,Default,,0000,0000,0000,,Getting into debt to buy\Nan expensive education
Dialogue: 0,0:01:48.69,0:01:51.45,Default,,0000,0000,0000,,is not all bad if you could pay it off
Dialogue: 0,0:01:51.48,0:01:54.61,Default,,0000,0000,0000,,with the increased income\Nthat you earned from it.
Dialogue: 0,0:01:55.27,0:01:57.38,Default,,0000,0000,0000,,But that's where the rubber\Nmeets the road.
Dialogue: 0,0:01:59.65,0:02:05.25,Default,,0000,0000,0000,,Even a college grad\Nearned 10 percent more in 2001
Dialogue: 0,0:02:05.27,0:02:07.25,Default,,0000,0000,0000,,than she did in 2013.
Dialogue: 0,0:02:07.98,0:02:09.13,Default,,0000,0000,0000,,So ...
Dialogue: 0,0:02:09.78,0:02:11.44,Default,,0000,0000,0000,,tuition costs up,
Dialogue: 0,0:02:11.46,0:02:12.98,Default,,0000,0000,0000,,public funding down,
Dialogue: 0,0:02:13.01,0:02:15.45,Default,,0000,0000,0000,,family incomes diminished,
Dialogue: 0,0:02:15.47,0:02:17.88,Default,,0000,0000,0000,,personal incomes weak.
Dialogue: 0,0:02:18.24,0:02:22.65,Default,,0000,0000,0000,,Is it any wonder that more\Nthan a quarter of those who must
Dialogue: 0,0:02:22.67,0:02:24.68,Default,,0000,0000,0000,,cannot make their student loan payments?
Dialogue: 0,0:02:26.85,0:02:29.83,Default,,0000,0000,0000,,The worst of times\Ncan be the best of times,
Dialogue: 0,0:02:29.85,0:02:33.73,Default,,0000,0000,0000,,because certain truths flash up\Nin ways that you can't ignore.
Dialogue: 0,0:02:34.45,0:02:36.39,Default,,0000,0000,0000,,I want to speak of three of them today.
Dialogue: 0,0:02:37.57,0:02:41.44,Default,,0000,0000,0000,,1.2 trillion dollars of debts for diplomas
Dialogue: 0,0:02:41.47,0:02:43.93,Default,,0000,0000,0000,,make it abundantly obvious
Dialogue: 0,0:02:43.96,0:02:47.70,Default,,0000,0000,0000,,that higher education\Nis a consumer product you can buy.
Dialogue: 0,0:02:48.28,0:02:53.10,Default,,0000,0000,0000,,All of us talk about education\Njust as the economists do now,
Dialogue: 0,0:02:53.12,0:02:57.61,Default,,0000,0000,0000,,as an investment that you make\Nto improve the human stock
Dialogue: 0,0:02:57.63,0:02:59.37,Default,,0000,0000,0000,,by training them for work.
Dialogue: 0,0:02:59.81,0:03:04.54,Default,,0000,0000,0000,,As an investment you make\Nto sort and classify people
Dialogue: 0,0:03:04.56,0:03:07.33,Default,,0000,0000,0000,,so that employers\Ncan hire them more easily.
Dialogue: 0,0:03:08.40,0:03:11.79,Default,,0000,0000,0000,,The U.S. News & World Report\Nranks colleges
Dialogue: 0,0:03:11.82,0:03:15.07,Default,,0000,0000,0000,,just as the consumer report\Nrates washing machines.
Dialogue: 0,0:03:15.10,0:03:18.86,Default,,0000,0000,0000,,The language is peppered with barbarisms.
Dialogue: 0,0:03:18.88,0:03:22.26,Default,,0000,0000,0000,,Teachers are called "service providers,"
Dialogue: 0,0:03:22.29,0:03:24.04,Default,,0000,0000,0000,,students are called "consumers."
Dialogue: 0,0:03:25.51,0:03:29.39,Default,,0000,0000,0000,,Sociology and Shakespeare\Nand soccer and science,
Dialogue: 0,0:03:29.41,0:03:31.01,Default,,0000,0000,0000,,all of these are "content."
Dialogue: 0,0:03:33.32,0:03:34.70,Default,,0000,0000,0000,,Student debt is profitable.
Dialogue: 0,0:03:34.72,0:03:35.87,Default,,0000,0000,0000,,Only not on you.
Dialogue: 0,0:03:37.96,0:03:41.56,Default,,0000,0000,0000,,Your debt fattens the profit\Nof the student loan industry.
Dialogue: 0,0:03:42.04,0:03:44.48,Default,,0000,0000,0000,,The two 800-pound gorillas of which --
Dialogue: 0,0:03:44.50,0:03:46.56,Default,,0000,0000,0000,,Sallie Mae and Navient --
Dialogue: 0,0:03:46.59,0:03:51.79,Default,,0000,0000,0000,,posted last year a combined profit\Nof 1.2 billion dollars.
Dialogue: 0,0:03:52.57,0:03:55.14,Default,,0000,0000,0000,,And just like home mortgages,
Dialogue: 0,0:03:55.16,0:03:58.35,Default,,0000,0000,0000,,student loans can be bundled\Nand packaged and sliced and diced,
Dialogue: 0,0:03:58.37,0:03:59.62,Default,,0000,0000,0000,,and sold on Wall Street.
Dialogue: 0,0:04:00.37,0:04:01.96,Default,,0000,0000,0000,,And colleges and universities
Dialogue: 0,0:04:01.99,0:04:05.29,Default,,0000,0000,0000,,that invest in these securitized loans
Dialogue: 0,0:04:06.17,0:04:07.32,Default,,0000,0000,0000,,profit twice.
Dialogue: 0,0:04:07.74,0:04:09.16,Default,,0000,0000,0000,,Once from your tuition,
Dialogue: 0,0:04:09.18,0:04:11.56,Default,,0000,0000,0000,,and then again from the interest on debt.
Dialogue: 0,0:04:13.11,0:04:15.47,Default,,0000,0000,0000,,With all that money to be made,
Dialogue: 0,0:04:15.50,0:04:21.08,Default,,0000,0000,0000,,are we surprised that some\Nin the higher education business
Dialogue: 0,0:04:21.11,0:04:23.18,Default,,0000,0000,0000,,have begun to engage in false advertising,
Dialogue: 0,0:04:23.20,0:04:24.36,Default,,0000,0000,0000,,in bait and switch ...
Dialogue: 0,0:04:26.58,0:04:30.68,Default,,0000,0000,0000,,in exploiting the very ignorance\Nthat they pretend to educate?
Dialogue: 0,0:04:32.14,0:04:33.29,Default,,0000,0000,0000,,Third:
Dialogue: 0,0:04:33.68,0:04:35.07,Default,,0000,0000,0000,,diplomas are a brand.
Dialogue: 0,0:04:35.74,0:04:38.09,Default,,0000,0000,0000,,Many years ago my teacher wrote,
Dialogue: 0,0:04:38.12,0:04:40.66,Default,,0000,0000,0000,,"When students are treated as consumers,
Dialogue: 0,0:04:40.68,0:04:43.81,Default,,0000,0000,0000,,they're made prisoners\Nof addiction and envy."
Dialogue: 0,0:04:47.79,0:04:52.34,Default,,0000,0000,0000,,Just as consumers can be sold and resold\Nupgraded versions of an iPhone,
Dialogue: 0,0:04:52.36,0:04:55.30,Default,,0000,0000,0000,,so also people can be sold\Nmore and more education.
Dialogue: 0,0:04:56.81,0:04:58.67,Default,,0000,0000,0000,,College is the new high school,
Dialogue: 0,0:04:58.70,0:05:00.02,Default,,0000,0000,0000,,we already say that.
Dialogue: 0,0:05:01.41,0:05:02.81,Default,,0000,0000,0000,,But why stop there?
Dialogue: 0,0:05:02.83,0:05:06.31,Default,,0000,0000,0000,,People can be upsold\Non certifications and recertifications,
Dialogue: 0,0:05:06.33,0:05:08.69,Default,,0000,0000,0000,,master's degrees, doctoral degrees.
Dialogue: 0,0:05:11.44,0:05:15.15,Default,,0000,0000,0000,,Higher education is also marketed\Nas a status object.
Dialogue: 0,0:05:16.63,0:05:17.78,Default,,0000,0000,0000,,Buy a degree,
Dialogue: 0,0:05:17.81,0:05:20.100,Default,,0000,0000,0000,,much like you do a Lexus\Nof a Louis Vuitton bag,
Dialogue: 0,0:05:21.02,0:05:22.81,Default,,0000,0000,0000,,to distinguish yourself from others.
Dialogue: 0,0:05:22.84,0:05:25.29,Default,,0000,0000,0000,,So you can be the object\Nof envy of others.
Dialogue: 0,0:05:26.67,0:05:28.40,Default,,0000,0000,0000,,Diplomas are a brand.
Dialogue: 0,0:05:29.03,0:05:35.63,Default,,0000,0000,0000,,But these truths are often times\Nhidden by a very noisy sales pitch.
Dialogue: 0,0:05:36.54,0:05:38.17,Default,,0000,0000,0000,,There is not a day that goes by
Dialogue: 0,0:05:38.20,0:05:43.23,Default,,0000,0000,0000,,without some policy guy\Non television telling us,
Dialogue: 0,0:05:43.26,0:05:45.28,Default,,0000,0000,0000,,"A college degree is absolutely essential
Dialogue: 0,0:05:45.30,0:05:48.02,Default,,0000,0000,0000,,to get on that up escalator\Nto a middle-class life."
Dialogue: 0,0:05:48.89,0:05:52.57,Default,,0000,0000,0000,,And the usual evidence offered\Nis the college premium:
Dialogue: 0,0:05:52.59,0:05:57.84,Default,,0000,0000,0000,,a college grad who makes on average\N56 percent more than a high school grad.
Dialogue: 0,0:05:58.42,0:06:00.47,Default,,0000,0000,0000,,Let's look at that number more carefully,
Dialogue: 0,0:06:00.50,0:06:01.82,Default,,0000,0000,0000,,because on the face of it,
Dialogue: 0,0:06:01.85,0:06:05.19,Default,,0000,0000,0000,,it seems to belie the stories we all hear
Dialogue: 0,0:06:05.22,0:06:09.60,Default,,0000,0000,0000,,about college grads\Nworking as baristas and cashiers.
Dialogue: 0,0:06:10.54,0:06:15.70,Default,,0000,0000,0000,,Of 100 people who enroll\Nin any form of post-secondary education,
Dialogue: 0,0:06:15.72,0:06:18.77,Default,,0000,0000,0000,,45 do not complete it in a timely fashion,
Dialogue: 0,0:06:18.79,0:06:21.86,Default,,0000,0000,0000,,for a number of reasons,\Nincluding financial.
Dialogue: 0,0:06:22.28,0:06:24.19,Default,,0000,0000,0000,,Of the 55 that do graduate,
Dialogue: 0,0:06:24.21,0:06:26.26,Default,,0000,0000,0000,,two will remain unemployed,
Dialogue: 0,0:06:26.28,0:06:29.01,Default,,0000,0000,0000,,and another 18 are underemployed.
Dialogue: 0,0:06:30.06,0:06:33.73,Default,,0000,0000,0000,,So, college grads earn more\Nthan high school grads,
Dialogue: 0,0:06:33.76,0:06:36.75,Default,,0000,0000,0000,,but does it pay for the exorbitant tuition
Dialogue: 0,0:06:36.77,0:06:39.16,Default,,0000,0000,0000,,and the lost wages while at college?
Dialogue: 0,0:06:39.66,0:06:42.26,Default,,0000,0000,0000,,Now even economists admit
Dialogue: 0,0:06:42.28,0:06:47.51,Default,,0000,0000,0000,,going to college pays off\Nfor only those who complete it.
Dialogue: 0,0:06:48.10,0:06:52.13,Default,,0000,0000,0000,,But that's only because high school wages\Nhave been cut to the bone,
Dialogue: 0,0:06:52.15,0:06:53.59,Default,,0000,0000,0000,,for decades now.
Dialogue: 0,0:06:55.37,0:06:57.26,Default,,0000,0000,0000,,For decades,
Dialogue: 0,0:06:57.28,0:06:59.64,Default,,0000,0000,0000,,workers with a high school degree
Dialogue: 0,0:06:59.66,0:07:03.77,Default,,0000,0000,0000,,have been denied a fair share\Nof what they have produced.
Dialogue: 0,0:07:04.48,0:07:07.38,Default,,0000,0000,0000,,And had they received as they should have,
Dialogue: 0,0:07:07.41,0:07:11.36,Default,,0000,0000,0000,,then going to college would have been\Na bad investment for many.
Dialogue: 0,0:07:11.39,0:07:13.51,Default,,0000,0000,0000,,College premium?
Dialogue: 0,0:07:13.94,0:07:15.70,Default,,0000,0000,0000,,I think it's a high school discount.
Dialogue: 0,0:07:16.69,0:07:21.09,Default,,0000,0000,0000,,Two out of three people who enroll\Nare not going to find an adequate job.
Dialogue: 0,0:07:21.76,0:07:24.87,Default,,0000,0000,0000,,And the future, for them,\Ndoesn't look particularly promising --
Dialogue: 0,0:07:24.89,0:07:26.61,Default,,0000,0000,0000,,in fact, it's downright bleak.
Dialogue: 0,0:07:26.64,0:07:29.04,Default,,0000,0000,0000,,And it is they who are going to suffer
Dialogue: 0,0:07:30.54,0:07:33.22,Default,,0000,0000,0000,,the most punishing forms of student debt.
Dialogue: 0,0:07:34.00,0:07:35.15,Default,,0000,0000,0000,,And it is they,
Dialogue: 0,0:07:35.18,0:07:36.56,Default,,0000,0000,0000,,curiously and sadly,
Dialogue: 0,0:07:36.58,0:07:40.39,Default,,0000,0000,0000,,who are marketed most loudly\Nabout this college premium thing.
Dialogue: 0,0:07:41.99,0:07:44.38,Default,,0000,0000,0000,,That's not just cynical marketing,
Dialogue: 0,0:07:44.41,0:07:45.56,Default,,0000,0000,0000,,that's cruel.
Dialogue: 0,0:07:47.28,0:07:48.43,Default,,0000,0000,0000,,So what do we do?
Dialogue: 0,0:07:49.28,0:07:54.89,Default,,0000,0000,0000,,What if students and parents treated\Nhigher education as a consumer product?
Dialogue: 0,0:07:56.20,0:07:57.74,Default,,0000,0000,0000,,Everybody else seems to.
Dialogue: 0,0:07:58.69,0:08:00.95,Default,,0000,0000,0000,,Then, like any other consumer product,
Dialogue: 0,0:08:00.97,0:08:03.47,Default,,0000,0000,0000,,you would demand to know\Nwhat you're paying for.
Dialogue: 0,0:08:03.50,0:08:04.71,Default,,0000,0000,0000,,When you buy medicines,
Dialogue: 0,0:08:04.73,0:08:06.65,Default,,0000,0000,0000,,you get a list of side effects.
Dialogue: 0,0:08:06.67,0:08:08.78,Default,,0000,0000,0000,,When you buy a higher educational product,
Dialogue: 0,0:08:08.81,0:08:10.44,Default,,0000,0000,0000,,you should have a warning label
Dialogue: 0,0:08:10.47,0:08:12.66,Default,,0000,0000,0000,,that allows consumers to choose,
Dialogue: 0,0:08:12.68,0:08:14.06,Default,,0000,0000,0000,,make informed choices.
Dialogue: 0,0:08:14.84,0:08:16.03,Default,,0000,0000,0000,,When you buy a car,
Dialogue: 0,0:08:16.05,0:08:18.66,Default,,0000,0000,0000,,it tells you how many\Nmiles per gallon to expect.
Dialogue: 0,0:08:19.19,0:08:20.63,Default,,0000,0000,0000,,Who knows what to expect
Dialogue: 0,0:08:20.66,0:08:24.37,Default,,0000,0000,0000,,from a degree say, in Canadian Studies.
Dialogue: 0,0:08:24.81,0:08:26.46,Default,,0000,0000,0000,,There is such a thing, by the way.
Dialogue: 0,0:08:28.99,0:08:31.04,Default,,0000,0000,0000,,What if there was an app for that?
Dialogue: 0,0:08:34.40,0:08:39.27,Default,,0000,0000,0000,,One that linked up the cost of a major\Nto the expected income.
Dialogue: 0,0:08:40.21,0:08:42.57,Default,,0000,0000,0000,,Let's call it Income-Based Tuition or IBT.
Dialogue: 0,0:08:42.60,0:08:44.12,Default,,0000,0000,0000,,One of you make this.
Dialogue: 0,0:08:44.14,0:08:45.68,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:08:45.71,0:08:47.44,Default,,0000,0000,0000,,Discover your reality.
Dialogue: 0,0:08:47.46,0:08:49.77,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,0:08:49.80,0:08:51.22,Default,,0000,0000,0000,,There are three advantages,
Dialogue: 0,0:08:51.25,0:08:53.93,Default,,0000,0000,0000,,three benefits to Income-Based Tuition.
Dialogue: 0,0:08:55.23,0:08:57.12,Default,,0000,0000,0000,,Any user can figure out
Dialogue: 0,0:08:57.14,0:09:00.35,Default,,0000,0000,0000,,how much money he or she will make\Nfrom a given college and major.
Dialogue: 0,0:09:01.10,0:09:02.45,Default,,0000,0000,0000,,Such informed users
Dialogue: 0,0:09:02.47,0:09:06.42,Default,,0000,0000,0000,,are unlikely to fall victim\Nto the huckster's ploy,
Dialogue: 0,0:09:06.44,0:09:07.85,Default,,0000,0000,0000,,to the sales pitch.
Dialogue: 0,0:09:07.87,0:09:09.58,Default,,0000,0000,0000,,But also to choose wisely.
Dialogue: 0,0:09:09.60,0:09:12.01,Default,,0000,0000,0000,,Why would anybody pay more for college
Dialogue: 0,0:09:12.03,0:09:15.06,Default,,0000,0000,0000,,than let's say, 15 percent\Nof the additional income they earn?
Dialogue: 0,0:09:17.04,0:09:19.76,Default,,0000,0000,0000,,There's a second benefit\Nto Income-Based Tuition.
Dialogue: 0,0:09:19.78,0:09:22.74,Default,,0000,0000,0000,,By tying the cost to the income,
Dialogue: 0,0:09:22.76,0:09:27.18,Default,,0000,0000,0000,,college administrators would be forced\Nto manage costs better,
Dialogue: 0,0:09:27.21,0:09:29.55,Default,,0000,0000,0000,,to find innovative ways to do so.
Dialogue: 0,0:09:29.57,0:09:30.73,Default,,0000,0000,0000,,For instance,
Dialogue: 0,0:09:30.75,0:09:34.81,Default,,0000,0000,0000,,all of you students here pay roughly\Nthe same tuition for every major.
Dialogue: 0,0:09:35.48,0:09:39.52,Default,,0000,0000,0000,,That is manifestly unfair,\Nand should change.
Dialogue: 0,0:09:40.30,0:09:44.22,Default,,0000,0000,0000,,An engineering student uses more resources
Dialogue: 0,0:09:44.24,0:09:46.65,Default,,0000,0000,0000,,and facilities and labs and faculty
Dialogue: 0,0:09:46.67,0:09:48.35,Default,,0000,0000,0000,,than a philosophy student.
Dialogue: 0,0:09:49.58,0:09:51.68,Default,,0000,0000,0000,,But the philosophy student,\Nas a consequence,
Dialogue: 0,0:09:51.71,0:09:53.90,Default,,0000,0000,0000,,is subsidizing the engineering student.
Dialogue: 0,0:09:54.30,0:09:56.99,Default,,0000,0000,0000,,Who then, by the way,\Ngoes on and earns more money.
Dialogue: 0,0:09:57.02,0:10:00.72,Default,,0000,0000,0000,,Why should two people\Nbuy the same product,
Dialogue: 0,0:10:00.75,0:10:01.92,Default,,0000,0000,0000,,pay the same,
Dialogue: 0,0:10:01.94,0:10:04.72,Default,,0000,0000,0000,,but one person receive\Nhalf or a third of the service.
Dialogue: 0,0:10:06.45,0:10:10.52,Default,,0000,0000,0000,,In fact, college grads, some majors,
Dialogue: 0,0:10:10.54,0:10:14.16,Default,,0000,0000,0000,,pay 25 percent of their income\Nservicing their student debt,
Dialogue: 0,0:10:14.19,0:10:15.86,Default,,0000,0000,0000,,while others pay five percent.
Dialogue: 0,0:10:17.51,0:10:22.03,Default,,0000,0000,0000,,That kind if inequity would end\Nwhen majors are priced more correctly.
Dialogue: 0,0:10:23.04,0:10:25.20,Default,,0000,0000,0000,,Now of course, all this data --
Dialogue: 0,0:10:25.22,0:10:27.30,Default,,0000,0000,0000,,and one of you is going to do this, right?
Dialogue: 0,0:10:27.32,0:10:29.17,Default,,0000,0000,0000,,All this data has to be well designed,
Dialogue: 0,0:10:29.19,0:10:31.29,Default,,0000,0000,0000,,maybe audited by public accounting firms
Dialogue: 0,0:10:31.32,0:10:33.27,Default,,0000,0000,0000,,to avoid statistical lies.
Dialogue: 0,0:10:33.29,0:10:35.14,Default,,0000,0000,0000,,We know about statistics, right?
Dialogue: 0,0:10:36.77,0:10:37.99,Default,,0000,0000,0000,,But be that as it may,
Dialogue: 0,0:10:38.01,0:10:42.39,Default,,0000,0000,0000,,the third and biggest benefit\Nof Income-Based Tuition,
Dialogue: 0,0:10:42.42,0:10:47.85,Default,,0000,0000,0000,,is it would free Americans from the fear\Nand the fact of financial ruin
Dialogue: 0,0:10:47.87,0:10:50.04,Default,,0000,0000,0000,,because they bought a defective product.
Dialogue: 0,0:10:50.81,0:10:53.13,Default,,0000,0000,0000,,Perhaps, in time,
Dialogue: 0,0:10:53.16,0:10:55.40,Default,,0000,0000,0000,,young and old Americans may rediscover,
Dialogue: 0,0:10:55.43,0:10:57.62,Default,,0000,0000,0000,,as the gentleman said earlier,
Dialogue: 0,0:10:57.65,0:10:59.69,Default,,0000,0000,0000,,their curiosity, their love of learning --
Dialogue: 0,0:10:59.71,0:11:01.15,Default,,0000,0000,0000,,begin to study what they love,
Dialogue: 0,0:11:01.17,0:11:02.35,Default,,0000,0000,0000,,love what they study,
Dialogue: 0,0:11:02.38,0:11:03.76,Default,,0000,0000,0000,,follow their passion ...
Dialogue: 0,0:11:04.58,0:11:07.05,Default,,0000,0000,0000,,getting stimulated by their intelligence,
Dialogue: 0,0:11:07.07,0:11:10.51,Default,,0000,0000,0000,,follow paths of inquiry\Nthat they really want to.
Dialogue: 0,0:11:10.85,0:11:15.30,Default,,0000,0000,0000,,After all, it was Eric and Kevin,
Dialogue: 0,0:11:15.32,0:11:16.49,Default,,0000,0000,0000,,two years ago,
Dialogue: 0,0:11:17.50,0:11:20.93,Default,,0000,0000,0000,,just exactly these kinds of young men,
Dialogue: 0,0:11:20.95,0:11:22.98,Default,,0000,0000,0000,,who prompted me and worked with me,
Dialogue: 0,0:11:23.00,0:11:24.56,Default,,0000,0000,0000,,and still do,
Dialogue: 0,0:11:24.58,0:11:28.27,Default,,0000,0000,0000,,in the study of indebted\Nstudents in America.
Dialogue: 0,0:11:29.27,0:11:30.80,Default,,0000,0000,0000,,Thank you for your attention.
Dialogue: 0,0:11:30.83,0:11:35.39,Default,,0000,0000,0000,,(Applause)