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Texas Higher Education Coordinating Board Chair Fred Heldenfels on efforts to rein in student loan debt.
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College student all I hear from professors neighbors and others is that when I gradually dollar -- little chance to get employment.
Can what can you say to reassure me but more importantly my parents that'll be able to sufficiently support myself and start gradually.
Well it's a question on everybody's minds these days -- college grads face -- crushing debt -- a terrible economy.
And new numbers today suggesting the problem is getting worse here with more.
Fred held fels chairman of the Texas higher education coordinating board Fred thanks so much for joining us today this is such a critical issue for so many Americans.
I just underscore how big this issue is take a look at this.
Look at this snapshot of -- 2011 college -- they graduate with 26600.
Bucks in debt.
54 more than half of them 54% are unemployed or underemployed.
And then take a look at how -- tuition prices are going out for January 2012.
They're up five point 6%.
Well ahead of general inflation which is closer to three.
What do you make of this so what do we need to be doing.
Gerri thank you for the question in in taxes.
We're focused on on three strategies.
While the one thing for in fact the only thing perhaps that governor period here in Texas and the Obama administration might agree on is the need to increase.
Greatly the number of young adults holding post secondary credentials for workforce.
But the differences in and how we're pursuing that.
-- Texas.
We're aligning our post secondary degrees and certificates.
With real regional the -- -- and national economic needs.
And we're not just talking about bachelor's degrees associates degrees.
Technical certificates from our technical -- colleges or equally important to -- work for well secondly clear -- -- -- Clear pathway so that.
That the degree leads to meaningful employment and then lastly bending the cost curve down so that those -- -- to me is the real issue with the cost there is no lid on college costs.
You guys in Texas might be able to do something about it but the rest of the country.
Tuition on fire parents cannot keep up now I understand that you have a proposal down there.
-- to make an affordable.
Degree some 101000 dollars as I understand it.
Can you get a quality education for 101000 bucks.
You can -- -- and here's why.
In January of 2011.
-- our last legislative session.
The governor issued a challenge to create -- 101000 dollar degree.
As you might imagine he was met with a great deal of skepticism both by administrators -- and our legislators.
But the have have innovative.
And it's it's about thinking outside the box getting away from the traditional.
Approach to -- four -- degree.
Instead.
Through collaboration and innovation.
Yeah let me begin canceling the -- let me ask you this is part of the problem if there is there too much federal -- I think there was no ceiling on tuition right but -- part of the problem of the fact that.
Whatever federal aid that you want to apply for you can pretty much cat and -- year -- horrible credit.
Well -- there is an argument that both federal aid.
And also the perception equality is equated to price.
Have have driven tuition costs.
But like a lot of industries health care others.
There's a lot of waste in higher education.
And I'm I'm convinced that we can.
We -- it's not about quality or price we can provide both.
By focusing on strategies which will help drive the waste out of getting to -- great time -- degrees the number of credits to concern to get a bachelor's & Associates.
These are things that that can be made more efficient.
Well Fred you know -- you look at this and I'm not talking about Texas schools here.
But here on the East Coast you go to some of these schools they have sushi in the lunch room.
They have they have Olympic size swimming pools not for the swim team for everybody.
I mean they they've invested so much is that it's -- -- out there between these schools to get kids in the front door.
And they're willing to spend absolutely anything they can't get it does that have to stop.
Well -- you may have to blame baby boomer parents.
For creating that expectation but it did taxes 60% of our students that are entering.
College post secondary education or coming from poor families.
And Texas is got to we've we knew you were growing at a rate that -- means we need four point one million more.
Post secondary.
Credentialed adults by 2030 if not -- right so we've got to create affordable pathways it's it's not jury a one size fits all.
Degree but it is a quality degree for those people who are looking for.
The climbing walls and -- -- -- sure -- -- Olympic size swimming pool in the -- are fresh pick pick -- Thanks for coming on tonight interesting conversation welcome -- talking again.
