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Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.64,0:00:02.33,Default,,0000,0000,0000,,Dr. Smith: Committee, \Nthank you for the opportunity
Dialogue: 0,0:00:02.33,0:00:05.76,Default,,0000,0000,0000,,to testify today on the important topic \Nof improving college affordability.
Dialogue: 0,0:00:05.76,0:00:07.50,Default,,0000,0000,0000,,As you heard, \Nmy name is Zakiya Smith
Dialogue: 0,0:00:07.50,0:00:10.56,Default,,0000,0000,0000,,and I work on finance and federal policy issues \Nat Lumina Foundation,
Dialogue: 0,0:00:10.56,0:00:12.91,Default,,0000,0000,0000,,the nation's largest foundation \Nfocused specifically
Dialogue: 0,0:00:12.91,0:00:16.100,Default,,0000,0000,0000,,on increasing students' access to \Nand success in postsecondary education.
Dialogue: 0,0:00:16.100,0:00:20.83,Default,,0000,0000,0000,,As someone whose grandmother \Nattended college as a nontraditional student,
Dialogue: 0,0:00:20.83,0:00:23.06,Default,,0000,0000,0000,,in the '50s in South Carolina,
Dialogue: 0,0:00:23.06,0:00:27.28,Default,,0000,0000,0000,,before there were integrated schools \Nor even a Higher Education Act to consider,
Dialogue: 0,0:00:27.28,0:00:30.72,Default,,0000,0000,0000,,I know both the transformative power \Nof higher education
Dialogue: 0,0:00:30.72,0:00:34.41,Default,,0000,0000,0000,,and the pains that come \Nfrom lack of equity within the system,
Dialogue: 0,0:00:34.41,0:00:37.18,Default,,0000,0000,0000,,for students of color \Nand for low income students.
Dialogue: 0,0:00:37.18,0:00:38.80,Default,,0000,0000,0000,,And I know \Nfrom working with students
Dialogue: 0,0:00:38.80,0:00:41.69,Default,,0000,0000,0000,,as a college counselor \Nin a federally funded gear up program
Dialogue: 0,0:00:41.69,0:00:44.10,Default,,0000,0000,0000,,that when talking to students directly,
Dialogue: 0,0:00:44.10,0:00:46.33,Default,,0000,0000,0000,,their concerns about college are clear.
Dialogue: 0,0:00:46.33,0:00:50.76,Default,,0000,0000,0000,,They think it's important but they just \Ndon't know how they're going to pay for it.
Dialogue: 0,0:00:50.76,0:00:54.53,Default,,0000,0000,0000,,And, we've talked about this issue \Nat the national level for decades.
Dialogue: 0,0:00:54.53,0:00:57.19,Default,,0000,0000,0000,,We've tried to create \Nmeasures of transparency,
Dialogue: 0,0:00:57.19,0:00:59.31,Default,,0000,0000,0000,,which I've very vocally supported,
Dialogue: 0,0:00:59.31,0:01:02.06,Default,,0000,0000,0000,,with hopes that better information \Ncould create market pressure
Dialogue: 0,0:01:02.06,0:01:04.96,Default,,0000,0000,0000,,and direct students \Nto more affordable options.
Dialogue: 0,0:01:04.96,0:01:09.08,Default,,0000,0000,0000,,Unfortunately, those efforts alone \Nare not enough.
Dialogue: 0,0:01:09.08,0:01:11.49,Default,,0000,0000,0000,,Today's students have \Nresponsibilities and commitments
Dialogue: 0,0:01:11.49,0:01:13.96,Default,,0000,0000,0000,,that extend far beyond the classroom.
Dialogue: 0,0:01:13.96,0:01:16.84,Default,,0000,0000,0000,,Students of color in particular \Nare more likely to be balancing
Dialogue: 0,0:01:16.84,0:01:20.73,Default,,0000,0000,0000,,work and the responsibilities \Nof parenting with going to college,
Dialogue: 0,0:01:20.73,0:01:25.78,Default,,0000,0000,0000,,as over 40% of Black \Nand Native American students are also parents.
Dialogue: 0,0:01:25.78,0:01:28.42,Default,,0000,0000,0000,,And contrary to popular imagination,
Dialogue: 0,0:01:28.42,0:01:32.21,Default,,0000,0000,0000,,students today actually have to work\Nfar more than past generations did
Dialogue: 0,0:01:32.21,0:01:33.84,Default,,0000,0000,0000,,in order to pay for college.
Dialogue: 0,0:01:33.84,0:01:37.66,Default,,0000,0000,0000,,In 1971, students could cover tuition\Nat public colleges
Dialogue: 0,0:01:37.66,0:01:41.06,Default,,0000,0000,0000,,by working about 10 hours a week \Nthroughout the year.
Dialogue: 0,0:01:41.06,0:01:44.86,Default,,0000,0000,0000,,Students today would have to work \Nabout a 60 hour work week
Dialogue: 0,0:01:44.86,0:01:48.99,Default,,0000,0000,0000,,in order to cover the full cost \Nof attendance at a public college in state.
Dialogue: 0,0:01:48.99,0:01:52.26,Default,,0000,0000,0000,,So, these affordability concerns\Naren't just in their heads.
Dialogue: 0,0:01:52.26,0:01:56.31,Default,,0000,0000,0000,,The challenge of paying for college today \Nis greater than it was in the past.
Dialogue: 0,0:01:56.31,0:02:00.79,Default,,0000,0000,0000,,Some might argue that expenses\Nlike rent and food aren't really costs of college
Dialogue: 0,0:02:00.79,0:02:04.26,Default,,0000,0000,0000,,but general costs of living \Nthat every adult must face.
Dialogue: 0,0:02:04.26,0:02:07.04,Default,,0000,0000,0000,,But very few people \Nwould argue with the notion
Dialogue: 0,0:02:07.04,0:02:10.42,Default,,0000,0000,0000,,that the traditional student, \Ngoing to college straight from high school,
Dialogue: 0,0:02:10.42,0:02:12.84,Default,,0000,0000,0000,,living on campus, deserves to be able
Dialogue: 0,0:02:12.84,0:02:15.54,Default,,0000,0000,0000,,to use their financial aid \Nto pay for room and board.
Dialogue: 0,0:02:15.54,0:02:17.71,Default,,0000,0000,0000,,Take that same student off campus
Dialogue: 0,0:02:17.71,0:02:19.86,Default,,0000,0000,0000,,and now they've got to find an apartment.
Dialogue: 0,0:02:19.86,0:02:21.29,Default,,0000,0000,0000,,Room because rent
Dialogue: 0,0:02:21.29,0:02:25.04,Default,,0000,0000,0000,,and food, whether purchased \Non or off campus, is the board.
Dialogue: 0,0:02:25.04,0:02:27.71,Default,,0000,0000,0000,,Ensuring these non-tuition needs \Nare covered in some way,
Dialogue: 0,0:02:27.71,0:02:30.04,Default,,0000,0000,0000,,which could include childcare \Nfor student parents
Dialogue: 0,0:02:30.04,0:02:32.11,Default,,0000,0000,0000,,or transportation to and from campus,
Dialogue: 0,0:02:32.11,0:02:34.11,Default,,0000,0000,0000,,are integral to student success.
Dialogue: 0,0:02:34.11,0:02:35.51,Default,,0000,0000,0000,,If basic needs aren't met,
Dialogue: 0,0:02:35.51,0:02:37.42,Default,,0000,0000,0000,,students are less likely \Nto do well in school,
Dialogue: 0,0:02:37.42,0:02:39.62,Default,,0000,0000,0000,,further impeding completion.
Dialogue: 0,0:02:39.62,0:02:42.99,Default,,0000,0000,0000,,And as we know, as we think about \Nhow to address this concern,
Dialogue: 0,0:02:42.99,0:02:46.86,Default,,0000,0000,0000,,we must recognize that affordability \Nmeans different things to different people.
Dialogue: 0,0:02:46.86,0:02:48.57,Default,,0000,0000,0000,,What's a bargain to one person
Dialogue: 0,0:02:48.57,0:02:51.21,Default,,0000,0000,0000,,may feel like \Nan unattainable luxury to another.
Dialogue: 0,0:02:51.21,0:02:53.22,Default,,0000,0000,0000,,For example, a $10,000 degree
Dialogue: 0,0:02:53.22,0:02:56.24,Default,,0000,0000,0000,,could sound great \Nto a family making $150,000
Dialogue: 0,0:02:56.24,0:03:00.96,Default,,0000,0000,0000,,yet unimaginable for someone making \Nonly $20,000 a year, near the poverty line.
Dialogue: 0,0:03:00.96,0:03:03.69,Default,,0000,0000,0000,,That's why we can't focus \Nonly on the overarching price
Dialogue: 0,0:03:03.69,0:03:05.19,Default,,0000,0000,0000,,or even the average net price,
Dialogue: 0,0:03:05.19,0:03:07.44,Default,,0000,0000,0000,,because it alone doesn't capture \Nwhat's reasonable
Dialogue: 0,0:03:07.44,0:03:09.22,Default,,0000,0000,0000,,for families \Nat different income levels.
Dialogue: 0,0:03:09.22,0:03:11.26,Default,,0000,0000,0000,,We've got to start to frame \Naffordability in terms
Dialogue: 0,0:03:11.26,0:03:13.84,Default,,0000,0000,0000,,that are tailored \Nto individual and family needs
Dialogue: 0,0:03:13.84,0:03:17.04,Default,,0000,0000,0000,,yet are transparent enough \Nfor most people to understand.
Dialogue: 0,0:03:17.04,0:03:19.39,Default,,0000,0000,0000,,In this vein, Lumina \Nhas developed a concept
Dialogue: 0,0:03:19.39,0:03:21.16,Default,,0000,0000,0000,,called The Affordability Benchmark,
Dialogue: 0,0:03:21.16,0:03:24.64,Default,,0000,0000,0000,,in consultation with experts \Nfrom inside and outside of higher education.
Dialogue: 0,0:03:24.64,0:03:27.17,Default,,0000,0000,0000,,The benchmark is based on \Nsome key principles,
Dialogue: 0,0:03:27.17,0:03:30.27,Default,,0000,0000,0000,,that those with the capacity to save \Nshould be encouraged to do so
Dialogue: 0,0:03:30.27,0:03:33.81,Default,,0000,0000,0000,,with clear guidelines that can be\Nbroken down into monthly amounts,
Dialogue: 0,0:03:33.81,0:03:35.92,Default,,0000,0000,0000,,that students \Nwithout the capacity to save
Dialogue: 0,0:03:35.92,0:03:37.82,Default,,0000,0000,0000,,shouldn't be expected to,
Dialogue: 0,0:03:37.82,0:03:40.82,Default,,0000,0000,0000,,and that no student should have \Nto work more to pay for college
Dialogue: 0,0:03:40.82,0:03:43.39,Default,,0000,0000,0000,,um-- so, have to which,
Dialogue: 0,0:03:43.39,0:03:46.07,Default,,0000,0000,0000,,no student should have to work \Nso much to pay for college
Dialogue: 0,0:03:46.07,0:03:49.24,Default,,0000,0000,0000,,that it impacts their ability \Nto be successful in school.
Dialogue: 0,0:03:49.24,0:03:53.34,Default,,0000,0000,0000,,Two interconnected recommendations\Ncould make this a reality.
Dialogue: 0,0:03:53.34,0:03:57.42,Default,,0000,0000,0000,,First, a federal-state partnership \Nfor affordability, quality, and completion.
Dialogue: 0,0:03:57.42,0:04:00.86,Default,,0000,0000,0000,,A benchmark approach or any other type \Nof affordability guarantee
Dialogue: 0,0:04:00.86,0:04:03.54,Default,,0000,0000,0000,,would require a new type of partnership
Dialogue: 0,0:04:03.54,0:04:05.62,Default,,0000,0000,0000,,between the federal and state governments,
Dialogue: 0,0:04:05.62,0:04:08.27,Default,,0000,0000,0000,,in which colleges commit to lower prices
Dialogue: 0,0:04:08.27,0:04:11.87,Default,,0000,0000,0000,,and better outcomes for students over time \Nin order to receive funding.
Dialogue: 0,0:04:11.87,0:04:15.02,Default,,0000,0000,0000,,States should be encouraged \Nto invest in post secondary education
Dialogue: 0,0:04:15.02,0:04:17.82,Default,,0000,0000,0000,,in order to better leverage \Nthe federal spend.
Dialogue: 0,0:04:17.82,0:04:21.06,Default,,0000,0000,0000,,And because affordability \Ncan't really be conceptually, uh,
Dialogue: 0,0:04:21.06,0:04:22.72,Default,,0000,0000,0000,,separated from value,
Dialogue: 0,0:04:22.72,0:04:25.11,Default,,0000,0000,0000,,it would require being\Nmore vigilant about quality,
Dialogue: 0,0:04:25.11,0:04:26.91,Default,,0000,0000,0000,,both to root out fraudulent practices
Dialogue: 0,0:04:26.91,0:04:29.04,Default,,0000,0000,0000,,and to ensure credentials are meaningful.
Dialogue: 0,0:04:29.04,0:04:32.07,Default,,0000,0000,0000,,Second, we must strengthen \Nand preserve the Pell grant.
Dialogue: 0,0:04:32.07,0:04:34.17,Default,,0000,0000,0000,,Pell is the foundation \Nof federal student aid,
Dialogue: 0,0:04:34.17,0:04:37.27,Default,,0000,0000,0000,,the bedrock on which the federal commitment \Nto students is based.
Dialogue: 0,0:04:37.27,0:04:39.90,Default,,0000,0000,0000,,Unfortunately, the grant itself\Nhas not kept up
Dialogue: 0,0:04:39.90,0:04:41.69,Default,,0000,0000,0000,,with the rising price of education.
Dialogue: 0,0:04:41.69,0:04:44.05,Default,,0000,0000,0000,,I urge the committee \Nto consider ways to strengthen Pell
Dialogue: 0,0:04:44.05,0:04:46.49,Default,,0000,0000,0000,,so that it remains available\Nfor future generations
Dialogue: 0,0:04:46.49,0:04:50.10,Default,,0000,0000,0000,,and to encourage implementation \Nof early awareness and information campaigns,
Dialogue: 0,0:04:50.10,0:04:52.79,Default,,0000,0000,0000,,to ensure would be students \Neven know it exists.
Dialogue: 0,0:04:52.79,0:04:55.79,Default,,0000,0000,0000,,I'd be happy to answer uh,\Nany questions about these ideas
Dialogue: 0,0:04:55.79,0:04:58.30,Default,,0000,0000,0000,,or share in additional detail. Thank you.
Dialogue: 0,0:04:58.30,0:04:59.20,Default,,0000,0000,0000,,Committee: \NThank you, Dr. Smith.