joined by joe mann of reuters and hannah kuchler of the financial times. lots to talk about including course air is rah. that is the beginning and that is the traditional four-year college with a campus. what is the state of colleges these days? >> well, you know, i think it's good. the top colleges in the united states are still the best in the world and still attract the best students. and that four-year experience is still an extraordinary valuable experience. some of the concern about the worries of colleges are overblown. the biggest single problem has been underfunding by state governments of the state institutions, which are where the real cost of attendance has gone up dram emptyically. less so for private colleges in the united states. actually, the net cost, after financial aid, less than -- less than 1% a year over the last 15 years. >> so, what do you say when people say it's just too expensive, it's not worth it anymore? >> billion, i think the data show the opposite is true. it is worth it. the lifetime earnings expectations are clearly are s