you had a car loan? >> a car loan at 1.9%. many car loans are offered at 0%. >> we want to be careful about that. read closely. >> it would make sense to me that maybe there are more options available to refinance a lower rate. >> mr. hubbard, could you speak a little bit about what the impacts would be on people's lives if we brought down the interest rate on student loans? >> this is a huge problem right now. if you look at individuals who go into the service of existing debt to begin with and then they are in the service and they have deployments, they have lots of protections and they are taken advantage of. are you really thinking about your student loans in the combat zone? probably not. you might not have the g.i. bill. you're taking a large loans. with very little information at your disposal and you might have been coming off active duty where it was very difficult to have access to anyone who even knew anything about getting the right information. that makes it very confiscated. you are not able to buy a house when y

loans, unsubsidized stafford loans, plus loans and parent plus loans will cost taxpayers money. not result in a net gain and negative subsidy for the federal government as is often claimed. while the report states the four loan programs will yield a savings of about $135 billion from 2015 to 2024, cbo calculates in the same report that using fair value accounts measures the four loans would have a net cost of $88 billion over the next ten years. not including administrative costs. in other words, the four largest student loan programs represent an $88 billion taxpayer finance subsidy. cbo explains the utility of using fair value accounting to fully understand the cost of federal lending stating that the government is exposed to market risk when the economy is weak because borrowers default on their debt obligations more frequently and recoveries from borrowers are lower. fair value estimates take this market risk into account and as a result are more accurate reflection of the costs of federal student loans. congress should not expand the federal student loan program without req

an average of 47% of our graduates borrow federal loans and 4% borrow private loans. the cumulative federal indebt indebtedness for the denison 2014 class was a little over $21,000. the federal direct loan program turns 20 years old this year. the direct loan delivery process for loan funds to students has continued to be efficient, reliable and easy for schools to administer. even after the 100% transition of all schools to the dl program. when the direct loan program was first implemented, all of the loans were serviced by a single contractor. all correspondents to borrowers was identified as the william d. federal direct loan program and the logo for the department of education made the servicing contractor for these loans invisible to the students. the department had to expand the number of services to accommodate the increased volume of loan servicing required for the purchase of federally backed loans in 2008 and the transition of all schools to the federal direct lending program. the department issued new deal servicing contractors, contracts to agencies who ha

or their business loan. this bill will let borrowers student loan certainty act. it allows new borrowers to take advantage of lower interest rates established by the free market. their skills are better able to afford college and manage their student debt. it is an economic imperative. to strengthen our middle class, workforce, and economic growth congress needs to address the challenges. >> it will occur in student loan debt currently. i refinance professor in -- i have a finance professor in college who spend a day talking about personal finance. he said the reason they call the debt instrument a bond is because when you go into. you put yourself into bondage and you want to avoid that. i took that to heart. i have the advantage of growing and going to college in the 70's when college was cheaper. i worked full-time. read upon leaving college with close to $30,000 in debt, and left college with $7,000 in the bank. i wish that were more possible. would like to start with a chart i have repaired. i've been using this in my powerpoint presentations. and laying out

instead, with her unaffordably high loan payments, she basically defaulted on her loans. so these -- these again, it's important that when we -- when we put measures in place, we do make sure that that education effort is there on the back end so people understand and can take advantage of some of these initiatives that will help to make a difference. obviously, we do not have the war on -- the warren legislation in front of us for consideration. i am certain that it will be a matter that will be brought back before the senate. i certainly would hope that we would have extended debate about what we as a senate can be doing to help our young people as they deal with the burden of -- of college debt, of job training debt, and what we can do to ensure that they are well on their way to good, strong careers. but i wanted to raise just a couple of issues that presented themselves with the legislation that senator warren had put out on the floor because they speak to a program in -- in my state that has considerable impact. madam president, i know that i was scheduled to speak

loans. this is a crisis that must be addressed. it is important to our nation's economy. it is important to the future of our families, to our children, and our grandchildren. it is time to act. and i have to say, senator warren has been a tremendous leader on this. we can take an important step toward addressing this dire situation by passing senator warren's bank on students, the emergency loan refinancing afnlgact.it would help millionsf americans refinance their loans at lower interest rates, put more money in their pockets, and i have to say, it's kind of a no-brainer. when you have more money in your pocket than you had before, you're going to spend it in your communities. i am so proud to be an original cosponsor of this legislation. sadly, even though the federal government is the biggest student loan lender, it is making billions of dollars in profits each year and it doesn't allow its borrowers to refinance its existing student loans when rates are low, and that is wrong. our middl

right now people can refinance their home loans are their there business loans when interest rates drop. this bill will let our wares with federal student debt do the same and they should be a bipartisan issue. last year for example republicans and democrats came together to pass the bipartisan student loan certainty acts. that bill allows far worse to take advantage of lower interest rates established by the free market. this refinancing legislation would use the same free-market principles to help those with existing student loans. at a time when higher education is more important than ever to our nation's long-term competitiveness a college degree shouldn't drown far worse in debt. we need to make sure people who choose to further a their education and build skills are better able to afford college and manage their student debt. it is an economic imperative. to strengthen our middle class to strengthen our work orders and help spark economic growth congress needs to address these challenges. i'm very delighted to have this hearing today and before i turn it over to our panel of witne

a mortgage is a much larger loan. then again, a younger person may have a higher likelihood to be in prime age for certain purposes. i cannot speak to that. >> i am just trying to get at the basics. how much more are we going to add to the debt? how much more is this going to cost? we asked this question about every piece of legislation. it is basic information. perhaps with your background, let's start with 100% of borrowers to refinance their july 1, 2013 loans or a large percentage, what kind of impact -- to we have any numbers we can think about here? >> i have not personally done any estimation, but the math suggests the numbers could be very large will stop we have 40 million borrowers, not all of them prior to 2013, but most of them. you have close to 40 million are worth darling on average 25,000 or $30,000, you are talking about over a trillion dollars. let's say for the heck of it that you lowered interest rates two percentage points on a trillion dollars and that's $20 billion. per year. that is real money.

the average loan $40,000 with taerm of one year.s a type of loan he says is very difficult for a traditional bank make it profitable. >> it allows to you make that $40,000 loan in seconds but using the same analytical depth speeding up a process that was much less efficient. >> can say yes to more small businesses. >> when a business applies for a loan, they quickly analyze 2,000 data points, both big and small, crunches traditional metrics cash flow and business profile but also social data, which means if you're a restaurant like d.j.'s delights, it will be checking what customers say on review sites like yelp. >> what can yelp tell you about creditworthiness. >> you have to be careful. you don't want to make a decision on a loan because someone didn't like the chicken last night in the restaurant. you can build patterns and models. it will tell you a restaurant doing $2 million in revenue might have this number of yelp reviews or this frequency of yelp reviews. >> extended more than $1 billion in credit since launching in 2007 an

the college student loan is in a rare category of debts and loans in america. a rare category of debts that cannot be discharged in bankruptcy. no matter how bad things get for ya, no matter how terrible your circumstances, your economic circumstances, and you go into court and say, i've got to declare bankruptcy. they'll help you with everything but they cannot do anything about your college student loan. it is with you for a lifetime. and we're hearing the horror stories. grandma decides her granddaughter needs to go to college, can't get the money to go through. grandma says, let's me cosign the note with you, honey, i want you to finish college. the daughter finishes school, defaults on the loan. they levy grandmother's social security check. that's the reality. i just left a press conference where a young woman, she was trying to pay off her college student loan, fell behind, and then she said, well, at least i've got my income tax refund coming back. it was claimed. she didn't get any of it. that's what these loans do to ya. that's what the collection age

is student loan debt bad for the economy? $1 trillion of student loan debt today. for democrats, denise, what do you think? bad for the economy? >> i do believe it is bad for the economy. has beenence everything that i do now

is improving loan servicing. but if we want to make sure people can repay their student loan debts, shouldn't we start by doing what we can to reduce the size of their debt loads. right now the federal government is collecting loans at 6%, at 8%, at 9%, at 10% and even higher. so, what i'd like to do is i'd like to just ask a question about whether or not you could talk about the impact on people, if we refinanced their student loans. down to lower rates. i thought, mr. geremia, you might start that. >> thank you, senator. thank you, mr. chairman. it would be a wonderful opportunity to have the ability, opportunity to refinance my student loan. as i move into my 30s and would like to begin a family and buy a home, i would like to be able to have that opportunity. >> yeah. >> and you talked about, mr. geremia, you have a home mortgage at what interest rate sph. >> i do not have a home mortgage. >> you have a car loan? >> i have a car loan at 1.9% interest rate. and many car loans are offered at 0%. >> you want to

chopra do we have an estimate by the administration yet as to how many student loan -- student loan are worse would take up a potential option to refinance their pre-july 2013 student loans and so do we have a sense of what numbers we are talking about and also do we have an estimate of what that will cost? it just seems important so we understand given the challenges we are facing is the nation as we look at this piece of legislation. do we know what those numbers are yet? >> senator the cfpb is an independent agency and not part of the administration so i do not have that type of analysis available. what i can say is that we do know from our experience in various mortgage financing programs that the economic impact of individual mortgage refinancing according to a study by the department of urban development led to approximately 25 tausan dollars in economic impact per homeowner who was able to refinance. a mortgage is a much larger loan but then again a younger person with student debt may have a higher likelihood of being at the primates for certain purchases. again i cannot speak t

and our car loans right now, there's no possibility of doing it with student debt loans. and that's what this measure would enable them to do. for the folks who have graduated and who cannot start families, begin businesses, buy homes, contribute to our economy, it would enable them to accomplish those dreams rather than deferring or abandoning them. i'm often heart broken as i talk to people who have these debts, who did the right thing, played by the rules, went to college, and now find themselves crushed by that debt. those who are laboring under these crushing debt loads often have pursued careers in medicine and other professions like nursing that would enable them to do enormous good for this country if they were helped, if that crushing burden were somehow reduced, giving them a fair shot is good for our economy because it will increase consumer demand, it's also good for our social fabric. literally for our health, economically, but also socially. and our health physically by enabling some of those doctors and nurses to work in communities that are underserved rig

a $1 a day federal subsidy to pay off their loan. now, let me go back over the terms of this proposal just so everybody has it in mind. this is the main thing, $1 a day. that's the benefit. doesn't do anything for current students. doesn't do anything for new students. for some former students, according to the congressional budget office -,

, car loans, business loans. it just seems that this is a matter of fairness. it's also a matter of -- it's smart economics. it's smart economics, because economists agree that the $1.2 trillion in student debt has hurt this economy. so it seems to make common sense. and it isn't, this isn't political. it's not political if the other side votes for it. if the other side votes for it, then we can help millions and millions of americans refinance debt they have, just like other americans can refinance their debt on credit card debt or home debt. this just makes too much sense. and it shouldn't be political. it should be bipartisan. and we should get to this and then move on to the sanders-mccain bill, which i've cosponsored. i want to get on that. i want to be able to get on a lot of legislation. and we've seen in this congress and in the last several congresses sometimes the minority doing what it can to slow down the process, to gum up the works here. i would love to get to the veterans bill immediately after pas

to $1t loan debt as up trillion. the senate budget committee held a hearing on how that debt affects consumers and the overall economy. senator patty murray chairs this 1.5 hour on hearing. [inaudible conversations] see this hearing will come to order. i want to thank senator johnson who is filling in today for my ranking member senator sessions. welcome to you and all of our colleagues who are joining us today as well as a roomful. welcome to all of you on a really important topic today. we are going to be talking about a challenge that 40 million people around our country face today and for many americans who want to further their education and build their skills taking out student loans has become a college prerequisite. but that debt can have lasting consequences for borrowers and begin their chances of getting ahead. insuring more americans get a fair shot at something many of us here in the senate are very focused on and a bill that is coming to the floor very soon which will allow borrowers to refinance their

loan counseling requirements by making the counseling of an annual requirement before new loans are disbursed rather than just for first-time borrowers. my bill then adds several key components to the information institutions of higher education are required to share with students as part of loan counseling. perhaps most significantly, college would have to provide an estimate of the student's projected loan debt-to-income ratio upon graduation. this would be based on the starting wages for that student's program of study and the estimated student loan debt the student will likely take out to complete the program. that way, students will have a very real picture of the student loan payments that they will face and whether they will be able to afford those payments with their likely future income. students will also be provided with information about the higher risk of default if they have a projected loan debt-to-income ratio greater than 12%. they will be told that they should borrow only the minimum amount necessary to cover expenses and do not have to accept the full amount offer

repaying the loans is difficult. as of march 11th% of loans were 90 days late or in default, the worst delinquency rate. falling behind borrowers socked with late fees and penalties. there's no easy escape once the spiral starts. scoount loans cannot -- student loans cannot be discharged unless the borrower can prove undue hardship. >>> a new film ivory tower explores the value of a college degree in america, featuring interviews with students and educators. take a look. >> in america, it's been successful for centuries. now things are changing. because the scale and the cost is enormous. we have a product that is expensive that a lot of people can't pay for it and they have to go into debt. it's not viable. >> in the documentary, andrew rossy looks at alternatives to universities and solutions to growing student debt. i spoke about the crisis and control. >> the fm model for the universities is massive. it needs to grow bigger and better, including ameant yes and buildings -- amenities and necessary. >>> we used to

>> young people have access to loans. we want to make sure they have access not just to loans but to pell grants. the challenge is getting more young people to pay back these loans. if we can mitigate the costs we can have more young people paying back loans, buying houses, becoming entrepreneurs. we think that is the right thing to do. we are still working on that. they have done some very good work together. thanks, guys. >> thank you, everybody. everybody have a seat. welcome to the white house. i want to thank andy for the terrific introduction. this is commencement season. i would say we have some folks who just graduated. raise your hands. we have a couple of folks feeling pretty good. of course once the glow wears off this can be a stressful time for millions of students. themselves how on earth am i going to pay off all these student loans. that is what we are here to talk about. andy i think gave a vivid example of what is going through the minds of so many young people who had the drive and energy and have succe

if it is good enough for home loans and car loans, why not for student loans? we shouldn't be adopting policies that encourage people to give up on their dreams. in fact, we ought to be doing just the opposite; making young people feel that their dreams are within reach. and i would close by saying to my colleagues that, in the last months, i have been listening around the state of connecticut at round tables and meetings to both high school students and college students about this issue of college affordability. and what is so inspiring to me in the meetings that i've had in maces like an soni ansonia and m and bridgeport is the drive of our students to embark on college education. they know its value. they're realistic about its quoft. -- its cost. they want do it because they know it is a way of their gaining and their giving back. but many of them have to make compromises. they've been admitted to schools, their first choices, first-rate school, but they cannot put together the package financially that will enable them to go. it is beyond reach financially,

the loans made it possible. there was no funding available to go to school and we have to have our degrees to teach. you don't want an unqualified teacher in the room. i don't see myself doing anything else. whatever it take to get to a classroom, that's what i will do. we need to look at what we can do to make it possible for everybody to get the degree they want. >> god bless you were being willing to teach our kids and we wish you the best of luck. >> you said the student debt is hampering a lot of stuff. how would shifting this debt to a select few to all of our kids and grandkids how would that help the economy and entrepreneurship? that's what we could b doing within shifting the debt to all of our kids and grandkids because we can't afford it and it's going to be piling the debt on our kids and grandkids. >> turn on your mike foep. >> -- to refinance a loan in other markets, such as a mortgage environment. when environments change, it is common not only for homeowners but also the corporate sector as well

payday loans and student loans. the progress we have made has been possible thanks to the engagement of hundreds of thousand of americans who have used our consumer education tools, submitted complaints, participated in rule making, actually that should be millions. and told us the stories through the witness and numerous meetings from coast to coast. we have benefitted from ongoing dialogue and constructive engagement with the institutions we supervisor. as well as with community banks and credit unions with whom we regularly meet. our progress is also thanks to the ek the record their work of the employees. dedicated public servants of the highest caliber. in the years to come we look forward to fulfilling congress's vision. thank you for the opportunity to appear before you today. i appreciate the benefit of your active interest and oversight. i look forward to listening closely and responding to your questions today. >> i ask them to put five minutes on the clock for each has been. the cfpb has been up and runni

she just graduated with $26,000 in student loans.she didn't fully anticipate when she originally took them out. >> i didn't really understand that while i was still taking classes that i was being charged interest on loans; that the loans were due basically immediately upon me taking them out. >> nor did she know how defaulting on those loans would affect her future career. >> if you default and you are trying to go to graduate school, that could mean you have no access anymore. >> the dangers of defaulting on student loans are poorly understood. a recently survey sound only 28% of respondents realize that failure to repay can result in poor credit, garnishment of wages and withholding of tax refund and social security. and student debt is nearly impossible to discharge through bankruptcy. he is encouraging her fellow alums to sign up for income-based repayments. the government program that allows federal student loan borrowers to cap their payment at 10%, and avoid a costly default. >> understanding the consequences of failing to pa

for some loans.tead of dealing with the debt after graduation, find ways to make education cheaper while in school or even before you start. >> we can look for more creative ways to get that degree and get it for less money, for example, you can go to a community college for two years and then go to a great in state university commuting, get an entire degree for the price of one semester at harvard. that's no slam on harvard but suggests while education can be very expensive, it can also be made very inexpensive or affordable. >> but attending a less expensive university wasn't an option that appealed to samantha who was studying international affairs and political science. >> i considered transferring to the university of pittsburgh at the end of last year because in state it's about 1/3rd of the cost. i decided against it because, you know, the value of a gw degree, my parents and i agreed for me, at least, would be more valuable when looking for jobs later on. >> samantha is aware of the debt load

we're here to talk about student loans and student loan reforms. we have divided the lines differently. if you are a student and want to give a first-hand account of -- you can going to call the numbers on your screen. send us your thoughts on twitter and by e-mail. first call for you is from ed. ed is from new york and he is a parent. my daughter recently graduated here in may. she has $33,000 in debt. i just talked with her recently and she's telling me that as an , she isry educator facing one job per 600 applicants. what can happen to change that in the future? she has to cope with it by getting other jobs in the meantime. i'm concerned that she got all this training and then she is left with a one in 600 chance of in the areae job where she got her education. can you comment on that? guest: congratulations on having your daughter graduate from college. that is a huge achievement. unfortunately, it does come with this huge weight of debt strapped to it. did i hear you mention she's trying to be an educator? there's a great program called public

student loans are part of the problem. we have reports on why many millennials are falling behind. >> their dream home, but this one bedroom part apartment across the street is their reality. >> if we could move tomorrow, i would. >> marcus does not see how he and his family could ever move past apartment living, student loans, not so stellar credit are factors that are keeping him from achieving the american dream. >> we don't see how we could continue to pay for the house and student loan debt and make sure we are okay as a family. so we can bring kids into the world. >> reporter: according to a recent survey by fannie mae, 90% of millennials wish to own a home, but 36% of americans under the age of 35 actually do. that's down from 42% in 2007, and the lowest level since 1982 when the agent began tracking homeownership by age. of note the homeownership rate of this group was as high as 43.6% in 2004. real estate h expert mark bloom is well aware of the challenge that those with student loan debt issue. >> banks are less

and repaying those loans on time is becoming more difficult as of march, 11% of student loans were 90s late or in default, the worst delinquency rate of household debt falling below socks borrowers with penalties and late fees. and there's no easy escape once the spiral starts. student loans cannot be discharged through bankruptcy unless the borrower can prove undue hardship, a nearly impossible hardship to clear. >> the value of a college degree in america is featured in a film. take a look. >> higher education in america, has been very successful for centuries, but now things are changing. because the scale and the cost is enormous. we have a product that is so expensive that a lot of people can't pay for it, and they have to go into debt, and it just isn't viable. >> in the documentary, the director looks at alternatives to traditional four-year universities and solutions to the growing debt in america today. documentary? >> the last piece i did was at the "new york times" and the crisis in newspapers, and this is another sector that is at a moment of great change. it is explained

using to help pay the tifia loan with that i turn it over to sara. >> we closed on our tifia loan and the source of repayment is largely the net tax increment and 4.57 percent interest rate and there's certain conditions in the loan that we need to meet before we can draw down the two main conditions are selling $429 million worth of land and demonstrating full funding for the project we had requested to draw down on the loan before meeting those conditions we had a proposal for a proportional draw that tifia was unable to grant however we have contract certification needs and we did meet another source of funding to keep the contract award on schedule this calendar year so tifia agreed to amend the loan they are making changes that are allowing us to right now we're in the process of negotiation and that will be brought to you late summer or early fall the main amendments are modifying and repaying subordinate debt and also to be used for other project costs instead of being locked up for prepayment of the tifia loan and also on the full funding point, tifia has agreed to recognize t

and the average undergraduate loan is $27,000, and for all undergraduate loans, which is 85% of the loans, it's $21,000. now, there is some overborrowing even among undergraduates. young people -- maybe they are a not all young -- are borrowing more than they can afford to pay back. in your committee we're considering a number of proposals to deal with that, but for graduate and undergraduate loans. for example, we'd like to simplify the student loan program so that more students could take advantage of it and take advantage of the repayment options that exist in the law today, but we need to know how much that costs to taxpayers. we need to know. number two, we've been talking about eliminating the graduate-plus program that provides virtually unlimited loans to graduate students, regardless of their credit history. that may be how they got to these loans that we read about occasionally, $1 50,000, $200,000. let's say you're taking a half-time load at a four-year institution and you take out a full loan to pay for that. that means you have some extra money for living expenses or more for

we allow businesses to rye finance their loans -- refinance their loans to the lowest competitive rate. why can't students do this? that's wha -- that's what the bill before us does. it lets us move forward at no cost because it is not -- we're not subsidizing the loans. and just because of our unusual scoring reasons here, she provides an offset which, quite frankly, i don't think is necessary but i certainly support the bill and the offset is certainly one that has millionaires paying their fair share and makes sense. so what will this do? will save thousands of dollars for those who currently hold loans. that's an important thing to do. and i know some say, well, don't we need more accountability from higher education? yes, we do. don't we need more transparency in higher education? yes, we do. don't we need to have better consumer information in higher education? yes, i agree with all of the above. but today we can do something about the interest costs and correct i think an injustice of government making money off of student loans and do this in a way that will make it more afford

guarantee the loan or arrange the loan. we are doing it with 98% the transactions. furthermore, every application needs stay unequivocally why they are coming to us and why they can't do it this in the private sector. that's a requirement for us to be making the loan. the term used is addition alt. what additional value are we providing. our loan portfolio hasn't grown as much in the last two years. there's been a little less need for us of late. i don't know if that will continue but as of late there's been a little less need. that's a good sign. that's a good sign that banks are making more loans and they are also dealing more with small businesses. >> your office regularly engages with private sector stakeholders to obtain input on the bank's operations. i wondered in your opinion is the bank effectively limiting itself to customers not being served by lenders what steps could the bank take to mitigate the risks and that the export/import bank is the lender of last resort, not the lender of choice. >> thanks for the ques

collectively student loan debt is more than $1 trillions. a recent report by the policy organization says rising tuition fees are linked to state funding wases in public colleges. a consequence of the great recession. it is cuts in state funding that has been the major cause. students are correctly paying the costs and they are doing so at the worst times in their lived. >> 49 states have seen an arrange cut of 27% per student. to cover operational overhead, meaning while students pay more, it doesn't necessarily translate into better quality chiefing. the results millions of 20 something's enter the economy immediately cash strapped unable to spend money on much else other than their student loans. hilton smith called it a new debt for diploma system. >> the student whose are paying 300, or $500 a month, towards relewissing their debt, that's 300-dollar as month they could be spending on a down payment on a house, or a new car, or these other ink thises that would go and recirculate bam into the economy. >> the rules make it very difficult

debt epidemic but is the president's announcement mean for the average american buried in student loan debt and what else still needs to be done to address this trillion dollar problem also the a.p. is now reporting that sergeant bowe bergdahl was repeatedly tortured and kept in a cage during his time in captivity with the taliban how will this new iteration affect your public and parties relentless efforts to bash bergdahl and his release and as i speak millions of americans are worrying about how they're going to put food on the table tomorrow night for the kids so could a universal basic income be the solution to our nation's poverty problem. you need to know this the obama administration is taking action to fight the student debt crisis earlier today president obama announced in a white house event that he was signing an executive order to put a monthly limit on student loan payments. so we're announcing steps that will open up pay as you earn to nearly five million more americans that's the first action were taken today. the second action is to renegotiate contracts with private c

what we see as a major driver is easy access to loans and to grants. so it sounds good to say that with want to help these people, but we're only ex-was certificate baiting the root problem. there are real costs, ref costs. >> why is there revenue costs when they're paying the amount owed. >> they say, look, we've given these loans on terms x, y, and z. we expect ten years down the line to get x amount back. when they change those firms and they're not going to get that revenue suddenly they have things they're pending money on, and they don't have any money to spend. you may have to raise taxes on enemy to look at that effort. you say schools feel freer to raws tuition beyond the tuition. >> they may want to open offices on the xy and z. on the flip side students will demand more amenities if they have more money to spend on it, and when colleges compete for students one of the big things they have to compete on is what extras are they offering. >> there are a lot of great points in play. some doing battle with each other. we'll come to all of that in