>>> THIS WEEK ON NJ BUSINESS BEAT, A MAJOR VICTORY FOR NEW JERSEY'S LABOR UNIONS IN THE BATTLE OVER RISING HEALTH CARE PLUS, WE'RE PUTTING EDUCATION IN FOCUS FROM THE STATE'S TEACHER SHORTAGE CRISIS TO INNOVATIVE NEW PROGRAMS HELPING FINANCE COLLEGE EDUCATION.

>> I LOST EVERYTHING.

I LOST MY JOB, I LOST MY RELATIONSHIP.

I LOST MY HOME, I LOST MY SAVINGS.

I LOST MY CONFIDENCE.

I DIDN'T EVEN FEEL LIKE MYSELF ANYMORE.

>> AND AN EDUCATION FINANCIAL EXPERT WHO'S FEATURED IN THE NETFLIX SHOW "GET SMART WITH MONEY," TIFFANY, THE BUDGETNISTA TELLS US HOW OVERCOMING HER MONEY WOES HELPED OTHERS GET SMART WITH MONEY.

THAT'S AHEAD ON "NJ BUSINESS BEAT."

♪♪ THIS IS "NJ BUSINESS BEAT" REQUEST RHONDA SCHAFFLER.

>> HELLO, I'M RHONDA SCHAFFLER.

THANKS FOR JOINING US ON "NJ BUSINESS BEAT," WE ARE BACK WITH ALL NEW SHOWS AND BEGIN THIS WEEK WITH A BATTLE OVER RISING HEALTH CARE COSTS AND WHO SHOULD FOOT THE BILL IN NEW JERSEY.

NEW JERSEY'S GOVERNMENT WORKERS RALLIED AT THE STATE HOUSE THIS PAST WEEK PROTESTING A PLANNED HIKE IN HEALTH CARE PREMIUMS OF UP TO 20%.

THE CWA'S JIM ACASEY SUMMED UP THE SENTIMENT, ENOUGH IS ENOUGH.

>> WE HAVE GIVEN UP RAISES TO KEEP THE STATE AFLOAT.

IT IS NOT RIGHT FOR THEM TO NOW COME AFTER US TO PAY MORE FOR OUR HEALTH INSURANCE.

IT'S NOT RIGHT.

SO WE'RE GOING TO FIGHT BACK AND MAKE SURE OUR VOICES ARE HEARD.

>> AND THEY WERE HEARD.

UNION LEADERSHIP REPRESENTING STATE WORKERS REACHED AN AGREEMENT WITH THE MURPHY ADMINISTRATION TO REDUCE THE PREMIUM INCREASE TO JUST 3%.

THE AGREEMENT DOES NOT COVER LOCAL GOVERNMENT WORKERS, BUT THEY HOPE TO REACH A SIMILAR DEAL.

IN THE END, THE STATE HEALTH BENEFITS COMMISSION APPROVED RATE INCREASES OF ABOUT 21% ON STATE WORKER HEALTH BENEFITS AND NEARLY 23% ON LOCAL GOVERNMENT BENEFITS.

THE LION'S SHARE OF THE ADDED COSTS WILL NOW BE PAID FOR BY THE STATE.

RIDE SHARE COMPANY UBER IS FORCED TO PAY NEW JERSEY $100 MILLION AFTER THE STATE SAID THE COMPANY MISCLASSIFIED ITS DRIVERS AS INDEPENDENT CONTRACTORS.

A STATE AUDIT CONCLUDED THAT UBER IMPROPERLY CLASSIFIED HUNDREDS OF THOUSANDS OF DRIVERS AND THE COMPANY FAILED TO MAKE REQUIRED CONTRIBUTIONS INTO THE UNEMPLOYMENT TRUST FUND.

THE UBER CASE IS THE LARGEST SUCH PAYMENT EVER RECEIVED IN NEW JERSEY.

THE MURPHY ADMINISTRATION HAS MADE ROOTING OUT WORKER MISCLASSIFICATION A PRIORITY.

NOT ONLY DOES IT COST THE STATE MONEY, IT ALSO HARMS WORKERS, ACCORDING TO STATE LABOR COMMISSIONER, ROBERT ANGELO.

>> THEY LOSE THEIR RIGHTS TO MINIMUM WAGE, TO OVERTIME, TO THE UNEMPLOYMENT BENEFITS, TEMPORARY DISABILITY, FAMILY LEAVE INSURANCE, EQUAL PAY, EARNED SICK, ON AND ON, ANY EMPLOYMENT RELATED BENEFITS ARE GENERALLY LOST WHEN SOMEONE'S MISCLASSIFIED AS AN INDEPENDENT CONTRACTOR.

>> SUPPLY CHAIN ISSUES ARE STILL A HUGE PROBLEM FOR BUSINESSES HERE IN THE STATE.

AND WE COULD HAVE HAD A BIGGER MESS IF A THREATENED FREIGHT RAIL STRIKE HAPPENED THIS WEEK, BUT AFTER 20 HOURS OF INTENSE AND HEATED NEGOTIATIONS, A DEAL WAS REACHED MIDWEEK TO AVERT A WALKOUT THAT COULD HAVE COST THE ECONOMY $2 MILLION A DAY BY ONE COUNT.

UNION WORKERS STILL HAVE TO RATIFY IT, EVEN THOUGH THE STRIKE DID NOT HAPPEN DISRUPTIONS DID.

AMTRAK HAD TO CANCEL SOME OF ITS LONG DISTANCE SERVICE IN ANTICIPATION OF A STRIKE.

MEANTIME THE DEAL GIVES UNION WORKERS A 24% WAGE HIKE OVER FIVE YEARS, AND AN IMMEDIATE PAYOUT OF $11,000.

ONCE THE DEAL IS RATIFIED.

NEW JERSEY'S EMPLOYERS CONTINUED THEIR HIRING SPREE IN AUGUST.

15,400 NEW POSITIONS WERE ADDED TO THE ECONOMY MARKING 21 STRAIGHT MONTHS OF JOB GROWTH IN NEW JERSEY.

THE STATE'S UNEMPLOYMENT RATE INCREASED SLIGHTLY TO 4% LAST MONTH.

ACROSS THE COUNTRY, WORKER WAGES HAVE CLIMBED MORE THAN 5% OVER THE PAST YEAR.

BUT CONSIDERING INFLATION IS RISING BY MORE THAN 8%, IT'S NOT A LOT TO GET EXCITED ABOUT.

THIS PAST WEEK, WE LEARNED INFLATION HAS RISEN 8.3% OVER THE PAST 12 MONTHS.

GAS PRICES ARE FALLING, BUT COSTS FOR A WHOLE BUNCH OF THINGS, FOOD, MEDICAL CARE, RENT AND MORE CONTINUE TO CLIMB.

MORTGAGE RATES ARE RISING.

THE 30-YEAR FIXED MORTGAGE RATE HAS TOPPED 6% FOR THE FIRST TIME SINCE 2008.

ACCORDING TO THE MORTGAGE BANKERS ASSOCIATION.

THAT'S ESSENTIALLY DOUBLE WHAT IT WAS A YEAR AGO.

THE ASSOCIATION SAYS THOSE REFINANCE ACTIVITY DOWN MORE THAN 80% FROM LAST YEAR, AND MORE POTENTIAL HOME BUYERS ARE NOW STAYING ON THE SIDELINES.

MORTGAGE DEMAND IS DOWN 29% FROM A YEAR AGO.

THIS WEEK ON "NJ BUSINESS BEAT," WE'RE PUTTING EDUCATION IN FOCUS, TAKING A LOOK AT SOME INNOVATIVE EDUCATIONAL PROGRAMS, FINDING OUT WHY SOME BELIEVE THE STUDENT DEBT FORGIVENESS PLAN DOESN'T GO FAR ENOUGH AND WE'RE ALSO EXPLORING THE CHALLENGES FACING NEW JERSEY'S K THROUGH 12 SCHOOLS.

GOVERNOR MURPHY VISITED RIDGE HIGH SCHOOL IN SUMMERSET COUNTY THIS WEEK TOUTING HIS ADMINISTRATION'S INCREASED SPENDING ON EDUCATION.

STATE AID FOR SCHOOLS TOTALLED $9.9 BILLION IN THE LATEST FISCAL BUDGET.

>> AND THAT IS BOTH $650 MILLION MORE THAN IT WAS THE YEAR BEFORE AND THE SINGLE GREATEST YEARLY INVESTMENT IN K THROUGH 12 EDUCATION IN OUR STATE'S HISTORY.

>> THERE ARE 1.28 MILLION PUBLIC SCHOOL STUDENTS IN NEW JERSEY AND JUST UNDER 130,000 TEACHERS.

THAT'S NOT ENOUGH, AS NEW JERSEY IS DEALING WITH A TEACHER SHORTAGE.

SCHOOL DISTRICTS ARE TRYING TO FILL THE GAPS THE BEST THEY CAN, WHILE STATE LAWMAKERS AND THE MURPHY ADMINISTRATION LOOK FOR SOLUTIONS.

I SAT DOWN WITH SHAUN SPILLER, PRESIDENT OF THE NEW JERSEY EDUCATION ASSOCIATION WHO TOLD ME THE STAFFING CRISIS NEEDS TO GET ADDRESSED NOW.

SO WE HAVE BEEN HEARING BEFORE THE START OF SCHOOL ABOUT NEW JERSEY'S TEACHER SHORTAGE.

NOW THAT SCHOOL IS UNDERWAY, HOW ARE DISTRICTS COPING WITH IT?

>> I THINK YOU'RE SEEING A LOT OF DIFFERENT WAYS, AND BY THE WAY, I JUST TAKE A MOMENT TO NOTE WE'RE SEEING SHORTAGES ACROSS EVERY SECTOR IN EDUCATION, SO I JUST HIGHLIGHT THAT BECAUSE EVEN BEFORE THEY GET TO SCHOOL, WE HAVE A SHORTAGE WITH SCHOOL BUS DRIVERS, WE HAVE A SHORTAGE WITH AIDES, A SHORTAGE WITH CLASSROOM TEACHERS, BUT A LOT OF DISTRICTS ARE STILL TRYING TO FILL HOLES.

THE YEAR STARTED WITH MAKING A LOT OF VISITS TO LOTS OF SCHOOLS, AND WELCOMING PEOPLE BACK AND REALLY EXCITING TIMES, BUT SO MANY DISTRICTS YOU SAW OPEN SPACES, OPEN SLOTS THAT THEY WERE STILL WORKING ON, AND WHAT HAPPENS IN THOSE INSTANCES AT TIMES.

DISTRICTS JUST DON'T OFFER CERTAIN COURSES IF IT'S AT THE HIGH SCHOOL LEVELS OR ONE OF THOSE SITUATIONS WHERE A COURSE CAN BE ENDED.

OTHER TIMES, YOU'VE GOT CLASSES WHERE STUDENTS ARE DISBURSED AND YOU GET LARGER CLASS SIZES.

YOU'VE GOT SITUATIONS IN SOME OF THE WORST WHERE YOU'RE WAITING FOR A TEACHER YOU CAN HIRE.

YOU HAVE A LONG-TERM SUB OR DAILY AS YOU SAID, AND OF COURSE THE ULTIMATE IS WHEN YOU'VE GOT A SITUATION WHERE STUDENTS HAVE TO GO TO JUST A LOCATION TO BE MONITORED AS A LARGER GROUP BECAUSE THERE ISN'T ENOUGH STAFF.

>> SO WHEN YOU SAY IT'S A CRISIS, AND I HEAR WHAT'S HAPPENING AT SOME DISTRICT, IS EVERY PARENT ASKING THE QUESTION, IS MY CHILD'S EDUCATION ADVERSELY AFFECTED BY THIS TEACHER SHORTAGE, ARE WE SHORTCHANGING THESE KIDS.

>> EVERYBODY IS FILLING IN AND DOING WHAT THEY CAN, BUT IT'S UNDENIABLE IF YOUR CHILD MISSES A DAY, TWO, THREE, FOUR A WEEK OF INSTRUCTION THAT HAS AN IMPACT.

ESPECIALLY AS WE'RE COMING OUT OF COVID, THERE'S MORE OF A NEED TAN EVER TO BUILD THOSE SOCIAL AND EMOTIONAL SUPPORTS SO WE CAN GET BACK TO THE LEARNING THAT WE KNOW HAS PUT US AT THE TOP OF THE CHARTS FOR A NUMBER OF YEARS, THE BEST SCHOOLS IN THE NATION.

IF WE'RE GOING TO DO THAT, WE'VE GOT TO BE ABLE TO HAVE EDUCATORS IN FRONT OF OUR KID.

>> AND YES, WE ARE GOING TO TALK ABOUT OPTIONS, WHAT IS BEING CONSIDERED RIGHT NOW, WHAT COULD BE BOTH THE SHORT-TERM AND LONG-TERM SOLUTION.

>> ALLOWING INDIVIDUALS WHO RETIRE TO COME BACK.

WE HAVE HEARD A LOT OF THAT TALK, OF COURSE THE DOMINO EFFECT IS YOU CAN'T GET THE AS YOU SAID AND THE ROLES THEY USUALLY FILL.

WE HAVE SEEN A LOT OF AIDES WHO WOULD BE, YOU KNOW, ONE ON ONES WITH STUDENTS AND OTHERS, GO BACK TO BE CERTIFIED TEACHERS OR WERE CERTIFIED TEACHERS AND DISTRICTS ARE PULLING THEM INTO CLASSROOMS, AND THERE'S NOT ENOUGH AIDES TO WORK WITH STUDENTS WITH SPECIFIC NEEDS OR OTHER PIECES SO THAT HAS A CHALLENGE AS WELL.

WHEN YOU'RE LOOKING AT SOLUTIONS WE HAVE BEEN TRACKING THE NUMBER OF INDIVIDUALS WHO HAVE GONE THROUGH THE TEACHER CERTIFICATION PROGRAMS IN OUR COLLEGES AND UNIVERSITIES AND UNFORTUNATELY WE HAVE SEEN FOR A DECADE NOW, A STEADY DECLINE, AND THERE'S A LOT OF REASONS FOR THAT.

WE'RE WORKING WITH THE COLLEGES AND UNIVERSITIES TO TRY AND RECRUIT MORE PEOPLE INTO THE PROFESSION THAT STARTS AT A YOUNGER AND YOUNGER AGE WHEN YOU'RE ENCOURAGING PEOPLE TO CONSIDER IT, AND PROVIDE THE SUPPORT SO THAT THEY CAN MOVE THROUGH.

THERE ARE BARRIERS THAT CAN BE ELIMINATED.

THE GOVERNOR IS A BIG ADVOCATE FOR ELIMINATING BARRIERS AND IN MANY INSTANCES, ENCOURAGING TO GET RID OF AN EPTA, A STANDARDIZED TEST AFTER EVERYONE HAS DONE TONS OF OBSERVE VAEGSS AND STUDENT TEACHING, AND IT'S A COSTLY EXAM KEEPING PEOPLE OUCH CLASSROOMS RIGHT NOW.

WE'RE ENCOURAGE THAG TO END.

WORKING WITH LEGISLATORS TO SAY NOW IS NOT THE TIME FOR A RESIDENCY REQUIREMENT.

GIVING BONUSES FOR PEOPLE TO COME IN OR TO STAY.

WHEN YOU TALK ABOUT DEBT FORGIVENESS, WE'RE SEEING THAT AS PART OF A CONVERSATION IN A MUCH BIGGER WAY NATIONWIDE.

>> WELL, THERE'S A LOT ON YOUR PLATE.

I CERTAINLY HOPE SOME OF THOSE OPTIONS COME TO FRUITION, AND HOPE THE SCHOOL YEAR GOES WELL.

>> YEAH, IT'S STILL AN EXCITING TIME, AND EVERYONE'S REALLY HOPEFUL THAT WE DO GET SOME OF THESE PIECES, MANY OF THESE PIECES IN PLACE TO MAYBE JUST A LITTLE BIT EASIER.

>> HUNDREDS OF HIGH SCHOOL STUDENTS IN NEWARK WILL BE ABLE TO PURSUE A COLLEGE DEGREE.

THANKS TO $1.1 MILLION AWARDED TO NEW JERSEY INSTITUTE OF TECHNOLOGY.

THE FEDERAL FUNDING SUPPORTS THE TRIO UPWARD BOUND PROGRAM, WHICH PROVIDES EDUCATIONAL OPPORTUNITIES TO STUDENTS.

THEY GET INTENSIVE COLLEGE PREP TRAINING ON THE NJIT CAMPUS, AND ARE MENTORED AS THEY BEGIN THE COLLEGE APPLICATION PROCESS.

JACQUELINE CUSACK IS EXECUTIVE DIRECTOR OF THE NJIT CENTER FOR PRE-COLLEGE PROGRAMS WHICH ADMINISTERS THE TRIO PROGRAM.

>> THE FUNDING FROM THE UNITED STATES DEPARTMENT OF EDUCATION IS FOR LOW INCOME STUDENTS, FIRST GENERATION STUDENTS, AND INCLUDES STUDENTS WHO ARE AT RISK OF NOT COMPLETING SCHOOLS.

COLLEGE BOUND HOMELESS STUDENTS, SO IT IS A GAME-CHANGER IN THAT SENSE.

IT GIVES THEM AN OPPORTUNITY TO SEE WHAT THEY CAN DO.

WHAT THEIR OPTIONS ARE IN LIFE.

>> IMAGINE GETTING A STUDENT LOAN WITH ZERO INTEREST, NO FEES, AND NO UP FRONT COST.

SOME STUDENTS HAVE THAT OPPORTUNITY THROUGH NEW JERSEY'S PAY IT FORWARD PROGRAM, WHICH LAUNCHED LAST MONTH.

THE LOANS ARE AVAILABLE FOR STUDENTS WHO ENROLL IN SPECIFIC DEGREE AND CERTIFICATE PROGRAMS AT THREE NEW JERSEY POST SECONDARY SCHOOLS.

THE NEW JERSEY CEO COUNSEL PROVIDED MILLIONS IN CORPORATE CONTRIBUTIONS TO HELP GET THE PROGRAM OFF THE GROUND.

THE MURPHY ADMINISTRATION SAYS PAY IT FORWARD IS THE FIRST OF ITS KIND IN THE NATION.

TO LEARN MORE, I SAT DOWN WITH DAVID SAKAALO.

WELL TO "NJ BUSINESS BEAT," IT'S GREAT TO TALK ABOUT THE PAY IT FORWARD PROGRAM, WHICH IS BEING BILLED AS A FIRST OF ITS KIND.

WHY DID WE DECIDE TO LAUNCH SOMETHING SO UNIQUE.

>> IT REALLY IS A TERRIFIC OPPORTUNITY TO EXTEND GOVERNOR MURPHY'S OVERALL STRATEGY TO TRY TO HELP MAKE AFFORDABILITY AND OPPORTUNITY FOR PEOPLE TO ADVANCE THEIR CAREERS IN NEW JERSEY.

AND THIS IS PART OF THAT OVERALL STRATEGY.

IT IS UNIQUE IN THAT IT PROVIDES HIGH QUALITY JOB TRAINING AND IT IS A PUBLIC/PRIVATE PARTNERSHIP SO THAT WE CAN HAVE SOME CORPORATE FUNDS THAT ARE DONATED TO THIS ALONG WITH SOME STATE FUNDS, CO-INVESTING IN THE FUTURE OF OUR PEOPLE.

>> AND SO FOR PARTICIPANTS IN THE PROGRAM, THEY GET VERY ATTRACTIVE FINANCIAL TERMS.

>> IT'S THE MOST CONSUMER FRIENDLY, STUDENT FRIENDLY, FORM OF LOAN, SO IT IS A WORK FORCE TRAINING PROGRAM THAT DOES HAVE A RECYCLEABILITY BUILT IN BUT THE LOANS ARE ZERO INTEREST, AND ZERO FEES AND THEY COVER THE COST OF THE TUITION AND THE MATERIALS AND THE BOOKS AND WHAT HAVE YOU FOR THE COURSES.

THESE ARE HIGH QUALITY JOB TRAINING PROGRAMS, WE'RE STARTING WITH A PROGRAM IN CYBER SECURITY, A PROGRAM IN WELDING AND HVAC, AND A PROGRAM IN NURSING.

ALL OF THESE ARE HIGHLY IN DEMAND JOBS AND THESE ARE REALLY GOOD TRAINING PROGRAMS.

AND WHEN THE GRADUATES OF THESE PROGRAMS SUCCEED AND GET A REALLY GOOD JOB, WHICH WE ARE CONFIDENT THEY WILL, THEY PAY BACK AS A PERCENTAGE OF THEIR INCOME AN AFFORDABLE AMOUNT.

IF THEY DON'T MAKE MONEY, THEY DON'T PAY BACK ANYTHING.

WE HAVE ESSENTIALLY A BACKSTOP THAT IS A CONSUMER PROTECTION, AND THEY ONLY PAY BACK BECAUSE IT'S ZERO INTEREST, THEY ONLY PAY BACK THE COST OF THAT TRAINING.

MEANWHILE, WHILE THEY'RE IN TRAINING, WE PROVIDE THEM WITH GRANTS TO HELP THEM PAY FOR LIVING COSTS, A STIPEND ESSENTIALLY SO THAT THEY'RE GIVING UP WAGES WHILE THEY'RE TRAINING, PERHAPS, NOT WORKING AS MUCH, AND THEY'RE NOT OUT OF POCKET FOR THAT.

>> SO THE PROGRAM IS KICKING OFF WITH A COUPLE OF INSTITUTIONS INVOLVED.

WHERE DO YOU SEE THIS PROGRAM GOING?

HOW MANY STUDENTS DO YOU THINK WILL BENEFIT FROM THE WORK FORCE TRAINING, AND WOULD YOU LIKE TO EXPAND IT?

>> WE WOULD LOVE TO EXPAND IT.

OUR GOAL IS, AGAIN, TO HAVE IT RECYCLABLE SO THAT THIS FIRST COHORT OF STUDENTS WE EXPECT SOMETHING ON THE ORDER OF SIX TO 800 STUDENTS.

A COUPLE HUNDRED, 300 OR SO AT EACH OF THREE PLACES.

NJIT IS DOING CYBER SECURITY, HUDSON COUNTY COMMUNITY COLLEGE IS DOING NURSING AND CAMDEN COUNTY COLLEGE IS DOING WELDING AND HVAC SKILLS TRAINING, BUT ALL OF THOSE GRADUATES, WHEN THEY FINISH, WILL BE PAYING BACK INTO THE REVOLVING FUND.

THAT MONEY WILL BE AVAILABLE TO TRAIN A NEW COHORT, OUR GOAL WOULD BE TO EXPAND, PERHAPS TO EXPAND TO DIFFERENT TRAINING PROGRAMS THAT ARE IN DEMAND FIELDS, IN DEMAND JOBS, TO GIVE PEOPLE EDUCATION BEYOND HIGH SCHOOL THAT'S AFFORDABLE.

>> DAVID, IT'S BEEN GREAT SPEAKING WITH YOU ABOUT THIS PROGRAM, AND WISH YOU THE BEST OF LUCK.

WE'LL BE WATCHING HOW IT ROLLS OUT.

>> THANK YOU SO MUCH.

APPRECIATE IT.

>>> MORE DETAILS ARE COMING OUT ABOUT THE BIDEN ADMINISTRATION'S STUDENT LOAN DEBT FORGIVENESS PLAN, AND APPLICATION FOR DEBT RELIEF WILL BE AVAILABLE IN JUST A COUPLE OF WEEKS.

EARLY OCTOBER.

AND THE DEADLINE TO COMPLETE IT IS MID-NOVEMBER.

STUDENT BORROWERS CAN EXPECT TO SEE THEIR DEBT WIPED AWAY WITHIN FOUR TO SIX WEEKS.

THE LONG AWAITED DEBT RELIEF FORGIVES $10,000 OF FEDERAL STUDENT DEBT FOR THOSE WITH INCOMES BELOW $125,000.

$20,000 WILL BE ELIMINATED FOR PELL GRANT RECIPIENTS.

IT'S WELCOME NEWS TO THE 1.2 MILLION BORROWERS IN NEW JERSEY WHO CARRY A COLLECTIVE $43 BILLION IN STUDENT DEBT, THE 12th HIGHEST AMOUNT IN THE U.S.

THE DEBT RELIEF PLAN DOESN'T INCLUDE PRIVATE STUDENT LOANS.

EARLIER THIS YEAR, STATE LAWMAKERS INTRODUCED A BILL THAT WOULD CREATE MORE OVERSIGHT OF PRIVATE EDUCATION LENDERS AND MORE PROTECTION FOR BORROWERS.

ADVOCATES WANT TO SEE IT PASSED.

MEANTIME, A WHOLE NEW CROP OF STUDENTS TOOK ON MORE DEBT TO GO TO COLLEGE THIS FALL.

THE VICE PRESIDENT ATROPHY -- FIDELITY INVESTMENTS SAYS MANY FIND IT DIFFICULT TO SAVE FOR COLLEGE.

>> STUDENT LOAN DEBT RELIEF PROVIDES RELIEF BUT DOESN'T SOLVE THE LARGER ISSUE OF THE COST OF COLLEGE.

A RECENT STUDY SHOWED 79% OF PARENTS WHO ARE CURRENTLY SAVING FOR THEIR CHILDREN'S EDUCATION CITE THAT STUDENT DEBT IS THE BIGGEST MOTIVATOR FOR THEM FOR SAVING.

BUT WHAT'S HAPPENING IS THAT A THIRD OF THE PARENTS WHO HAVE BEEN SURVEYED HAVE THEIR OWN STUDENT DEBT, AND THEY ADMIT THAT THEY HAVEN'T EVEN STARTED SAVING FOR THEIR CHILDS BECAUSE THEY'RE STILL TRYING TO PAY OFF THEIR OWN DEBT, AND IT'S PERPETUATING THE CYCLE.

>> THAT'S WHY THE BIDEN STUDENT LOAN FORGIVENESS PLAN SHOULD BE A FIRST STEP, ACCORDING TO CODY, EXECUTIVE DIRECTOR OF THE STUDENT DEBT CRISIS CENTER.

WE TALKED ABOUT WHAT HE WOULD LIKE TO SEE AS THE NEXT STEPS.

CODY, FIRST OF ALL, THANK YOU SO MUCH FOR JOINING ME TO TALK ABOUT A TOPIC WE HAVE BEEN FOCUSED ON FOR QUITE SOME TIME, AND THAT'S STUDENT DEBT.

NOW, I WOULD IMAGINE YOU WERE PLEASED WITH WHAT WE HEARD FROM THE BIDEN ADMINISTRATION ON LOAN FORGIVENESS, BUT I KNOW YOU THINK IT DOESN'T GO FAR ENOUGH.

WHY IS THAT?

>> I AM ABSOLUTELY PLEASED.

PRESIDENT HAS EVER PASSED BROAD-BASED STUDENT DEBT CANCELLATION THAT REACHED EVERYONE WITH THE FEDERAL STUDENT LOAN THE WAY THIS POLICY WILL.

IT'S QUITE REMARKABLE AND CERTAINLY A HUGE STEP IN THE RIGHT DIRECTION.

WE KNOW THAT STUDENT DEBT CANCELLATION IS A PROGRESSIVE POLICY.

WHICH MEANS THE MORE WE CANCEL, THE MORE BENEFITS REACH THOSE WHO ARE STRUGGLING THE MOST, AND THESE ARE LOWER INCOME STUDENTS AND PARENTS AND COMMUNITIES OF COLOR.

SO WE FEEL THAT IF WE WANT TO ACHIEVE THE MAXIMUM ECONOMIC BENEFITS AND ALSO THE RACIAL EQUITY BENEFITS OF DEBT CANCELLATION, THEN WE HAVE TO GO EVEN FURTHER.

>> DO WE NEED TO LOOK AT STUDENTS NOT TAKING ON THIS SORT OF DEBT TO BEGIN WITH, IN OTHER WORDS, THERE'S ALL SORTS OF OTHER ISSUES.

THE RISING COST OF COLLEGE, JUST BEING ONE OF THEM.

OBVIOUSLY WE WANT TO AVOID PEOPLE GETTING INTO THIS SITUATION.

>> I WOULD SAY WE ABSOLUTELY DO NEED TO CONTINUE TO WORK ON ADDRESSING THE ROOT CAUSE.

BUT THE REALITY IS THAT FOR MOST AMERICAN FAMILIES, THERE IS NO WAY TO PAY FOR HIGHER EDUCATION WITHOUT ACCESSING SOME FORM OF STUDENT LOAN AND FINANCIAL AID.

AND SO WHEN WE SAY LET'S GET TO THE ROOT, THAT MEANS INVESTING IN HIGHER EDUCATION.

THAT MEANS PUBLIC INVESTMENT, SO THAT WE CAN REDUCE THE BURDEN ON STUDENTS AND THEIR FAMILIES.

AND AS A COLLECTIVE SOCIETY, WE CAN REALLY MAKE SURE THAT EDUCATION IS ACCESSIBLE AND ATTAINABLE TO ALL.

SO I'M A LITTLE SENSITIVE TO THE QUESTION BECAUSE I DON'T THINK THAT WE HAVE A SCENARIO IN WHICH STUDENT CHOOSE NOT TO TAKE OUT STUDENT LOANS.

WE NEED TO MAKE SURE THAT THAT FORCED FINANCIAL AID AND FINANCING OF HIGHER EDUCATION ISN'T SOMETHING THAT EXISTS ANYMORE.

IT STARTS WITH PUBLIC INVESTMENT.

>> WHAT WOULD YOU LIKE TO SEE IN TERMS OF CONCRETE STEPS COMING OUT OF WASHINGTON NEXT.

AS YOU MENTION, IF THIS IS A HISTORIC ACTION, WE KNOW A WHOLE NEW CROP OF KIDS WENT TO SCHOOL IN THE FALL, VERY LIKELY FINANCING THEIR EDUCATION.

WHAT IDEALLY SHOULD HAPPEN NEXT, IS IT MORE FORGIVENESS, IS IT FURTHER CHANGES TO DEBT REPAYMENT?

HOW WOULD YOU LIKE TO SEE IT PLAY OUT?

>> IT'S ALL OF THE ABOVE.

SO FIRST AND FOREMOST.

WE NEED TO MAKE SURE THAT THE PRESIDENT'S STUDENT DEBT CANCELLATION ACTION ROLLS OUT APPROPRIATELY, AND THAT EVERYONE WHO'S ELIGIBLE FOR THIS RELIEF CAN HAVE ACCESS TO IT.

AND SO THAT MEANS INFORMING THE PUBLIC ABOUT THE APPLICATION PROCESS AND THAT ALSO INCLUDES CURRENT STUDENT THAT HAVE STUDENT LOANS.

THEY ARE ELIGIBLE FOR THE RELIEF.

WE NEED TO GET THE WORD OUT THERE.

WE ALSO BELIEVE THAT WE NEED TO CONTINUE TO FIX THE CURRENT STUDENT LOAN FIX.

OUR ORGANIZATION IS CURRENTLY AND HAS ALWAYS BEEN PROACTIVELY WORKING ON FIXING FEDERAL REPAYMENT PROGRAMS, AND PROGRAMS LIKE PUBLIC SERVICE LOAN FORGIVENESS.

KEEP IN MIND, EVEN AFTER THIS CANCELLATION PLAN, THERE WILL STILL BE MILLIONS OF AMERICANS THAT HAVE FEDERAL STUDENT LOAN DEBT.

WE CAN'T PUSH THEM BACK INTO THE BROKEN SYSTEM THAT WE SAID CAUSED THIS CRISIS IN THE FIRST PLACE.

>> CODY, IT'S BEEN SO GOOD TALKING TO YOU, THANK YOU FOR YOUR EFFORTS HERE.

>> OF COURSE.

THANK YOU FOR HAVING ME.

>>> FINALLY, WE WANT TO TELL YOU ABOUT A JERSEY GIRL WHO BECAME A FINANCIAL GURU AND IS NOW BRINGING FINANCIAL EDUCATION TO THE MASSES.

TIFFANY ALICHE, A BEST SELLING AUTHOR IS FEATURED IN A NETFLIX DOCUMENTARY CALLED "GET SMART WITH MONEY," SHE'S SHARING THE MONEY SMARTS SHE HAS LEARNED OVER HER YEARS.

IN HER MID 20s SHE HAD A GOOD JOB AND BOUGHT HER OWN HOME.

THEN SHE LOST EVERYTHING.

NOW SHE'S HELPING OTHERS NAVIGATE THROUGH HAIR OWN FINANCIAL CHALLENGES.

>> TIFFANY, WELCOME TO "NJ BUSINESS BEAT," IT'S GREAT TO TALK TO YOU.

>> YOU TOO, RHONDA.

YOU'RE A GIRL AFTER MY OWN HEART BECAUSE YOU LOVE TO TALK ABOUT MONEY AND FINANCES.

IT'S NICE TO BE HERE WITH YOU IN THE DOUBLE BOXES.

YOU HAVE MADE A CAREER OF HELPING PEOPLE UNDERSTAND THEIR FINANCES.

YOU ARE GOING TO BE FEATURED IN A NETFLIX DOCUMENTARY.

HOW DID YOU FEEL ABOUT THAT?

>> HONESTLY, IT FEELS REALLY SURREAL.

BEFORE THIS LIFE I WAS A PRESCHOOLTEACHER AND I TAUGHT FOR OVER TEN YEARS, AND NOW I TEACH FINANCIAL EDUCATION NATIONWIDE.

SO TO HAVE THE IMPACT WITH THE NETFLIX PLATFORM, I CAN'T WAIT FOR PEOPLE TO SEE "GET SMART WITH MONEY."

>> WHAT IS SO COMPELLING ABOUT YOUR STORY IS YOU TALK FROM EXPERIENCE.

IN YOUR MID-20s, YOU HAD A GREAT JOB, A HOME, YOU LOST IT, IT WAS ALL GONE, AND YOU REALLY HAD TO CLAW YOUR WAY BACK.

>> EXACTLY, RHONDA.

I LOST EVERYTHING DURING THE GREAT RECESSION, WHICH I NEVER UNDERSTOOD WHY THEY CALLED IT THE GREAT RECESSION.

IT WASN'T SO GREAT.

AND BUT I GREW UP IN HOME WHERE FINANCES WERE TALKED ABOUT, AND SO I TOOK ALL OF THOSE LESSONS THAT I LEARNED AND CRAWL MY WAY BACK, AND WAS DETERMINED THAT NOBODY WHO WANTED TO HELP WOULD BE EXEMPT FROM HAVING THAT HELP AS LONG AS I WAS HERE AND I WAS GOING TO SHARE WITH THEM WHAT I DID FOR MYSELF.

>> WHEN YOU WERE A JERSEY GIRL, I WANT TO MAKE SURE EVERYONE KNOWS.

IT'S EXPENSIVE TO BE HERE IN JERSEY.

YOUR ADVICE NEEDED PERHAPS A LITTLE BIT MORE IN THIS STATE.

>> ABSOLUTELY, I WAS BORN AND RAISED IN NEW JERSEY.

I STILL LIVE HERE IN NEW JERSEY.

IT IS A VERY EXPENSIVE STATE AND IT IS POSSIBLE TO STILL THRIVE FINANCIALLY, SO I'M GLAD TO BE HERE TEACHING THOSE LESSONS.

>> TIFFANY, WHAT'S LESSON NUMBER ONE FOR PEOPLE WHO ALWAYS FEEL LIKE THEY CAN'T GET CAUGHT UP.

>> LESSON NUMBER ONE, IT'S NOT A FINANCIAL ONE.

IT'S A MENTAL ONE.

A LOT OF PEOPLE WHO ARE STRUGGLING, RHONDA, THEY ARE SUFFERING FROM FINANCIAL SHAME, AND SHAME IS SHIELDING THEM FROM SOLUTIONS.

THEY'RE GOING TO HAVE TO SHARE BECAUSE WHEN YOU GIVE VOICE TO SHAME YOU'RE ABLE TO KIND OF DISSIPATE IT AND WORK TOWARD THE SOLUTION.

FIND YOUR BEST FRIEND, YOUR MOM, YOUR DAD, YOUR COUSIN.

SHARE THE FINANCIAL STRUGGLES YOU'RE GOING THROUGH SO YOU CAN RELEASE THAT SHAME AND WORK TOWARD THOSE SOLUTIONS.

>> ONCE YOU DO THAT, WHAT IS THE FIRST FINANCIAL STEP YOU CAN TAKE TO GET ON A BETTER ROAD.

>> I AM THE BUDGETNISTA, SO YOU KNOW YOU HAVE TO START WITH THAT BUDGET.

A BUDGET IS A PHYSICAL PICTURE OF WHAT YOUR MONEY IS DOING, WRITE DOWN MONEY IN, HOW MUCH YOU MAKE EVERY MONTH AND MONEY OUT, WHAT ARE YOU SPENDING EVERY MONTH.

GET THAT DOWN ON PAPER SO YOU CAN START TO CHANGE YOUR REALITY.

>> AND SAVING JUST A LITTLE SOMETIMES IS THE BEST WAY TO START, RIGHT YOU, MIGHT NOT THINK, BUT MAYBE YOU DON'T SPEND 5 BUCKS ON A CUP OF COFFEE, AND YOU HOLD ON TO IT.

>> YES, ONE OF MY FAVORITE THINGS IS CALLED SAVE LIKE A SQUIRREL.

I WRITE ABOUT IT IN MY "NEW YORK TIMES" BEST SELLING BOOK, GET GOOD WITH MONEY.

THEY KNOW THAT THE WHEN THE FALL COMES, THAT'S WHEN YOU WORK THE HARDEST AND YOU SAVE THE MOST, AND THEN WINTER COMES, AND THAT'S WHEN YOU LIVE OFF THAT SAVINGS.

WE HAVE TO PRACTICE BEING LIKE SQUIRRELS.

SO WHEN IS OUR FINANCIAL FALL.

IT'S WHEN WE GET A RAISE, IT'S WHEN WE GET OUR INCOME TAX REFUND BACK.

IT'S MAYBE SOMEONE PAID US BACK.

ANYTIME WE ARE EXPERIENCING AN INFLUX OF MONEY, THAT'S WHEN YOU WORK THE HARDEST AND SAVE THE MOST.

IDEALLY, YOU WANT TO MAKE SAVING A HABIT BY AUTOMATION.

AUTOMATION IS THE NEW DISCIPLINE.

>> TIFFANY, IT'S BEEN GREAT CHATTING WITH YOU, SO HAPPY ABOUT YOUR SUCCESS WITH NETFLIX.

WE'LL BE KEEPING TABS ON YOU FOR SURE.

THANKS FOR YOUR TIME.

>> THANK YOU, RHONDA.

>> THAT'S OUR SHOW FOR THIS WEEK.

THANKS FOR WATCHING "NJ BUSINESS BEAT" REMEMBER TO SUBSCRIBE TO OUR NJ SPOTLIGHT YOU TUBE CHANNEL TO GET ALERTED WHEN WE POST NEW EPISODES AND TIPS.

NEXT WEEK, TRENDS IN THE WORKPLACE IN THE POST PANDEMIC WORLD.

I'M RHONDA SCHAFFLER.

YOU ENJOY THE REST OF YOUR