>>> FUNDING FOR "NJ BUSINESS BEAT" PROVIDED BY NJCU SCHOOL OF BUSINESS, A GAME-CHANGING FORCE OFFERING PROGRAMS LIKE FINANCIAL TECHNOLOGY, OR BUSINESS ANALYTICS AND DATA SCIENCE.

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LEARN MORE AT NJCU.EDU/GAMECHANGER.

>>> THIS WEEK ON "NJ BUSINESS BEAT," A STAGGERING LOOK AT THE STATE OF EMPLOYMENT IN NEW JERSEY AND AROUND THE COUNTRY, AS THE LABOR DEPARTMENT ANALYZES THE GREAT RESIGNATION.

>>> PLUS, STRUCK DOWN AGAIN AND AGAIN.

THE BIDEN ADMINISTRATION'S LEGAL BATTLE TO ENFORCE VACCINE MANDATES ISN'T HOLDING UP IN COURT.

>>> AND WE PUT THE BUSINESS BEHIND EDUCATION IN FOCUS, HIGHLIGHTING HOW THE STATE FUNDS YOUR CHILDRENS' SCHOOLS, AND FINANCIAL SUPPORT YOUR KIDS GET AND THE PUSH FOR TRANSPARENCY IN HIGHER EDUCATION COSTS.

THAT'S STRAIGHT AHEAD ON "NJ BUSINESS BEAT."

♪♪ >>> THIS IS "NJ BUSINESS BEAT," WITH RHONDA SCHAFFLER.

>>> HELLO I'M RHONDA SCHAFFLER, THANKS FOR JOINING US ON "NJ BUSINESS BEAT."

IF YOU ARE WATCHING ON YOUTUBE, MAKE SURE YOU SUBSCRIBE TO OUR NJ SPOTLIGHT NEWS YOUTUBE CHANNEL TO GET ALERTED WHEN WE POST NEW EPISODES AND CLIPS.

IF YOU ARE LOOKING FOR A JOB, YOU ARE IN LUCK.

THERE ARE FAR MORE JOB OPENINGS THAN THERE ARE PEOPLE TO FILL THEM.

THIS HAS BEEN GREAT FOR THOSE ON UNEMPLOYMENT.

WE LEARNED THIS WEEK THAT FEWER PEOPLE ARE FILING FOR FIRST-TIME JOBLESS BENEFITS.

IN FACT THE NUMBER OF NEW UNEMPLOYMENT CLAIMS IS NOW FALLEN INTO A 52-YEAR LOW.

BUT NOT EVERYONE IS RUSHING TO FIND A JOB.

THERE IS A WHOLE BUNCH OF PEOPLE WHO JUST KEEP QUITTING.

THE FEDERAL GOVERNMENT SAID THIS PAST WEEK, ANOTHER 4 MILLION PLUS WORKERS WALKED AWAY FROM THEIR JOBS IN OCTOBER.

THAT'S ON TOP OF THE 4 MILLION THAT QUIT IN SEPTEMBER AND IN AUGUST AND IN JULY.

NO WONDER ECONOMISTS ARE CALLING THIS THE "GREAT RESIGNATION".

WE TALKED TO RUTGERS PROFESSOR NAOMI R. WILLIAMS ABOUT WHY THIS IS HAPPENING.

>> MORE AND MORE WORKERS ARE REALIZING THAT THEY ACTUALLY DON'T GET PAID ENOUGH TO SUPPORT THEMSELVES AND THEIR FAMILIES.

THEY DON'T HAVE ACCESS TO THE RESOURCES THAT THEY NEED IN CASES OF EMERGENCY.

AND THE CONTINUED PRESSURE TO PERFORM, RIGHT, DOESN'T MEET WITH THE PAYCHECKS THAT THEY ARE BRINGING HOME, THEIR ACCESS TO HEALTHCARE.

THEIR ACCESS TO CHILD AND FAMILY CARE.

AND I THINK THAT THAT'S IN A LARGE WAY HAS REALLY BURNT US OUT.

>> ONE THING THAT CAN BURN OUT ANY WORKER IS HAVING TO CARE FOR A NEW BABY OR A FAMILY MEMBER WHO IS ILL. THAT'S WHERE PAID SICK LEAVE COMES IN.

IN WASHINGTON, THERE IS TALK OF A FEDERAL PAID SICK LEAVE PROGRAM.

BUT IN NEW JERSEY, WE'VE HAD ONE IN PLACE FOR OVER A DECADE.

THE PROBLEM IS NOT EVERYONE IS AWARE THEY QUALIFY FOR PAID LEAVE BENEFITS OF UP TO 12 WEEKS.

A NEW STUDY OUT FROM THE RUTGERS CENTER FOR WOMEN AND WORK FINDS THOSE THAT NEED IT MOST AREN'T TAKING ADVANTAGE OF THE PROGRAM.

DEBRA LANCASTER IS THE CENTER'S EXECUTIVE DIRECTOR.

>> LOWER INCOME WORKERS HAD LESS AWARENESS OF THE POLICY.

AND SO THAT IS A REAL PROBLEM.

BECAUSE THE POLICIES IN FACT HAVE THE MOST BENEFIT POTENTIAL FOR LOWER INCOME WORKERS.

AND IF YOU LOOK AT WHO DOES HAVE ACCESS TO PAID FAMILY LEAVE, THAT IS USUALLY PROVIDED BY EMPLOYERS TO HIRE INCOME WAGE EARNERS.

SO THIS POLICY HAS -- IN NEW JERSEY HAS INCREDIBLE POTENTIAL TO FILL THOSE GAPS.

>> THIS WEEK ANOTHER VACCINE MANDATE PROPOSED BY THE BIDEN ADMINISTRATION GOT BLOCKED.

A FEDERAL COURT IN GEORGIA TEMPORARILY HALTED THE ADMINISTRATION'S MANDATE FOR FEDERAL CONTRACTORS.

THE COURT SAID PRESIDENT BIDEN LIKELY EXCEEDED HIS AUTHORITY WHEN HE ISSUED THE MANDATE, WHICH WOULD EFFECT MILLIONS OF WORKERS.

THE COURT'S PRELIMINARY INJUNCTION HALTING THE ORDER IS THE LATEST SETBACK IN THE PUSH FOR MANDATORY VACCINES.

TWO OTHER BIDEN ADMINISTRATION VACCINE MANDATES, ONE FOR HEALTHCARE WORKERS, THE OTHER FOR PRIVATE BUSINESSES, ALSO ARE ON HOLD DUE TO LITIGATION.

IN THE MEANTIME, NEW YORK CITY THIS WEEK PROPOSED A VACCINE MANDATE ON ALL PRIVATE EMPLOYERS.

IT STARTS LATER THIS MONK.

WE TALKED WITH FRANK CUSTODE AT CURCIO MIRZAIAN SIROT ABOUT THE LEGAL GUIDELINES OF FORCING MANDATES ON THOSE WHO DON'T WANT TO GET VACCINATED.

>> BASED ON INQUIRIES FROM POTENTIAL CLIENTS I GET, THERE ARE A FAIR AMOUNT OF WORKERS IN THE STATE OF NEW JERSEY WHO DO NOT WANT TO BE VACCINATED.

OKAY?

AND I THINK EMPLOYERS ARE -- ARE WRESTLING WITH HOW TO DEAL WITH THAT.

AND I'M HEARING MORE AND MORE OF MANDATORY VACCINATION REQUIREMENTS WITH THE OPTION OF WEEKLY TESTING AS AN ALTERNATIVE FOR THOSE WHO DON'T WANT TO BE VACCINATED.

>> ON "NJ BUSINESS BEAT" WE LOVE TALKING TO ENTREPRENEURS WHO COME UP WITH GREAT IDEAS.

WE LEARNED ABOUT A COMPANY CALLED PROFIT BANK WHICH WAS RECENTLY LAUNCHED TO MAKE IT EASIER FOR NEW BUSINESSES TO MANAGE THEIR FINANCES.

THE BANK IS QUICKLY GAINING MORE CLIENTS, ESPECIALLY MINORITY BUSINESS OWNERS WHO HAVE BEEN LEFT BEHIND BY OTHER FINANCIAL INSTITUTIONS.

WE TALKED WITH THE BANKS' CO-FOUNDERS, VIN MONTES AND FRANTZ ROMAIN.

>> FIRST GREAT TO HAVE YOU BOTH ON THE SHOW.

AND VIN, I'LL START WITH YOU.

WHY DID THE TWO OF YOU COME UP WITH THIS IDEA TO FOUND YOUR OWN BANK?

>> YES, THE IDEA CAME TO ME WHEN I WAS RUNNING MY PRIOR SMALL BUSINESS.

IT WAS A BEVERAGE COMPANY.

I'D JUST GOT OUT OF COLLEGE.

I REMEMBER I WAS STRUGGLING WITH THE BOOK KEEPING AND KEEPING UP WITH THE FINANCES.

REALLY, IT WAS COMPLICATED FOR ME.

ACCOUNTING SOFTWARES WERE COMPLICATED.

STILL ARE.

IT WAS TIME CONSUMING, AND ACTUALLY COST US MONEY.

I REMEMBER THINKING AT THE TIME IF THE BANK IS GETTING ALL OUR TRANSACTIONS, THEY SEE WHAT'S COMING IN, WHAT'S GOING OUT.

WHY CAN'T THEY CREATE A PROFIT AND LOSS STATEMENT FOR ME THAT WILL HELP ME UNDERSTAND MY BUSINESS?

AND THAT WAS WHERE THE IDEA WAS BORN.

>> SO FRANTZ, THERE WAS A NICHE YOU FILLED IN THE MARKET.

IN YOUR OPINION, WHY HAS THIS BEEN LACK?

WHY HASN'T ANYONE COME ONE THIS IDEA BEFORE NOW?

>> WELL PRIOR YOU DIDN'T HAVE THE TECHNOLOGY OR THE INNOVATION IN THE MARKET.

SO WE'VE -- VIN AND I ARE PRETTY INNOVATIVE.

WE WORKED AT UPS AND WE BUILT SOME PRETTY COOL THINGS TOGETHER.

SO WHEN VIN APPROACHED ME WITH THIS IDEA AND WE DIDN'T SEE ANY INNOVATION IN THE SPACE FOR THIS, I QUICKLY JUMPED ON BOARD AND WE TOGETHER CREATED PROFIT WANG.

>> AND FRANTZ, WHY THIS HAS THIS BEEN A HELP FOR MINORITY OWNERS.

>> WE'RE ABLE TO EDUCATE OUR USERS WHEN IT COMES TO BOOK KEEPING AND MAKING SURE OUR TRANSACTIONS ARE RECONCILED SO IT SAVES THEM A LOT OF TIME AND THEY CAN FOCUS ON RUNNING THEIR BUSINESS.

>> VIN, YOU ACTUALLY STEPPED INTO A SPACE THAT'S REALLY GROWING NOW.

WE'VE SEEN A HUGE EXPANSION IN MINORITY-OWN BUSINESSES.

SO HOW IS THAT GOING TO HELP YOUR BANK TO YOU?

>> YEAH, SO GREAT QUESTION.

SO WHAT WE'RE DOING NOW WE'RE PARTNERING UP WITH MINORITY BUSINESS ORGANIZATIONS TO BE MINORITY BUSINESS OWNERS.

>> HOW ARE YOU REACHING OUT TO THEM?

>> YEAH, SO WHAT WE DO IS WE PARTNER WITH THEM.

AND THEN WE OFFER OUR SERVICES TO THEIR CLIENTS FOR FREE.

>> HOW MUCH HAS PROFIT BANK GROWN SINCE ITS LAUNCHED IN TERMS OF BRINGING STAFF ON AND TRY GS JUST TRYING TO GET NEW CLIENTS?

>> YEAH, SO WE ACTUALLY RELEASED THE PRODUCT IN SEPTEMBER.

AND WE'VE GOTTEN 11 CLIENTS SO FAR.

AND ACTUALLY WE'RE LOOKING TO ON BOARD ANOTHER 20 CLIENTS THIS MONTH.

>> FRANTZ, LET ME GO BACK OVER TO YOU.

AS CTO, WHAT ARE SOME OF THE TECHNOLOGIES THAT YOU SEE EMERGING EVEN MORE SO THAN WHAT WE'RE SEEING NOW IN THE FIN TECH BANKING SPACE?

WHERE ARE WE I GUESS IF IT WERE A BASEBALL GAME?

WHAT INNING?

>> WE'RE SEEING A LOT OF MACHINE LEARNING AND AIML WILL TRULY HELP THE LANDSCAPE IN TERMS OF SERVICING MORE CUSTOMERS.

>> DO YOU THINK THAT FIN TECH IS GETTING INCREASINGLY AWARE ABOUT MINORITY-OWNED BUSINESSES?

AND ARE THERE TOOLS TO HELP BUSINESSES WHO MIGHT NOT HAVE THE TYPICAL ACCESS TO CREDIT OR EVEN THE CREDIT HISTORIES THAT OTHERS HAVE?

>> YEAH, SINCE FIN TECH IS DIGITAL, FIN TECH CAN MAKE A LOT OF IMPACT ON AREAS WHERE THERE AREN'T ANY BADGES.

THAT'S THE ADVANTAGES THAT WE HAVE.

FOR EXAMPLE, WE HAVE CUSTOMERS THROUGHOUT THE UNITED STATES WHO DON'T HAVE ACCESS TO A PHYSICAL LOCATION.

AND WE'RE ABLE TO SERVE THEM EVEN THOUGH THERE ISN'T A PHYSICAL LOCATION.

>> TELL YOU WHAT, IT'S BEEN GREAT TALKING TO THE TWO OF YOU.

BEST OF LUCK WITH THE BANK.

IT SOUNDS LIKE BUSINESS IS REALLY TAKING OFF.

SO I'M GLAD YOU MADE SOME TIME FOR US TODAY.

THANKS.

>> THANK YOU.

>> THANK YOU, RHONDA.

>>> IN WASHINGTON, CONGRESS WILL SPEND THE NEXT TWO WEEKS TRYING TO GET THE "BUILD BACK BETTER" BILL PASSED BY CHRISTMAS.

THE BILL INCLUDES TRILLIONS OF DOLLARS IN SPENDING FOR SOCIAL PROGRAMS, INCLUDING EDUCATION.

THE LEGISLATION PROPOSES $500 MILLION TO PROVIDE ASSISTANCE TO LOWER INCOME COLLEGE STUDENTS.

FUNDING EDUCATION IS ALWAYS A HOT TOPIC, SO WE'RE PUTTING IT IN FOCUS THIS WEEK.

LET'S TAKE A DEEP DIVE INTO EDUCATION IN NEW JERSEY FIRST.

ACCORDING TO OUR STATE DEPARTMENT OF EDUCATION WE HAVE NEARLY 2,500 SCHOOLS AND 686 SCHOOL DISTRICTS EDUCATING 1.4 MILLION STUDENTS.

TOTAL STATE AID TO SCHOOLS IS $8.68 BILLION.

THE AVERAGE SPEND PER STUDENT IS NEARLY $23,000 EACH YEAR.

BUT WHEN YOU TALK SCHOOLS AND FINANCE IN NEW JERSEY, THERE IS ONE TOPIC THAT'S HARD TO AVOID.

THE STATE SCHOOL FUNDING FORMULA, WHICH HAS DRAWN SCRUTINY FOR DECADES.

IT'S MEANT TO FAIRLY DISTRIBUTE FUNDS BASED ON A NUMBER OF FACTORS.

BUT SOME DISTRICTS HAVE ARGUED FOR YEARS THAT THE FORMULA IS FLAWED AND DOESN'T PROVIDE ENOUGH MONEY TO SOME STRUGGLING SCHOOLS.

FOR BACKGROUND ON HOW NEW JERSEY FUNDS ITS SCHOOLS, AND HOW WE STACK UP TO OTHER STATES, WE TURN TO NJ SPOTLIGHT'S EDUCATION EXPERT, JOHN MOONY.

JOHN, WHEN WE TALK ABOUT SCHOOL FUNDING IN NEW JERSEY, WE START WITH THE SCHOOL FUNDING FORMULA, WHICH WILL BE CONTROVERSIAL.

WHY DO WE HAVE THIS FORMULA?

AND WHY HAS IT BEEN THE SUBJECT OF SO MUCH DEBATE?

>> WELL IT'S A LONG AND STORIED HISTORY IN NEW JERSEY IN DEALING WITH SCHOOL FUNDING.

DATES BACK DECADE WHEN THE FIRST ADVOCATES AND LAWYERS CHALLENGED THE STATE THE WAY THEY WERE FUNDING SCHOOLS AT THAT TIME.

AND EVENTUALLY LED TO OUR FIRST INCOME TAX IN THE 1970s, A VARIETY OF SCHOOL-FUNDING FORMULAS ALONG THE WAY AND THEN THE CURRENT FORMULA THAT IS ABOUT 10 YEARS OLD.

AND IT BASICALLY WAS BUILT AROUND -- AND THOSE CASES ARE CALLED ABBOT VERSUS BURKE.

IT WORKS IN BASICALLY PROVIDING STATE FUNDING ON A PER PUPIL BASIS DEPENDING ON NEEDS OF THE STUDENTS.

AND THE NEEDS, INCLUDING WHETHER IT BE LOW INCOME OR, YOU KNOW, LATE ENGLISH LANGUAGE LEARNERS.

YOU KNOW, THERE IS A WIDE VARIETY THAT GOES INTO THIS FORMULA.

AND IT IS MEANT TO PROVIDE ADDITIONAL FUNDS TO THE DISTRICTS THAT NEED IT MOST AND LESS FUNDS TO THOSE WHO DON'T, THE RICHER DISTRICTS.

OVERALL THE STATE FUNDS ABOUT 50% OF ALL SCHOOLS' SPENDING IN THE AREA OF $10 BILLION DEPENDING WHAT CREW COUNT, WITH THE REST PICKED UP BY LOCAL PROPERTY TAXES.

SOME COUNTS 8% OF THE BILL.

AND THEN RICHER COMMUNITY, RED LIGHTER SUBURBS WHERE THE STATE PAYS 10% EVEN OR LESS.

AND IT IS ALL MEANT TO BRING EVERYBODY INTO SOME KIND OF A PARODY IN TERMS OF NEED.

AND ITS SO FAR WORKED PRETTY WELL BUT IT IS ALSO AS YOU MENTIONED IT IS ALWAYS THE SUBJECT OF DEBATE IN THIS STATE.

>> AND THERE IS ALWAYS THIS TENSION BETWEEN THE WEALTHIER DISTRICTS AND POOR DISTRICTS AND THAT JUST DOESN'T SEEM TO GO AWAY.

>> NO.

AND THAT, YOU KNOW, NOT SURPRISING.

THERE IS A LIMITED POT OF MONEY.

AND WEALTHIER DISTRICTS FEEL THAT -- OFTEN FEEL THAT STATE IS NOT PICKING UP ENOUGH.

AND THEY ARE DEALING WITH MORE AND MORE OF THESE CHALLENGES TOO.

SO IT IS, YOU KNOW, CERTAINLY THE NEED'S OUT THERE.

BUT YOU ALSO, IT IS HARD TO ARGUE THAT NEW JERSEY OVERALL DOESN'T SPENT ENOUGH.

WE'RE ONE OF THE TOP TWO OR THREE IN THE COUNTRY EVERY YEAR IN THE AREA OF 20,000 OR SO DOLLARS PER STUDENT.

SOMETIMES IT GOES UP TO 25.

>> AND JOHN, WHAT ABOUT STATE FUNDING AT THE HIGHER EDUCATION LEVEL?

WHAT DO WE SEE THERE?

>> IT TYPICALLY GOES IN THESE BLOCKS TO INDIVIDUAL SCHOOLS.

THE STATE HAS HELD THAT FLAT FOR A LONG TIME.

MURPHY, GOVERNOR MURPHY HAS STARTED TO BOOST THAT A LITTLE BIT.

BUT HIGHER ED HAS ACTUALLY BEEN I THINK FAIRLY CRITICAL OF BEING LEFT OUT OF A LOT OF THE LARGESS THAT STATE IS SPENDING ON SCHOOLS.

>> AND THERE IS FUNDING FROM THE FEDERAL GOVERNMENT THAT HELPS OUT IN SOME CASES.

>> YEAH.

IN BOTH CASES.

A LOT OF MONEY GOES TO GRANTS FOR STUDENTS IN THE HIGHER ED, TUITION AID GRANTS AND THE LIKE.

THAT'S NOT ALL FEDERAL.

THE STATE ALSO DOES THAT.

AND K-12, YOU KNOW, THE FEDERAL GOVERNMENT, AGAIN IT IS IN POORER DISTRICTS, THEY HAVE SOME ADDITIONAL FUNDS FOR LOW-INCOME STUDENTS.

BUT NEW JERSEY IS ONE OF THE -- YOU KNOW, I SEE RECEIVES ONE OF THE LOWER AMOUNTS FROM THE FEDERAL GOVERNMENT, IN THE AREA OF 5, 10% OF OVERALL SPENDING, DEPENDING ON THE DISTRICT.

>> AND DOES THIS SPENDING MAKE A DIFFERENCE?

>> WE'RE A WEALTHY STATE.

PERFORMANCE ALSO OFTEN FOLLOWS, YOU KNOW, SOCIOECONOMIC STATUS, UNFORTUNATELY.

SO WE DO DO PRETTY WELL.

WE CERTAINLY SPEND PLENTY.

I THINK IT'S -- YOU KNOW, THAT DEBATE IS DEFINITELY NOT GOING AWAY ON HOW YOU EVEN MEASURE THE PERFORMANCE OF SCHOOLS.

>> ABSOLUTELY, JOHN.

THANK YOU SO MUCH FOR YOUR INSIGHT ON THIS ISSUE OF EDUCATION FUNDING HERE IN OUR STATE.

>> GREAT TO SEE YOU RHONDA.

>> SOME PARENTS OPT FOR PRIVATE SCHOOLS FOR THEIR KIDS.

ONE NATIONAL ORGANIZATION HAS HELPED THOUSANDS OF CHILDREN GAIN ACCESS TO PRIVATE EDUCATION, FOCUSING ON OPENING DOORS FOR STUDENTS OF COLOR.

THE ORGANIZATION IS KNOWN AS "A BETTER CHANCE."

WE SPOKE WITH FRANCISCO TIZZEN, THE PRESIDENT AND CEO.

>> FRANCISCO, TELL ME ABOUT A BETTER CHANCE, HOW I CAME TO BE AND WHAT THE PROGRAM DOES ON A DAILY BASIS.

>> ABSOLUTELY.

FOR NEARLY 60 YEARS A BETTER CHANCE HAS BEEN A DRIVING FORCE IN THE EFFORT TO INCREASE EDUCATIONAL EQUITY FOR YOUNG PEOPLE OF COLOR.

AND WE'VE MINISTERED THE OLDEST AND ONLY NATIONAL PROGRAM OF IT KIND.

EMPOWERING ACADEMICALLY-TALENTED STUDENTS OF COLOR TO CHANGE THEIR LIFE TRAJECTORY BY ATTENDING SOME OF THE NATION'S HIGHEST PERFORMING COLLEGE PREPARATORY SCHOOLS.

AND WE WERE FOUNDED DURING THE CIVIL RIGHTS MOVEMENT.

AROUND THE TIME OF THE PASSAGE OF THE CIVIL RIGHT ACT.

>> HOW ARE YOU HELPING STUDENTS OBTAIN THOSE OPPORTUNITIES?

>> WELL, WHAT WE DO IS ESSENTIALLY OUR PROCESS IS TO IDENTIFY TALENTED AND PROMISING STUDENTS FROM 4th TO 9th GRADE WITH THE HELP OF PARTNERING COMMUNITY-BASE ORGANIZATIONS, SCHOOLS AND OFTEN TIMES WORD OF MOUTH.

AND WE SELECT A COHORT THAT WE WORKED OVER 14 MONTHS TO PREPARE FOR THE APPLICATION FOR THE INDEPENDENT SCHOOL TO PROCESS AND THEN WE PLACE EURO STUDENTS ONE OUR MEMBER SCHOOL NETWORK OF OVER 200 LEADING SCHOOLS AROUND THE COUNTRY.

AND EACH YEAR WE'RE ABLE TO LEVERAGE ABOUT $18 MILLION OF FINANCIAL AID FOR OUR NEW SCHOLARS FROM OUR MEMBERS OR PARTNERS TO MAKE THIS ACCESS POSSIBLE.

>> HOW MANY STUDENTS HAVE YOU HELPED OVER THE YEARS?

>> SO OUR ALUMNI BASE NOW NUMBERS OVER 17,000, WHO HAVE GONE THROUGH THIS PROGRAM AND GONE ON TO DO SOME TREMENDOUS THINGS IN THE WORLD.

AND EACH YEAR WE SERVE ABOUT 2,000 SCHOLARS AROUND THE COUNTRY AT OUR MEMBER SCHOOL NETWORK.

>> CAN YOU DESCRIBE ONE OF THOSE STUDENTS FOR ME?

>> ABSOLUTELY.

SO ONE OF THE STUDENTS THAT COMES TO MIND IS A YOUNG PERSON WHO RECENTLY GAINED ACCESS TO A LEADING BOARDING SCHOOL HERE ON THE EAST COAST.

AND ONE THING THAT ALWAYS STOOD OUT SO ME IS, WHEN THEY WERE ACCEPTED TO THEIR SCHOOL, THEIR MOTHER SENT A NOTE TO THE TEAM AND SAID YOU KNOW, WHAT I KNOW WHAT IT FEELS LIKE WHEN I WATCH THOSE MOMS ON THE NBA DRAFT LOTTERY AND SEE THEIR CHILD GAIN ACCESS TO THIS TREMENDOUS OPPORTUNITY.

AND SHE THANKED US FOR JUST PROVIDING THIS ACCESS AND ENTREE TO A TRANSFORMATIONAL EDUCATIONAL EXPERIENCE.

>> ARE PRIVATE SCHOOLS OFFERING AS MUCH FINANCIAL AID OR SCHOLARSHIPS AS THEY DID BEFORE THE PANDEMIC?

>> MANY OF OUR SCHOLARS WHO WERE APPLYING WITHIN THE LAST YEAR DURING THE HEIGHT OF COVID, WE SAW THAT THEY WERE GETTING MORE GENEROUS PACKAGES FROM SCHOOLS.

HOWEVER, THERE WERE FEWER OF THE SCHOLARSHIP OPPORTUNITIES.

AND THAT IS IN PART, SCHOOLS NEED TO PLACE AN EMPHASIS TO HELP RETAIN THE STUDENTS WHO ARE CURRENTLY ENROLLED.

AND DUE TO THE PANDEMIC A LOT OF FAMILIES HAD LIFE CHANGES.

AND OTHER CHANGES THAT MEANT THAT THEY MAY NOT HAVE NEEDED AS MUCH FINANCIAL AID OR MAYBE NOT APPLIED FOR FINANCIAL AID IN THE PAST WERE TURNING TO FINANCIAL AID RESOURCES IN A DIFFERENT WAY.

>> FRANCISCO YOU MENTIONED YOU WERE AROUND SINCE THE CIVIL RIGHTS ERA AND HELPED PEOPLE FOR DECADES.

IDEALLY, WOULD YOU LIKE TO TWO OUT OF BUSINESS?

WOULD YOU LIKE TO SEE THE PLAYING FIELD LEVELLED?

AND CAN IT BE?

>> WE SEE OUR PLAYING FIELD IMPORTANT IN ONE PATHWAY AND HELPING STUDENTS OF COLOR REALIZE THE BEST OF THEIR AMBITIONS AND EMBARK ON COLLEGE AND CAREERS BUT WE KNOW THERE IS A LOT MORE WORK THAT NEEDS TO BE DONE IF WE'RE GOING THE LOOK AT REALLY MEETING THE SCALE OF THE CHALLENGE AROUND THE COUNTRY, THE NUMBER OF YOUNG PEOPLE THAT ARE REALLY IN NEED OF THESE KINDS OF OPPORTUNITIES.

>> FRANCISCO, ITS BEEN A PLEASURE SPEAKING WITH YOU.

THANK YOU SO MUCH.

>> THANK YOU.

A PLEASURE TO BE WITH YOU.

HAPPY HOLIDAYS.

>> CONTINUING ON TO COLLEGE IS FINANCIALLY CHALLENGING AS WELL.

WE'VE REPORTED ON THE SHOW ABOUT THE STUDENT LOAN CRISIS.

STUDENTS ARE DEEP IN DEBT.

WE DON'T THINK ABOUT THIS AS MUCH BUT SOME INSTITUTIONS OF HIGHER EDUCATION ALSO FACING FINANCIAL DIFFICULTIES.

HERE IN NEW JERSEY BLOOMFIELD COLLEGE HAS PUT OUT A PLEA FOR DONORS TO STEP FORWARD, SAYING ENROLLMENT DECLINES HAVE CREATED A DIFFICULT FINANCIAL SITUATION.

AND WILLIAM PATTERSON UNIVERSITY HAS ALSO REPORTED A SIGNIFICANT BUDGET DEFICIT.

WE TALKED ABOUT HIGHER EDUCATION FUNDING FOR STUDENTS AND SCHOOLS WITH MAYMY VOIGHT, THE PRESIDENT AND CEO OF THE INSTITUTION FOR HIGHER EDUCATION POLICY, THAT IS A NON PROFIT GROUP THAT WORKS TO PROVIDE COLLEGE ACCESS TO LOW INCOME STUDENTS AND OTHERS WHO HAVE BEEN HISTORICALLY MARGINALIZED.

MAYMY, FIRST OF ALL, WELCOME.

GOOD TO TALK TO YOU TODAY.

>> WONDERFUL TO BE WITH YOU TOO.

>> HOW WOULD YOU DESCRIBE THE STATE OF HIGHER EDUCATION INVESTMENTS, ESPECIALLY FOR SOME OPPORTUNITIES WHO PROGRAMS HAVE NOT HAD THE OPPORTUNITIES THAT THEY SHOULD HAVE IN THE PAST?

>> RIGHT NOW THE COST OF COLLEGE IS A CHALLENGE AND A HUGE BARRIER FOR SO MANY STUDENTS.

PARTICULARLY FOR STUDENTS FROM LOW-INCOME BACKGROUNDS AND FOR STUDENTS OF COLOR.

AND SO WE NEED TO BE LOOKING AT SOLUTIONS IN TERMS OF FEDERAL POLICIES, STATE POLICIES, AND INSTITUTIONAL POLICIES TO REALLY ADDRESS THOSE CHALLENGES TO AFFORDABILITY SO STUDENTS CAN ACCESS AND SUCCEED IN HIGHER EDUCATION TODAY.

>> SO WE ARE SEEING SOME INVESTMENTS COMING FROM THE CURRENT VERSION OF THE BUILD BACK BETTER BILL.

WERE YOU PLEASED BY SOME OF THE NUMBERS IN THAT IS THIS.

WE ARE VERY ENCOURAGED BY THE HIGHER ED COMPONENTS OF THE BUILD BACK BETTER ACT.

WE WERE PLEASED TO SEE IT PASS THE HOUSE LAST NOVEMBER AND ARE ESPECIALLY EXCITED ABOUT THE PROVISIONS THAT INVEST IN A COLLEAGUES COMPLETION FUND FOR HIGHER EDUCATION, THAT INVESTS THIS PELL GRANTS WHICH PROVIDE FINANCIAL AID TO STUDENTS FROM LOW-INCOME BACKGROUNDS.

AND IN PROVISIONS THAT PROVIDE FUNDING TO MINORITY-SERVING INSTITUTIONS.

>> WHEN YOU MENTIONED AFFORDABILITY, WE KNOW THAT A NATIONAL DEBATE ON STUDENT LOAN FORGIVENESS HAS BEEN UNDER WAY FOR A WHILE AND CERTAINLY SOME LOANS WERE FORGIVEN, DEPENDING ON IF LET'S SAY YOU DO PUBLIC SERVICE.

BUT BEYOND THE NATIONAL EFFORTS, WE'RE SEEING CERTAIN STATES PURSUE STUDENT LOAN FORGIVENESS, WHY ARE SOME STATES DOING THIS AND OTHERS NOT?

>> EACH STATE DEVELOPS ITS OWN POLICIES FOR HOW TO ADDRESS ISSUES OF AFFORDABILITY AND COLLEGE ACCESS.

AND, YOU KNOW, THERE CERTAINLY HAS BEEN A LOT OF FOCUS RECENTLY ON A FEDERAL ROLE GIVEN THE CONVERSATIONS AROUND THE BUILD BACK BETTER ACT.

BUT THERE IS A KEY ROLE FOR STATES TO PLAY HERE AS WELL IN HELPING STUDENTS TO KEEP THEIR DEBTS LOW AND BE ABLE TO AFFORD COLLEGE.

>> WHY ARE WE ALSO SEEING SOME COLLEGES STRUGGLE FINANCIALLY, WHILE OTHERS ARE PROSPERING?

WE HAVE TWO SCHOOLS HERE IN NEW JERSEY.

BROOM FIELD COLLEGE AND WILLIAM PATTERSON, AND THEY ARE BOTH HAVING FINANCIAL CHALLENGES.

WHY ARE WE SEEING THAT?

>> ENROLLMENT DECLINES THEY ARE SEEING THERE, THEY ARE NOT UNIQUE.

ESPECIALLY WHEN CONSIDERING INSTITUTIONS, COLLEGES THAT ARE SERVING LARGE PROPORTION OF STUDENTS FROM LOW-INCOME BACKGROUNDS AND STUDENTS OF COLOR.

THESE ARE THE VERY STUDENTS MOST IMPACTED BY THE HEALTH CONSEQUENCES AND ECONOMIC CONSEQUENCES OF THE PANDEMIC.

SO GOING BACK TO COLLEGE OR REMAINING ENROLLED IN COLLEGE IS PARTICULARLY CHALLENGING WHEN FACING THE LOST WAGES THAT MAY HAVE COME DURING THE PANDEMIC OR LOST CHILD CARE, OR INADEQUATE ACCESS TO WIFI AND DEVICES TO REALLY PURSUE POST SECONDARY EDUCATION.

SO THESE ARE POSING REAL CONSEQUENCES FOR STUDENTS.

AND THEN AS YOU SAY, THEY ARE ALSO POSING REAL CONSEQUENCES FOR COLLEGES.

MANY COLLEGES TODAY ARE DRIVEN BY ENROLLMENTS AND THAT MEANS THEY ARE HEAVILY RELIANT ON TUITION REVENUE COMING IN FROM STUDENTS.

>> SO MANY CHALLENGES IN HIGHER EDUCATION AND WE'RE REALLY GLAD YOU TOOK SOME TIME TO SHARE SOME OF THOSE ISSUES AND POTENTIAL SOLUTIONS.

THANKS MAYMY.

>> THANK YOU.

>> THE PANDEMIC NOT ONLY IMPACTED COLLEGE ENROLLMENT.

IT ALSO ACCELERATE AD SHIFT TO ONLINE LEARNING.

STATE SENATOR POWELL HAS EXPERIENCE WITH THAT.

HE RECENTLY GOT HIS GRADUATE DEGREE ONLINE AND SAID IT WAS A GREAT PROGRAM.

BUT AS ONLINE LEARNING GROWS HE WANT TOS MAKE SURE STOOLS ARE TRANSPARENT ABOUT THE COSTS OF ONLINE STUDY.

WE CHATTED ABOUT THIS.

>> YOU PUT A LOT OF THOUGHT INTO ONLINE EDUCATION AND MAKING A MOVE TO TRANSPARENCY THERE.

TELL ME ABOUT A SERIES OF BILLS YOU HAVE SPONSORED THAT WOULD DO JUST THAT.

>> SURE.

IT IS ALWAYS GREAT TO BE WITH YOU.

AS 3708 REQUIRES INSTITUTIONS OF HIGHER EDUCATION TO HAVE AGREEMENT WITH ONLINE PROGRAM MANAGERS TO DISCLOSE ONLINE PROGRAM INFORMATION.

JUST ON BACKGROUND.

ONLINE STUDENTS CURRENTLY COMPRISE OVER A QUARTER OF THE 20 MILLION STUDENTS ENROLLED IN HIGHER EDUCATION.

WE NEED TO MAKE SURE THERE IS TRANSPARENCY BETWEEN THESE ONLINE PROGRAM MANAGERS AND THE INSTITUTIONS OF HIGHER EDUCATION.

BECAUSE OF THE PANDEMIC, WE'VE BEEN FORCED TO COMPLETELY REIMAGINE WHAT IT LOOKS LIKE TO OUTSIDE OF TRADITIONAL CLASSROOM SETTINGS.

SO THE GOAL OF THIS BILL IS TO REALLY MAKE SURE THERE IS TRANSPARENCY AS FAR AS DATA, COST, AND OTHER ITEMS AS WE GET MORE INTO THIS TIMELINE LEARNING MENTAL HEALTH.

>> WHAT ARE SOME OF THE CONCERNS THAT YOU HAVE THAT IS NOT BEING TRANSPARENT CURRENTLY?

>> ONLINE PROGRAM MANAGERS DEFINED AS ONE OF THESE PROGRAMS THAT WERE THEY ARE TAKING A LOT OF INFORMATION IN.

I THINK IT IS IMPORTANT TO KNOW WHEN AN INSTITUTION IS ENGAGING WITH THESE -- WITH THESE ORGANIZATIONS OR THESE PLATFORMS.

WHAT IS THE COMPENSATION?

WHAT IS THE ADVERTISING AND MARKETING FEES?

WHAT ARE RECRUITING, ADMISSIONS, FINANCIAL SERVICES?

THE NAME OF THE ONLINE PROGRAM.

MANAGER.

WHAT THE ADMISSION, ADMISSIONS ARE, IF THERE IS FINANCIAL AID AVAILABLE.

WE JUST WANT TO MAKE SURE THERE IS TRANSPARENCY IN THE PROCESS AS THIS BECOMES, PLAYS A LARGER ROLE AT MANY OF THESE UNIVERSITIES.

>> SENATOR, GREAT TO TALK TO YOU AS ALWAYS.

THANK YOU SO MUCH.

>> THANK YOU SO MUCH.

>>> AND THAT WRAPS UP OUR SHOW FOR THIS WEEK.

THANK YOU FOR WATCHING "NJ BUSINESS BEAT."

I'M RHONDA SCHAFFLER.

WE'LL SEE YOU NEXT WEEK.

>>> FUNDING FOR "NJ BUSINESS BEAT" PROVIDED BY NJCU SCHOOL OF BUSINESS, A GAME-CHANGING FORCE OFFERING PROGRAMS LIKE FINANCIAL TECHNOLOGY, OR BUSINESS ANALYTICS AND DATA SCIENCE.

WE'RE STEPS AWAY FROM THE EXCHANGE PLACE PATH TRAIN IN JERSEY CITY, AND MINUTES FROM WALL STREET.

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