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[crowd cheering]

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[narrator]
At college graduation ceremonies,

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students are often told
that the wait is finally over…

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You are moments away from graduating,

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moments away from beginning
your journey through life.

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[narrator] …that they're now set up
for success, ready for anything.

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You are capable
of greatness in your profession.

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You will be ready for work,
no matter what that work may be.

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You are prepared to play…
the game of life.

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-The game of life.
-The game of life.

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[narrator] In the actual Game of Life,
a classic board game,

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the very first decision players make
is whether or not to go to college.

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To pay for it, you have
to take out a loan, but that's fine.

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Your degree gets you a higher-paying job,

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you pay off your debts, no problem,

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and you buy a house, get married,
and fill your minivan with kids.

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That's how it works in the game,

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and for some people
in the real world, too.

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But for others, it doesn't go
so smoothly or so quickly.

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Student loans can set you up
on a path of disappointment and dead ends.

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It's supposed to be a good decision.

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They think they're
signing up for opportunity,

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but in many ways
they're signing up for debt.

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One day, I logged in
to check my student loan balance.

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I clicked record and
kind of captured the reaction I had.

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I started with 80,000.

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I have been paying for 10 years.

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The grand total is I have paid $120,000,

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and I still owe 76.

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How the **** is this possible?

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There's now more than
$1.7 trillion of student loan debt,

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with nearly 45 million Americans
getting a student loan bill each month.

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[narrator] Total student debt
has tripled in less than 15 years.

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Americans now owe more in student loans

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than in auto loans or in credit card debt.

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It's a crisis that we have to address.

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[narrator] Why are so many people
drowning in student loan debt

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for years after they graduate?

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And what can we do about it?

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[narrator 2]
Good education is good business.

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We cannot meet
the complexities of modern life

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with outmoded school systems.

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Do you think China's cutting back
on education right now?

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[man] People paying the price
are young Americans,

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some straddling
thousands of dollars in student loans

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they borrowed
for a degree that doesn't lead to a job.

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If you don't go to college,
you might as well get a face tattoo.

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I might be late to the game
learning about this.

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Student loans are really messed up.

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[narrator] It all started back in 1957,
when Earth got an extra moon.

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That's what headlines called it,

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though its Russian name was Sputnik.

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It was about the size of a beach ball,

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and it was hurled into space
by a Soviet rocket.

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[Soviet nationalist music plays]

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Anyone with a halfway decent radio
could listen to its faint bleating

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as it raced around the globe.

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[beeping]

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The space race had begun.

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Two months later, the US tried
to launch their own satellite…

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…with less success.

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The Soviets were not above
trolling their rival superpower.

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They jokingly asked
if the US was interested in receiving aid

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earmarked for backward nations.

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President Dwight Eisenhower
addressed his nervous constituents.

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My fellow citizens,

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my subject tonight
is science and national security.

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One of our glaring deficiencies
is the failure of this country

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to give high priority
to scientific education

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and to the place of science
in our national life.

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[narrator] At the time,

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less than eight percent
of Americans had a bachelor's degree,

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and most of those graduates
were white and male.

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Some went to expensive private schools.

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Others attended public universities,
where state funding kept tuition low.

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But some people still couldn't afford it.

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Student loans weren't really an option,
because banks weren't interested

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in handing out
thousands of dollars to teenagers.

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And so, in the fall of 1958,

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Eisenhower signed
the National Defense Education Act.

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It created the first federal loan program

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for students who were good
at science, math, or engineering,

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and who promised not to try
and violently overthrow the government.

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Everyone hoped that these students
would one day help the US beat the Soviets

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in their scientific Cold War.

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A few years later,

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President Lyndon Johnson
expanded the program

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by signing the Higher Education Act.

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The act created
a low-interest loan program for everyone,

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not just science nerds,

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and it provided grants that didn't need
to be paid back for low-income students.

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[Lyndon B. Johnson]
This nation can never make

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a wiser or a more
profitable investment anywhere.

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[crowd cheering]

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[upbeat music playing]

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[narrator] And that investment paid off.

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[Ashley Harrington] This idea of America
as the superpower that it is…

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[Neil Armstrong]
It's one small step for man…

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[Ashley]
…all of that begins with a workforce

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and a society that's highly educated.

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The federal investment in higher education

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has opened more doors
to more people of color,

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to low-income people,
to marginalized people.

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A highly-educated population
absolutely benefits everyone.

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[narrator] When more people go to college,

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there's less crime, less illness,
and less dependence on welfare,

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the kinds of things
that cost the government money.

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More Americans
are choosing the college path.

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A growing share of those students
are relying on loans,

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and the loans themselves
are getting bigger and bigger.

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The result? A country
with an enormous pile of student debt.

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It's easy to lay the blame
on the cost of college.

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It's true that sticker prices
have been going up,

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but most students pay much less.

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Thanks to financial aid,
the real cost of private school

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has actually stayed flat
for the past 20 years.

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But the yearly cost of public schools,

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where around three quarters of bachelor's
degrees are earned, has doubled.

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A lot of this is the result
of the last recession.

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[droning]

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[news anchor] States continue
to cut funds for higher education.

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So as the budgets for states
get tighter and tighter,

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education is
one of the first things to go away.

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And so when that happened,

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all of those costs
were also shifted onto families.

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[narrator] The federal government's
investment in higher education

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also hasn't kept pace with need.

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Federal Pell Grants
for low-income students

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used to cover 79%
of tuition, room and board,

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but now they cover just 29%.

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More and more people
also are going to graduate school,

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which federal grants don't cover.

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And so how do you make that up?

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A trillion dollars of student loan debt.

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[narrator] The government used to give out
roughly equal amounts of grants and loans,

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but not anymore.

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The federal government
nationalized the student loans,

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flooded the market with them,

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encouraged young people to take them on.

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I had managed to get through

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all my undergraduate
without student loans,

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and then took out
about 80,000 for law school.

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[narrator] If she had a typical
10-year loan agreement,

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she'd have to pay all that back,
plus 31,000 in interest,

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and her monthly payments
would be over $900.

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After I graduated, I was not making
enough money to pay back my loans.

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So I put my loans in deferment.

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[narrator]
That means she paused her payments,

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but the interest kept adding up,

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and in many loan agreements,

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unpaid interest is added
to the total amount owed.

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So now Holly has to pay even more interest

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because she's paying interest
on her unpaid interest.

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That extra 31,000 can easily balloon
to more than the original loan.

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So the plan was,

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I'll get out and make a lot of money.
Lawyers make a lot of money, right?

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[narrator] College graduates
can expect to make 76K a year,

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but that's an average
over their whole careers.

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It takes 14 years to get there,
and at first, they make much less.

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Especially if they graduated
in the wake of a recession.

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There are a lot of people who have
found themselves in an economy

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where their education
isn't really paying off.

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The stress and the pressure
of having all of that

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has kept me
from making plans for the future.

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I honestly thought I was, kind of,
getting ahead of the game a little bit,

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and come to find out,
I'm actually behind everybody now.

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You look at this debt and go, "Well,

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I don't know if I can have a family."

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It has always felt oppressive.

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I even, sometimes,
didn't have quite enough to eat.

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It certainly is a crisis in
the individual lives of millions of people

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whose prospects have been blighted
by the debt they can't get away from.

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It is the reason why so many 20-year-olds
are living with their parents.

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It is the reason
I never became a homeowner.

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It's the reason why so many young people
are deciding not to start a family.

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[narrator] Fifty years ago,
if you graduated college,

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you could probably afford
to buy a house and raise a couple kids.

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And while the wages of college grads
have gone up since then,

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housing and childcare costs
have risen faster.

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Add on student loan payments,
and this life could slip out of reach.

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People who don't go to college
might avoid debt,

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but they can end up in worse shape.

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Fifty years ago, they could also
afford a house and a couple kids.

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But today, that's much harder.

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Their wages are actually lower now.

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The bottom has fallen out
on non-college educated workers.

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So you have to go to college
in this economy.

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But the only way
you can pay for it is loans.

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Is that a choice?

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No, it's not a real choice.

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It's-- It's a false choice.

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[narrator]
Colleges are in a pretty sweet position.

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They have this essential product,
and they can set whatever price they want,

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knowing that people
can take out loans to pay it.

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Plus, they don't face many consequences
if their graduates don't do well.

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If you were trying to design
a system to cost too much,

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it would look pretty much like

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the higher ed environment
that we've operated on.

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[narrator]
And one particular type of school

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00:11:00,159 --> 00:11:02,828
has definitely taken advantage
of this environment:

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00:11:02,912 --> 00:11:04,997
for-profit colleges.

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00:11:05,081 --> 00:11:08,000
I went to one of them
right out of high school.

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00:11:08,084 --> 00:11:09,627
[narrator] These types of schools

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00:11:09,710 --> 00:11:11,921
need to make money
to please their shareholders,

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00:11:12,004 --> 00:11:14,507
and so they tend
to spend less on instruction

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00:11:14,590 --> 00:11:17,051
and more on advertising and recruitment.

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00:11:18,052 --> 00:11:21,847
There was a commercial…
It's probably still on.

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00:11:21,931 --> 00:11:24,141
It was like, "One day, one night,

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00:11:24,225 --> 00:11:26,060
Saturday's all right."

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00:11:26,143 --> 00:11:30,022
♪ Online's just fine
Nighttime, any time ♪

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As a mother of two young children
who's working two or three jobs,

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00:11:35,736 --> 00:11:40,241
the thing that I was interested in
was, obviously, getting an education,

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00:11:40,324 --> 00:11:43,160
but trying to figure out
how to manage it all.

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00:11:43,244 --> 00:11:47,832
[narrator] And for-profit colleges
target exactly that kind of person.

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00:11:47,915 --> 00:11:50,751
[ad narrator] What if you could earn
your bachelor's or master's degree

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00:11:50,835 --> 00:11:53,963
from a leading accredited university,
while you're at home?

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00:11:55,131 --> 00:11:57,967
It worked around my schedule.
Financial process was easy.

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00:11:58,384 --> 00:12:01,929
They'll work with you after work,
or you can go before work. It's easy.

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[Shaun] The recruiter,
he just ran me down, like,

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00:12:05,266 --> 00:12:07,351
"Hey, what are you looking to do?"

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00:12:07,435 --> 00:12:10,229
"If I got my way,
I want to do video game design."

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00:12:10,312 --> 00:12:12,648
He was like, "That's perfect.
We have video game…"

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00:12:12,732 --> 00:12:15,651
No matter what I said,
everything I said was "perfect."

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00:12:15,735 --> 00:12:18,237
So I was like, "They seem
to really want me to be here,"

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00:12:18,320 --> 00:12:21,323
and I wanted to go somewhere
where people wanted me to be.

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00:12:21,407 --> 00:12:25,077
These are institutions that target
really vulnerable populations.

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People who feel like they've been
left out of traditional higher ed.

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00:12:29,123 --> 00:12:32,251
-They target low-income people.
-I was a cashier.

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00:12:32,334 --> 00:12:33,919
[man] I was doing construction.

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00:12:34,003 --> 00:12:35,087
Working parents…

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00:12:35,171 --> 00:12:36,797
-A single mom.
-A single father.

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00:12:36,881 --> 00:12:39,216
-…veterans…
-[man 2] I did three tours in Iraq.

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00:12:39,300 --> 00:12:43,971
And they present this package
of a great job or a great future.

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00:12:44,054 --> 00:12:45,681
They helped us get this great job.

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00:12:45,765 --> 00:12:48,058
He kind of went all into detail about

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00:12:48,142 --> 00:12:51,312
how they will help me get a job
within the video game industry,

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00:12:51,395 --> 00:12:53,647
that they have a 100% job placement rate.

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00:12:53,731 --> 00:12:56,776
But come to find out, um,
that wasn't it at all.

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[chuckling]
I didn't learn video games at all.

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00:12:59,653 --> 00:13:04,492
Less than eight percent of borrowers
will go to a for-profit school,

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00:13:04,575 --> 00:13:09,371
but they represent nearly 30%
of all student loan defaults.

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[narrator] Defaulting is when
you miss multiple loan payments.

243
00:13:13,667 --> 00:13:18,005
The default rate is actually
the lowest for people who owe the most.

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00:13:18,088 --> 00:13:21,258
They tend to have
graduate degrees and higher incomes.

245
00:13:22,468 --> 00:13:25,262
And its highest
for the people who owe the least.

246
00:13:25,346 --> 00:13:27,056
Many of them started a program,

247
00:13:27,139 --> 00:13:28,682
often at a for-profit,

248
00:13:28,766 --> 00:13:30,643
but weren't able to finish.

249
00:13:30,726 --> 00:13:32,520
Altogether in 2019,

250
00:13:32,603 --> 00:13:35,481
about one in 10 borrowers was in default.

251
00:13:35,564 --> 00:13:36,941
That's millions of people.

252
00:13:37,024 --> 00:13:39,235
And that number is expected to grow.

253
00:13:39,318 --> 00:13:43,864
It has long-lasting and
drastic implications for your life.

254
00:13:43,948 --> 00:13:45,866
[narrator] Your credit score tanks,

255
00:13:45,950 --> 00:13:49,370
and your entire balance
comes due immediately.

256
00:13:49,453 --> 00:13:52,915
The federal government
has incredible collection powers.

257
00:13:52,998 --> 00:13:55,918
They can garnish your wages,
they can garnish your tax returns.

258
00:13:56,001 --> 00:13:59,046
They will garnish your Social Security,

259
00:13:59,129 --> 00:14:02,883
and since that, in a few years,
is going to be my only income,

260
00:14:02,967 --> 00:14:06,011
I can't afford to have that happen.

261
00:14:06,095 --> 00:14:09,890
The federal government can
literally collect on your student loans

262
00:14:09,974 --> 00:14:11,684
all the way till you're in the grave.

263
00:14:12,893 --> 00:14:15,896
[narrator] Default rates are also higher
for people of color.

264
00:14:15,980 --> 00:14:20,442
Almost a third of Black Americans
who went to college a decade ago

265
00:14:20,526 --> 00:14:22,361
have since gone into default.

266
00:14:23,070 --> 00:14:25,573
Many of them come from families

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00:14:25,656 --> 00:14:29,577
where there hasn't been
savings for college, like I did,

268
00:14:29,660 --> 00:14:35,374
and many of them are having to work
to support themselves and their family.

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00:14:35,457 --> 00:14:39,128
When you get into employment,

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00:14:39,211 --> 00:14:43,799
we know that Black people are paid
less than their white counterparts

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00:14:43,883 --> 00:14:45,593
for the same job.

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00:14:45,676 --> 00:14:47,761
One of the most
startling statistics I've heard

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00:14:47,845 --> 00:14:49,930
is that Black graduates are actually

274
00:14:50,014 --> 00:14:52,266
more likely to default
than white dropouts.

275
00:14:52,349 --> 00:14:55,436
The student debt crisis
is a civil rights crisis.

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00:14:55,519 --> 00:14:58,606
We see now how student debt
drives income inequality,

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00:14:58,689 --> 00:15:00,107
drives racial inequality.

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00:15:00,190 --> 00:15:03,694
The very folks that
this system was intended to help

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00:15:03,777 --> 00:15:06,322
are actually getting the worst outcomes.

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[light applause]

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00:15:08,574 --> 00:15:11,994
[narrator] We've tried to fix this problem
for generations now.

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00:15:12,077 --> 00:15:15,831
New rounds of policymakers come in
and tweak the system in different ways.

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00:15:16,415 --> 00:15:20,127
For example, the US now offers
income-based repayment plans

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00:15:20,210 --> 00:15:22,922
where you just pay a percentage
of what you earn each month.

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00:15:23,005 --> 00:15:26,008
[Mitch Daniels] If life doesn't work out,
the student doesn't get a job,

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00:15:26,091 --> 00:15:28,969
or the job doesn't pay much,
you pay much less.

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00:15:29,053 --> 00:15:33,307
[narrator] But there are several versions
of this program now, which is confusing,

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00:15:33,390 --> 00:15:35,392
with different rules,
complicated paperwork,

289
00:15:35,476 --> 00:15:39,939
and sometimes, loan servicers fail
to tell borrowers that they even exist.

290
00:15:40,522 --> 00:15:44,777
They would tell you
if you knew to ask about it,

291
00:15:44,860 --> 00:15:48,697
but they never offered that information.

292
00:15:48,781 --> 00:15:52,576
And that caused me for years
to go without income-based repayment

293
00:15:52,660 --> 00:15:54,912
because I just didn't know
it was available.

294
00:15:54,995 --> 00:15:58,290
[narrator]
So call your loan servicer and ask.

295
00:15:58,916 --> 00:16:01,669
If it was easier for everyone
to use these programs,

296
00:16:01,752 --> 00:16:04,755
that would go a long way
towards solving this crisis.

297
00:16:04,838 --> 00:16:07,716
It works for some other countries,
like Australia.

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00:16:08,550 --> 00:16:12,471
At Purdue University in Indiana,
where Mitch Daniels is president,

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00:16:12,554 --> 00:16:17,309
they're trying out a kind of privatized
version of income-based repayment called…

300
00:16:17,393 --> 00:16:18,727
Income Share Agreements.

301
00:16:18,811 --> 00:16:22,439
We think of it as earning your way
through college after college.

302
00:16:22,523 --> 00:16:24,900
[narrator]
Purdue University and other investors,

303
00:16:24,984 --> 00:16:27,069
including wealthy alumni and a hedge fund,

304
00:16:27,152 --> 00:16:28,445
make a bet on students,

305
00:16:28,529 --> 00:16:32,783
paying their tuition bills now in exchange
for a share of their income later.

306
00:16:32,866 --> 00:16:35,869
It shifts all the risk
from the student to the investor,

307
00:16:35,953 --> 00:16:39,623
and I think that schools of all kinds
ought to be at risk somehow

308
00:16:39,707 --> 00:16:42,334
if the degrees they're conferring

309
00:16:42,418 --> 00:16:45,963
don't enable their graduates
to do well in the world.

310
00:16:46,046 --> 00:16:48,590
[narrator]
But critics argue that these programs

311
00:16:48,674 --> 00:16:52,011
are just a new, unregulated way
for students to go into debt.

312
00:16:52,678 --> 00:16:54,680
Moving to another loan product,

313
00:16:54,763 --> 00:16:59,601
especially right now, when we're already
in the midst of a student debt crisis,

314
00:16:59,685 --> 00:17:01,270
really makes no sense.

315
00:17:02,104 --> 00:17:05,274
[narrator] The government has tried
to regulate colleges,

316
00:17:05,357 --> 00:17:08,068
especially for-profit colleges,
in other ways.

317
00:17:08,652 --> 00:17:11,989
They sent undercover agents
to investigate their recruiters,

318
00:17:12,072 --> 00:17:15,159
sued a bunch of them
for predatory lending,

319
00:17:15,242 --> 00:17:17,036
and created a new rule.

320
00:17:17,119 --> 00:17:19,204
[Ashley]
The Gainful Employment rule simply said,

321
00:17:19,288 --> 00:17:21,206
you shouldn't be charging more

322
00:17:21,290 --> 00:17:24,668
than the graduate can expect
to be able to repay back.

323
00:17:24,752 --> 00:17:25,586
That simple.

324
00:17:26,170 --> 00:17:29,715
[narrator] Eight hundred vocational
programs failed to meet the standard,

325
00:17:29,798 --> 00:17:33,052
and 98% of them were at for-profits.

326
00:17:34,053 --> 00:17:38,140
Enrollment at for-profit schools,
which had surged in the 2000s,

327
00:17:38,223 --> 00:17:40,642
started to suffer
from all the bad publicity.

328
00:17:40,726 --> 00:17:41,935
And then…

329
00:17:42,019 --> 00:17:45,647
The previous administration weaponized
the regulation against schools

330
00:17:45,731 --> 00:17:46,899
it simply didn't like.

331
00:17:46,982 --> 00:17:49,485
This administration
is committed to pulling back

332
00:17:49,568 --> 00:17:51,445
the previous administration's overreach.

333
00:17:52,029 --> 00:17:54,823
[narrator]
With Secretary Betsy DeVos at the helm,

334
00:17:54,907 --> 00:17:59,119
Trump's Department of Education
scrapped Obama-era regulations.

335
00:17:59,203 --> 00:18:03,207
In recent years, we've seen these
common-sense rules being rolled back.

336
00:18:03,874 --> 00:18:06,919
[narrator] And then the pandemic
triggered a new recession…

337
00:18:07,002 --> 00:18:08,045
[droning]

338
00:18:08,712 --> 00:18:12,007
…which meant new problems
for students and colleges.

339
00:18:12,883 --> 00:18:14,843
But not all colleges.

340
00:18:14,927 --> 00:18:18,597
We are seeing across-the-board losses
in higher education enrollment,

341
00:18:18,680 --> 00:18:20,599
but you know the sector that's growing?

342
00:18:20,682 --> 00:18:22,309
The for-profit sector.

343
00:18:22,392 --> 00:18:23,519
[overlapping dialogue]

344
00:18:23,602 --> 00:18:25,771
[narrator]
Political leaders have been arguing about

345
00:18:25,854 --> 00:18:28,065
the state of higher education for decades,

346
00:18:28,649 --> 00:18:31,318
and many of them
went to college in the 1960s

347
00:18:31,401 --> 00:18:33,070
and graduated without any debt.

348
00:18:34,613 --> 00:18:36,949
But more and more people
in the halls of power

349
00:18:37,032 --> 00:18:39,660
do have personal experience
with student loans.

350
00:18:39,743 --> 00:18:42,913
As I am paying my student debt off,

351
00:18:42,996 --> 00:18:46,708
you know,
I'm going to be sending my daughter,

352
00:18:46,792 --> 00:18:48,710
in less than a year, to college.

353
00:18:48,794 --> 00:18:51,130
When I got in the Senate,
I still had student loans.

354
00:18:51,213 --> 00:18:54,216
There were months my loan payments
were higher than our mortgage.

355
00:18:54,299 --> 00:18:58,345
I literally made a student loan payment

356
00:18:58,428 --> 00:19:00,973
while I was sitting here at this chair.

357
00:19:01,890 --> 00:19:05,769
[narrator] Today, about one in six
American voters have student debt,

358
00:19:05,853 --> 00:19:09,356
and they're waiting to see
what the people they elected will do.

359
00:19:09,439 --> 00:19:13,026
The families I've talked to,
the individual borrowers

360
00:19:13,110 --> 00:19:15,946
are sitting around watching people
point fingers at each other,

361
00:19:16,029 --> 00:19:17,573
and they just really want help.

362
00:19:18,365 --> 00:19:21,118
You want to really
supercharge the economy?

363
00:19:21,201 --> 00:19:24,580
Give-- Give me the shot that you give GM

364
00:19:25,581 --> 00:19:28,250
and the airline industries
and the one percent,

365
00:19:28,333 --> 00:19:33,463
and all the tax breaks that Amazon
and all these other companies get.

366
00:19:33,547 --> 00:19:35,174
Give that to the students,

367
00:19:35,924 --> 00:19:37,843
and let's see what happens.

368
00:19:38,844 --> 00:19:41,346
[narrator]
Joe Biden is now in the White House.

369
00:19:41,430 --> 00:19:44,474
Does anybody think
that 12 years of education is enough

370
00:19:44,558 --> 00:19:46,643
in the 21st century
to be in the middle class?

371
00:19:46,727 --> 00:19:49,313
We should be thinking about
getting a college education

372
00:19:49,396 --> 00:19:51,148
in the same way that we think about

373
00:19:51,231 --> 00:19:54,026
getting a K-through-12 education.

374
00:19:54,109 --> 00:19:58,155
That's why I support
debt-free and tuition-free college.

375
00:19:58,822 --> 00:20:02,034
[narrator] That idea has become
increasingly mainstream.

376
00:20:02,117 --> 00:20:04,703
There are too many politicians
today who support

377
00:20:04,786 --> 00:20:08,207
the truly insidious notion
of government gift-giving.

378
00:20:08,290 --> 00:20:09,458
Make no mistake,

379
00:20:10,042 --> 00:20:13,045
it is a socialist takeover
of higher education.

380
00:20:13,128 --> 00:20:15,464
Any time a politician 
uses the word "free,"

381
00:20:15,547 --> 00:20:19,635
taxpayers should, uh, immediately
button their… back left pocket.

382
00:20:20,219 --> 00:20:23,555
[narrator] But one analysis found that
while making public universities free

383
00:20:23,639 --> 00:20:26,934
for lower-income students
would cost tens of billions of dollars,

384
00:20:27,017 --> 00:20:29,436
it would actually
break even within a decade,

385
00:20:29,519 --> 00:20:32,522
thanks to the boost
in tax dollars from new graduates.

386
00:20:32,606 --> 00:20:34,942
And for people who are already in debt,

387
00:20:35,025 --> 00:20:37,861
Biden says he wants
to wipe out at least some of it.

388
00:20:37,945 --> 00:20:39,988
Studies have shown
if you cancel student debt,

389
00:20:40,072 --> 00:20:44,826
you can put $80 to $100 billion
back into the economy every year.

390
00:20:44,910 --> 00:20:46,495
You will watch the GDP rise.

391
00:20:46,578 --> 00:20:50,165
Education is for the common good.

392
00:20:50,249 --> 00:20:55,671
It is necessary in order for us not just
to compete here, but to compete globally.

393
00:20:55,754 --> 00:20:59,591
Any country that out-educates us
is going to out-compete us.

394
00:20:59,675 --> 00:21:02,010
[narrator] The Soviet Union may be gone,

395
00:21:02,094 --> 00:21:03,887
but there are new space races,

396
00:21:03,971 --> 00:21:06,974
and new frontiers
of technology and innovation.

397
00:21:07,641 --> 00:21:10,394
[Lyndon B. Johnson]
It is the obligation of your nation

398
00:21:10,477 --> 00:21:14,773
to provide every child
born in these borders

399
00:21:14,856 --> 00:21:17,734
all the education that they can take,

400
00:21:17,818 --> 00:21:22,823
if we are to maintain our freedom
in a highly competitive world.

401
00:21:27,911 --> 00:21:29,913
[theme music plays]