A lot of college debt -- a significant amount -- is related to graduate school. There are a lot of low-cost options that I hope more and more kids will take advantage of. Public schools are cheaper than private schools. There is proprietary education, which works for some people. The cost of higher education is way too high.

What I think it would benefit from is a lot of competition, which is one of the reasons that I'm a fan of proprietary education, because it’s providing private competition for traditional colleges and universities, most of which I attended and most of you probably attended. [...]

So I think the best short-term solution is for parents to be very cost-conscious in shopping around for higher education alternatives. Not everybody needs to go to Yale. I don't know about you guys, but I went to a regular ol' Kentucky college. And some people would say I've done okay.