Questions & Answers

  1. Do you want to be part of the $1.3 Trillion Education Debt Bubble?

It’s not uncommon to hear that the growth in student loan debt is like a time bomb threatening to blow up the U.S. economy. Now, you can watch it tick.

The outstanding balance of the nation’s student loans is growing by an estimated $2,726.27 every second according to the clock  developed for MarketWatch by StartClass, an education data site. As policymakers and pundits debate ways to tackle Americans’ $1.3 trillion in student loan debt, this student-loan debt clock provides a window into the growing risks to the economy as well as to student loan borrowers and their families.

2. What is the looming “Domino Effect” if this is not corrected?  

The commercial truck driver is the “Lynch Pin” holding together every supply chain in the world. This is not an isolated issue by company, but a national issue across all industries. The interdependency of the commercial truck driver, and those supply chains they work within, is not totally understood. The associated tangible, and intangible safety & security risks resulting from a rapidly diminishing supply of commercial truck drivers is neither fully appreciated, nor has it been quantified. The vulnerability of the U.S. economy increases each day this issue is not adequately addressed.

3. What is the market need for this project and why is it not being addressed in the private sector? 

  • Market need is growing due to growing economy, increasing commerce utilizing the internet, and decreasing supply of commercial drivers for all industries.

  • Demand is not being met by private industry due to inadequate incentives including pay, and benefits for drivers, and insurance constraints on hiring firms.

  •  It is a job that is not of interest to college bound/graduates nor for most millennial as a career of pursuit. A millennial is more likely to become a Starbucks Barista versus drive a truck.

4. What are the services that will be offered to meet this need? What are the education and workforce development objectives of the project?

  • Creation of  an approach ushering in “Commercial Truck Driver Academic Centers of Excellence”

    • Creation of a model that creates an educational incentive to become a Commercial Driver as a 21st century career.

    • Establish a mentorship program with the Commercial Company employing the driver candidate to align education being taken by candidate with business requirements of “potential” employees being hired across the entire enterprise.

  • Effort would establish the Role of The Commercial Truck Driver as the “Stepping Stone” for millennial seeking a “21st Century Career” within any industry dependent on commercial truck transportation.

    • Those drivers that do not want an education for themselves, can opt for a scholarship to be provided a family member (e.g. child, grandchild etc..) as a Gift/Legacy/Endowment. A driver can also opt to have their existing student loan debt paid off in lieu of a scholarship.

5. Who are the major partners in the project and what role will each partner play?

  • Per individual project, MARC3 will bring together a P3 of private, public, and academia to align existing programs, while seeking out new ones.

    • Commercial Companies need stability within their workforce of drivers that can be addressed by following:

      • Education incentive to attract driver candidates,

      • Re-Branding of 21st Century Truck Driving Career,

      • Companies providing mentorship of candidates seeking a career within the corporation/industry through their becoming a commercial truck driver,

      • Isolation & Mitigation of constraints limiting the hiring flexibility firms require (e.g. insurance restrictions etc..),

      • Greater alignment with existing corporate benefit offerings,

      • Coordinated Outreach, and Marketing efforts.

  • High Schools, Community Colleges, Universities, and Trade/Technical schools will be identified for required course work, and curriculum development including:

    • Articulation strategy and expertise to seamlessly connect high schools, community colleges and universities,

    • Technology requirements,

    • Existing education subsidies to be leveraged,

    • Coordinated Outreach, and Marketing efforts.

  • Local/State/Federal Government participation including:

    • Expertise and contacts within the State University, and Community College system, and nationally,

    • Workforce Development Grants/Other Funding Sources,

    • Employment Training Administration, Workforce Investment Boards,

    • Department of Transportation safety, and security initiatives,

    • Department of Homeland Security/Safety/Security initiatives…….,

    • Coordinated Outreach, and marketing efforts.

6. What are the Perceived Benefits?

    • Immediate hiring of job candidates for Tens of Thousands existing “Permanent” jobs.

    • Regional economic development created from collateral needs related to commercial truck driver training locations.

    • Increase of driver resources will enhance Safety, and Security as a result of ground transportation stabilization.

    • With trucks moving nearly 70% of all U.S. inland freight according to the ATA, the driver shortage will have a nationwide impact on consumer prices as labor costs rise. This initiative will help mitigate that issue.

    • This will best address forecasted cross the board impacts directly tied to transportation, and the result of driver supply shrinkage.

    • Goodwill & National Visibility as “21st Century Game Changer” fostering    attainable Education through a Career as a Commercial Truck Driver.

      •  Hope/Legacy/Endowment 

        • A means for a driver to provide a Gift of Education & Hope to a family member that otherwise might never be able to obtain one.

      • Provide an opportunity for Intergenerational Mobility to those workers who come from families where Generational Poverty is the norm.

    • Potential revenue/benefit impact

      •  Commercial Truck Driver job retention due to the timeframe required to take a course, and required job commitment to obtain the benefit of the scholarship.

      • Elimination of overhead costs tied to recruiting through creation of sustainable Commercial Truck Driver candidate feeder system.

      • Corporate mentoring program insuring alignment of the college degree/education, and career the driver candidate is obtaining-seeking with available corporate jobs within the firm/industry the driver candidate will be working for. The mentorship program to include continuous monitoring/feedback to all involved driver candidates, hiring corporations, schools, and involved government entities.

      • Tying corporate mentorship program to other career development initiatives, including those directly applicable to filling other hard to fill corporate, and government positions.

7. What is Perceived Economic Development?

    • Tens of Thousands of Jobs filled including:

      • Existing available jobs nationwide,

      • Collateral jobs related to location specific to driver homes,

      • Potential of distribution-logistics centers developed in locations where there is abundance of driver resources being trained,

      • Corporate Mentorship model adapted to other industries for career development. This affords greater alignment of education with corporate requirements, mitigating issues specific to academic loans undertaken for courses applicable to “Ghost Jobs”.

    • Enhanced Safety & Security insuring continuous delivery of product across all industry.

    • Enhanced National Safety & Security specific to Homeland Security.

8. How do we continuously model economic impact tied to this effort?

  • Model will measure the project so as to best manage the project.

    • Initiative will develop benchmark of obtainable-realized value from the pilot that can be measured, monitored, and continually updated.

    • The model will provide a continual benchmark of realized value from the pilot that includes tangible, and intangible benefits (e.g. economic, safety, security etc..).

    • There will be a business assessment of the project as a capital investment decision with measurable and quantifiable returns for private, public, and academia.

    • The model to be used will be (Business Decisions Economics (BDE) to manage the projects, including the provision of a  benchmark for obtainable-realized value, tangible, and intangible benefits, as well as the probability of actually realizing those benefits. This model had been used “Successfully” in the past by the largest U.S. financial institutions, and U.S. Armed Services (e.g. Air Force, Army, and Navy) for an evaluation of automating the medical records of the enlisted members of the Armed Services.

    • The model will benchmark the enhanced safety & security directly attributed to this effort.

  1. What are the expected costs for launching and operating the program? (ROUGH Costs Using Pilot With 100 Recruits)

  • Expected capital costs (estimates using 100 recruits over 4 years).

    • Program would couple to CDL training, and augment continuing education to now include drivers seeking a baccalaureate, associate, certification etc….

      • CDL License,

    • Cost of course work to leverage existing subsidies provided through the schools, and government workforce development programs in support of access to affordable education.

      • Dependent on school specific costs will vary. Facility to be used for education can be the School, Company specific locations, or cab of truck with courses provided by way of distance learning capacities.

      • Costs for detailed planning incorporating following including:

        • Government involvement & resources,

        • Academic involvement & resources,

        • Corporate involvement & resources.

    • Administrative burden Costs (dependent on participation)

      • Outreach & Marketing

      • Project Management

        • Subject Matter Experts for strategy development, and implementation 

      • Analytic Modeling etc…..