“Dirty Jobs” hosts Mike Rowe in the thriving job market and misjudges higher education in America.
TV host and writer Mike Rowe said he “does not support” student loan forgiveness, noting it would mainly benefit the wealthy in a Monday Facebook post.
The TV show host “Dirty Jobs” also said he believes some students have “been ridiculed for borrowing ridiculous sums of money to buy degrees that never lead to a real job.”
“My reasons for opposing student loan forgiveness are no secret. I’ve written at length on this page about the basic unfairness of doing such a thing – especially to the millions of Americans who paid their college debts and sacrificed a lot to do it,” said Rowe.
In this September 25, 2019 file photo, people rest on the grass while reading at Brown University in Providence, RI (AP Photo / Steven Senne, File)
He continued, ‘I also said that canceling student debt would be a terrible message to the same universities that already give their clients sky-high tuition fees. The tuition fees will never come back if we save those who borrowed more than they could pay back. “
Rowe pointed to a Dec. 10 New York Times report explaining how student debt cancellation would disproportionately benefit the wealthy, citing an analysis by the Brookings Institution, a liberal think tank.
FORGIVE STUDENT LOAN DEBT? TOP 40% OF AMERICAN HOUSEHOLDS COULD BENEFIT THE MOST
Progressive lawmakers have called on the Biden administration to cancel or cancel student loan debt after taking office, including New York Rep. Alexandria Ocasio-Cortez and Senator Elizabeth Warren of Massachusetts, who has a plan to raise up to $ 50,000 in students. to forgive. debt to households earning less than $ 100,000 and some relief to households earning more than $ 100,000.
However, according to Warren’s plan, 60% of American households, according to an April 2019 analysis by Brookings, would only get 34% of the benefit.
STUDENT DEBT IS ALWAYS HIGH – WHAT THAT MEANS FOR THE LENERS
The top 40% of U.S. households owe nearly 60% of outstanding education debt and pay nearly three-quarters of payments, according to recently released data from the Federal Reserve’s Survey of Consumer Finances.
Meanwhile, the 40% of the lowest-income households own a little less than 20% of the outstanding debt and pay only 10% of the payments.
WARREN URGES TO TRANSFORM THE CONVENTION AND CANCEL THE DEBT OF THE STUDENT LOAN
Brookings’ analysis also raises the question of whether student loan debt cancellation would be fair to some for those who have worked for years to pay off tens of thousands of dollars in debt, who, as Warren and other lawmakers have said, are graduates can pay off taking other big steps, such as buying homes and starting families.
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According to the Federal Reserve, there are about 45 million borrowers who owe about $ 1.6 trillion in federal and private student loans in June 2020. That’s up from $ 250 billion in 2004.
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‘I feel sorry for every young man and woman struggling today under the yoke of a crushing student loan. I do that sincerely. It is very possible that you have sold general cargo. You were most likely pressured by your friends, your parents, or your guidance counselor, to go to the ‘right’ school, ‘Rowe wrote. ‘… But that’s not my fault. Nor is it the fault of the American people. The debt is yours, and so is the debt.
The TV host has given away millions of dollars through his charity, The Mike Rowe Foundation, to support those seeking trade and training that do not require a college degree, such as plumbing and electrical work. Interested parties can apply for a “work ethic” grant through the foundation.