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“We don’t want this to be a permanent problem”

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  • Entrepreneur Mark Cuban told Insider he favors Biden’s proposal to forgive $10,000 in student debt per borrower.

  • This is a reversal of his previous position, saying that cancellation bails out higher education institutions.

  • He said making sure colleges and universities can’t charge “ridiculous” fees is a more pressing issue.

Mark Cuban, one of the richest people in America, agrees with the cancellation of student debt.

At least a partial forgiveness of student debt, Cuban told Insider. Along with saying community colleges should be free, the billionaire entrepreneur, TV personality and owner of the Dallas Mavericks has come out in favor of President Joe Biden’s proposal to write off $10,000 in student debt per borrower. .

“We don’t want this to be a permanent problem,” he said in an email. “This needs to be fixed. As far as the amount to be forgiven, I agree with Biden’s proposal.”

Pressure has intensified over the past two years for Biden to write off student debt, especially as we approach the halfway point. His campaign pledge to set aside $10,000 is, to date, his strongest pledge to relief.

Over the years, Cuban has always believed that reducing student debt would improve the economy, although his position has always been that colleges and universities charging “ridiculous tuition” were his biggest concern. . In fact, he once said that canceling student debt is “the worst thing you can do.”

“All it does is bail out universities,” he said in 2015.

Even though Cuba favors relieving some of America’s more than $1.7 trillion in accumulated student debt, it continues to say that the exorbitant cost of higher education is a bigger target.

“How can we prevent students from repeating the same mistakes? ” he said.

Biden recently said a decision on student loan forgiveness would be made in the coming weeks, and while it’s unclear how much he will settle on, some reports suggest he may be targeting relief. on those earning less than $125,000 a year — a task Politico reported would be difficult for the Department of Education to do alone.

And Cuba’s concerns over soaring tuition fees are shared by other Democratic lawmakers who are calling for debt relief. Michigan Rep. Andy Levin, the original sponsor of the free community college legislation, previously told Insider that the student debt crisis would be “absolutely exacerbated” if free colleges didn’t come next. And former President Barack Obama’s education secretary told Insider earlier this year that the lack of free community colleges is a policy failure Biden can fix.

“Now really is the time to correct a policy mistake of the last 40 years in terms of federal and state divestment, especially from public higher education,” King said.

Read the original article on Business Insider

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