President Biden’s proposal to forgive $10,000 to students was well-received by many people and one of them is Mark Cuban who addressed that this debt was a ridiculous problem according to a Dallas Morning News article from May 18. They say,
“Even in the midst of the Dallas Mavericks’ first run at an NBA championship since 2011, team owner Mark Cuban still has the time to make some noise in other places.
In a recent email sent to Business Insider, Cuban addressed the issue of student loan debt and President Biden’s plan to partially begin forgiving borrowers.
“We don’t want this being a perennial problem,” Cuban wrote. “It has to be fixed. As far as how much should be forgiven, I’m good with the Biden proposal.”
During his campaign, Biden said he wanted to “immediately cancel” at least $10,000 in student debt per person. So far he’s repeatedly extended a pause on requiring borrowers to repay their loans, a moratorium that was put in place under then-President Donald Trump near the beginning of the COVID-19 pandemic.”
Cuban’s support to eradicate student debt is based on his personal experience as someone who suffered student loans back in the past according to a CNBC Make It article from May 19. They say,
“The debate is personal for Cuban: He’s no stranger to student loans, and has publicly reminisced about “sleeping on the floor” of a $600-a-month Dallas apartment he shared with five other roommates to save money.
Despite his loan debt and lack of money, he was still able to launch a series of tech companies, ultimately selling one of them — Broadcast.com — to Yahoo for $5.7 billion in 1999. That’s a lot more difficult to achieve today: Today’s average U.S. student loan borrower needs 17 years to pay off their loans, according to the Department of Education.
Cuban blames the exorbitant cost of tuition, which has more than doubled on average over the past 30 years, telling Insider that his biggest gripe is with “ridiculous tuition fees.” He has previously argued that community college should be free and that taking on massive student loan debt to attend a “big name school” isn’t always worth the cost.
Currently, the proposal is in debate as many critics say that the eradication of student debt will still leave many borrowers in debt since student debt usually average on $30,000.