Mark Cuban supports Biden's proposal to forgive $10,000 in student debt per borrower as long as 'ridiculous tuition fees' are addressed alongside it: 'We don't want this being a perennial problem'

Entrepreneur Mark Cuban told Insider that he supports Biden's proposal to forgive $10,000 per borrower in student debt.
That's a reversal from his previous position, which said cancellation would bail out colleges.
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, is on board with student debt relief.
At least partial debt relief for students, Cuban told Insider. In addition to saying community colleges should be free, the billionaire entrepreneur, TV personality and owner of the Dallas Mavericks spoke out in support of President Joe Biden's proposal to forgive $10,000 per borrower in student debt.
"We don't want this to be an ongoing problem," he said in an email. "It needs to be fixed. As far as how much to forgive, I agree with the Biden proposal.”
Over the past two years, pressure has mounted on Biden to write off student debt, especially as the midterms approach. His campaign pledge to cancel $10,000 remains the strongest commitment he has made to aid to date.
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Over the years, Cuban has consistently believed that reducing student debt would improve the economy, although he has always felt that colleges and universities charging "ridiculous tuition" are his biggest concern. In fact, he has previously said that canceling student debt is "the worst thing you can do."
"All it does is save the universities," he said in 2015.
While Cuban is in favor of reducing some of the more than $1.7 trillion in accumulated student debt among Americans, he says the exorbitant cost of higher education is a more important goal.
"How do we stop students from repeating the same mistakes?" he said.
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Biden recently said a decision on student loan forgiveness would be made in the coming weeks, and while it's unclear what amount he will settle on, some reports have suggested he could target the relief to those on less than $125,000 per year — a task Politico reported would be difficult for the Department of Education to accomplish alone.
And Cuban's concerns about rising tuition fees are shared by other Democratic lawmakers pushing for debt relief. Michigan Rep. Andy Levin, the House's original sponsor of free community college bills, previously told Insider that the student debt crisis will be "absolutely worsened" if free college isn't next. And former President Barack Obama's Secretary of Education told Insider earlier this year that the lack of a free community college is a policy omission that Biden can rectify.
"This is truly a moment to right a policy mistake of the past 40 years of federal and state divestment, particularly in public higher education," King said.
Read the original article on Business Insider
Mark Cuban
American billionaire and entrepreneur

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