Cuban backs Biden on student debt cancellation

Billionaire entrepreneur Mark Cuban has redesigned student loan debt, and it’s now aligned with President Biden’s proposal to forgive up to $10,000 in student debt per borrower.

On Tuesday, Cuban said Business Intern that he does not want the current mountains of debt to be an “eternal problem” and that he agrees with Biden’s proposal, which would eliminate the debt of 13 million borrowers, or 32% of all debtors . Cuban also said making sure colleges and universities can’t charge “ridiculous” fees is a pressing issue.

It’s a big switchy for the entrepreneur, who has previously said that while reducing student debt will help the economy, it will only bail out universities. In fact, in 2015 he said canceling student debt would be “the worst thing you could do.”

From a business perspective, eliminating student debt would make starting a business more enjoyable for young entrepreneurs, especially those in underserved communities. Of the 13 million borrowers whose debt would be erased, two million of them are black.

The Biden administration has already canceled more than $17 billion of the $1.6 trillion in unpaid federal student debt by expanding existing rebate programs for public sector workers. Additionally, it has extended the pandemic-related pause on student loan repayments four times, most recently to August 31, 2022 from May 1. student loan forgiveness.

A group of Republicans led by Senate Minority Whip John Thune (R-SD) introduced a bill last month that would prevent Biden from writing off student loan debt, according to a piece of legislation obtained by BNC News.

Cuba has long advised students to choose affordable schools such as community colleges rather than expensive private institutions. He chose Indiana University’s Kelley School of Business without ever seeing the campus because it had the cheapest tuition among the top business programs at the time, according to the school’s website. .

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