Mark Cuban Tells Insider He’s For Student Debt Forgiveness, But With a Caveat

Billionaire and Dallas Mavericks owner Mark Cuban told Insider in an article published on Wednesday he is for canceling some student debt, though with a caveat.

“We don’t want this being a perennial problem,” he told the outlet in an email. “It has to be fixed. As far as how much should be forgiven, I’m good with the Biden proposal.”

Cuban said what is key to addressing the student debt issue is “how do we keep students from repeating the same mistakes.”

Cuban’s viewpoint is a departure from his previous one that forgiving student debt is “the worst thing you can do.”

“All it does is bail out the universities,” he previously said.

Nonetheless, Cuban, whose net worth is an estimated $4.7 billion, has previously said that reducing student debt would “[improve] the economy and [help] companies grow.”

The Biden administration has been considering canceling some student debt.

“I am considering dealing with some debt reduction,” said President Joe Biden in April. “I am not considering $50,000 debt reduction.”

However, Biden pledged when he ran for president to cancel $10,000 in student debt.

There is an estimated nearly 1.75 trillion in student debt in the United States.