- Entrepreneur Mark Cuban told Insider that he's in favor of Biden's proposal to cancel $10,000 in student debt per borrower.
- That's a reversal from his previous position, saying cancellation bails out higher-ed institutions.
- He said that making sure colleges and universities can't charge "ridiculous" fees is a more pressing problem.
Mark Cuban, one of the wealthiest people in America, is on board with student debt forgiveness.
At least, partial student debt forgiveness, Cuban told Insider. In addition to saying that community colleges should be free, the billionaire entrepreneur, TV personality, and owner of the Dallas Mavericks came out in favor of President Joe Biden's proposal to cancel $10,000 in student debt per borrower.
"We don't want this being a perennial problem," he said in an email. "It has to be fixed. As far as how much should be forgiven, I'm good with the Biden proposal."
Pressure has been mounting over the past two years for Biden to cancel student debt, especially as midterms approach. His campaign pledge to cancel $10,000 is, to this day, the strongest commitment he's made toward relief.
Over the years, Cuban has been consistent about his view that lowering student debt would improve the economy, although his position has always been that colleges and universities charging "ridiculous tuition fees" is his biggest concern. In fact, he's previously said that canceling student debt is "the worst thing you can do."
"All it does is bail out the universities," he said in 2015.
Even though Cuban's in favor of easing some of the $1.7 trillion-plus in cumulative student debt among Americans, he still says the exorbitant cost of higher education is a more important target.
"How do we keep students from repeating the same mistakes?" he said.
Biden recently said a decision on student-loan forgiveness will be made in the coming weeks, and while it's unclear what amount he will settle on, some reports have suggested he might target the relief to those making under $125,000 a year — a task Politico reported would be difficult for the Education Department to do on its own.
And Cuban's concerns with soaring tuition are shared among other Democratic lawmakers pushing for debt relief. Michigan Rep. Andy Levin, the House original sponsor of free community college legislation, previously told Insider the student debt crisis will "absolutely be exacerbated" if free college does not come next. And Education Secretary for former President Barack Obama told Insider earlier this year that the lack of free community college is a policy failure Biden can correct.
"This is really a moment to correct a policy mistake of the last 40 years in terms of federal and state disinvestment, particularly from public higher education," King said.
