Mark Cuban backing Biden proposal to cancel $10K in student debt per borrower

Entrepreneur and Dallas Mavericks owner Mark Cuban said that he supports a reported proposal by President Biden to cancel at least $10,000 in student loans per borrower.

However, Cuban added that he believes the more urgent problem to address is ensuring that universities and colleges cannot continue to charge “ridiculous” fees.

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

Insider noted that Cuban has previously been against canceling student debt, saying in 2015 that “all it does is bail out the universities.”

The development comes as two sources confirmed to The Hill late last month initial reporting from Bloomberg that Biden is weighing action to eliminate at least $10,000 of debt for each student borrower, though the White House has not announced any official plans.

Three sources told The Washington Post around that time that the president was considering placing income limits around who would be eligible for the partial student loan cancellation, including individuals who made less than either $125,000 or $150,000 and couples who jointly file taxes and make either around $250,000 or $300,000.

Should the president wipe out at least $10,000 per student borrower, it would fulfill a 2020 campaign promise he made as a then-candidate.