Mark Cuban, the venture capitalist and owner of the Dallas Mavericks, has called President Donald Trump to task on student loan debt, turning to the President’s preferred method of communication: Twitter.
With colleges and universities around the country concerned about the White House’s budget proposal, which would reduce funding for work study and slash aid for a slew of other programs, Cuban questioned Trump’s commitment to fighting the student loan debt crisis late last month Tweeting:
“@realDonaldTrump when will you address the exploding cost of college and the problem of student debt?” The Tweet was picked up by a website, FastForward, that noted Cuban has a “thin resume” when it comes to policies around education and student loan debt. At any rate, Cuban has been a thorn in Trump’s side for months now.
For Cuban and others, there is a lot to worry about given the $1.4 trillion in student loan debt the nation collectively owes. Student loan debt is only second to mortgage debt, and it has led plenty of people to delaying the purchase a home, marriage, starting a business, and even saving for retirement. Each of these issues alludes to a negative impact on the entire U.S. economy.
In Indiana, where Cuban went to college, graduates owe an average of $28,852 in student loan debt according to data from LendEDU. Indiana University in Bloomington, Cuban’s alma matter, leaves graduate borrowers with student loan debt of $27,681, which is lower than the national average of $28,000 though just barely. Of those Indiana University graduates, 48 percent have at least one student loan.
During the run up to the United States presidential election, many politicians gave lip service to student loan debt crisis. Now that Trump is president and Betsey DeVos is the head of the Department of Education, there are rapidly growing concerns that students are going to be the ones left behind. After all, President Trump hasn’t said much about solving the student loan debt problem or providing more people with access to an affordable college education. His cabinet appointments also raised concerns about the Trump Administration’s commitment to fighting the student debt problem.
Take DeVos and her connections to for-profit education market are an example for a cause for concern. On top of mixing up numbers in her senate confirmation hearing, she wouldn’t commit to keeping the gainful employment rule in effect. This rule required for-profit schools to graduate students into good paying jobs at the risk of losing federal funding. Despite all the heat, the Department of Education under Devos’ charge has already moved to ease some of the regulations placed on the industry by the Obama Administration.
Author: Donna Fuscaldo
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