President Biden’s decision to cancel student loan debt is facing criticism once again, with prominent investor Kevin O’Leary describing it as “un-American” during his appearance on “FOX & Friends.”
Biden administration’s push to forgive student loan debt is almost ‘un-American’: Kevin O’Leary https://t.co/JHByI5eUCl pic.twitter.com/g0MGC0KgsU
— New York Post (@nypost) December 8, 2023
O’Leary, Chairman of O’Leary Ventures and a “Shark Tank” veteran, argued that the administration’s student debt cancellation is “unfair.” He emphasized that individuals have a “responsibility” to repay their loans when pursuing a college degree. O’Leary questioned why one cohort of graduates would be forgiven their loans while others before and after them might have to repay their debts.
The Biden administration recently announced an additional $4.8 billion in student loan debt relief, benefiting over 80,000 borrowers. O’Leary expressed his opposition to forgiving debt and highlighted situations where individuals who served in the military and borrowed substantial sums would still have to repay their loans, unlike those receiving debt forgiveness.
He mentioned that the Supreme Court ruled against canceling over $430 billion in student loan debt in June, leading the president to seek alternative means of providing relief to middle-class families. O’Leary believed that many people would find this policy offensive and suggested it might become a significant issue in the 2024 presidential election.
Kevin O'Leary rips student loan forgiveness: 'So unfair it's almost un-American'@RonDeSantis will put the kibosh on American taxpayers having to foot the bill for college degrees! https://t.co/OETaURognl
— Kay Quirk (@quirk_kay) December 8, 2023
Florida Gov. Ron DeSantis proposed a solution to the student debt problem by suggesting that universities should back student loans, providing an incentive for them to ensure gainful employment for graduates. O’Leary appreciated this creative approach and stressed the importance of teaching young people to be fiscally responsible.
In summary, Kevin O’Leary criticized the Biden administration’s student loan debt cancellation, calling it unfair and suggesting that it might become a contentious issue in the upcoming presidential election. He also commended Gov. DeSantis’ proposal to address the larger student debt problem.
