I don’t claim to be an expert on economic matters and neither am I trying to poke fun at Mark Cuban. On the contrary, I hugely respect Mark Cuban for what he has achieved and I am sure he is an incredibly smart guy. Having said that, his approach to saving the U.S. economy flies right into the face of his stance on unpaid internships.
Student Loans Are Curtailing College Graduate’s Purchasing Power
Mark Cuban is right on point when he says that Student loans are bad for the U.S. Economy! As an international student with a decent job, a good chunk of my salary goes towards paying my student loan debt which leaves me with very little to buy things or put another way I am very cautious with my money.
“That’s the same money (loan) that, when you graduated, you used to move out of the house or you went out and spent money that improved the economy and helped companies grow”
No disagreement there Mr.Cuban, I am with you!His solution – “Cap student loans to $10,000 a year for each student” . Now I am well aware that Mark comes from the “Hustle” school of thought but if you consider any half decent school in North America, a loan of $10,000 a year might make it difficult to just pay your fees let alone be enough for you to manage your other expenses.
Hell there is a solution to that as well! Students hustle their way to part-time jobs, internships to not only gain some real-world experience but also make some money extra money on the side to support themselves while in college. Did i say Internships as a way to make some money during college? Mark Cuban seems to disagree (or atleast used to disagree back in 2009)
Mark Cuban Prefers “Unpaid” Interns
Back in 2009, Mark Cuban openly challenged the government’s stance on internships and the fact that interns should be paid if the employer is benefiting in some way. Mr. Cuban took offense to that in his widely debated post on the Maverick’s blog suggesting that “unpaid” internship is a great way for students to gain real world experience. This coming from the guy who has made his millions and owns a basketball team for crying out loud.
Now it doesn’t take a rocket scientist to put two and two together. On the one hand, Mr. Cuban suggests cutting down Student Loan debt to save the economy while on the other hand, as an employer he does not even want to pay his interns minimum wages?
You be the judge! As a hugely successful entrepreneur, I expect him to be smarter that this.