Billionaire Mark Cuban explains why taking out a loan for college is the 'dumbest thing you can do'
Kiesha Dosanjh
Featured Image Credit: Anna Webber/Getty Images for Inc. at Inc. Founders House at SXSW
Billionaire tech entrepreneur Mark Cuban isn't holding back on his thoughts about those who take out college loans.
Cuban, who received a BS in management from Indiana University, became a millionaire in 1990 at age 32, 10 years after college, by selling his computer consulting firm, MicroSolutions.
His bank account has since gone from strength to strength, so much so that he became one of the 'sharks' on ABC's Shark Tank.
He's shared countless amounts of advice with business hopefuls, but has also made headlines for his outspoken personality, sparking a number of public debates. This time, it's about college loans, as he appeared on Logan Paul and Mike Majlak's IMPAULSIVE podcast.
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Cuban was asked by Paul if he had any thoughts on the education industry - in which he had a number of strong ones.
"It's really f****d up," he said.
"If you can't afford it you can't afford it. And the dumbest thing you can do is take out a s**t ton of loans and f**k up your future," the 67-year-old added.
"I tell people go to community college. Accounting class is accounting class whether it's at a community college or at Harvard. Psychology is psychology for the most part."
He then advised people to get those 'first couple of years of introductory classes,' before saying to 'transfer where you can afford to go.'
As per Education Data Initiative, student loan debt in the United States totals $1.833 trillion; annual growth resumes following a decline in 2023-24.
"You've got to go to a school that you can afford, because the delta between the most basic four year school and the best public universities is really small," he claimed.
People were sharing their opinions as the clip circulated on X, formerly known as Twitter, with mixed opinions on the comments.
One penned: "It really just depends on your goals. If you want to work for a big corporation, then a university is helpful. If you want to work locally, then a community college works fine. A lot of times, people just want to get away and experience new things, so they attend big universities."
A second wrote: "In terms of knowledge, 100%. But the way the world works. You’re gonna need to hustle A LOT harder to get an equivalent job in high finance for example."
However, others weren't having any of it, with one writing: "Go to college. Learn. Experience different cultures, time management, living away from parents. Do not listen to any billionaire."
Another penned: "As a first generation college student who received scholarships and grants to attend Dillard University, taking out $10K in loans each year was the best investment towards my future. my network and access to opportunities shifted completely. just take out loans responsibly."