Dr. Wayne Johnson a top official in the federal student loan program resigned Thursday, calling the system "fundamentally broken."

"Washington needs to be 100% out of the student loan business," he told CBS News, adding that not only is the system broken, it's an "insane system."

$50,0000 of your federal student loan debt will be extinguished." he said, adding it won't be income-based. "Everybody will get the $50,000. We are beset with a problem that has been 10 years in the making."

To pay for it, Johnson would hike corporate taxes by 1%. He's about to run in Georgia as a Republican for the U.S. Senate. Student debtors like Smith will be watching.