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Dr. Wayne Johnson - A top Education Department official involved in student financial aid resigned Thursday, announcing that he would push an agenda to cancel much of the country's student debt as he vies for a political appointment in the U.S. Senate.
Although he has no political experience, the official, Dr. Wayne Johnson, said his past two years in the Education Department working closely with Secretary Betsy DeVos had given him a unique perspective on how Congress is best suited to fix the $1.6 trillion student debt crisis.Read more
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.