A. Wayne Johnson said the nation’s student loan debt should be cancelled and that the system is “fundamentally broken,” the Journal reports.
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Johnson, a native of Macon, Ga., earned a doctorate in higher education leadership from Mercer University, an MBA from Emory University, and a Bachelor’s degree from Mercer University. He currently serves as chief strategy and transformation officer, leading a revamp of how the Education Department deals with borrowers and the companies that service student debt. In 2017, Education Secretary Betsy DeVos appointed Johnson chief operating officer of the Office of Federal Student Aid, overseeing the $1.5 trillion student-loan portfolio.
Johnson says repayment trends suggest much of the debt will likely never be repaid. He said the U.S. should move to a system that gets the government out of student lending.
“We run through the process of putting this debt burden on somebody…but it rides on their credit files — it rides on their back — for decades,” he said, adding, “The time has come for us to end and stop the insanity.”