With over $1.6 trillion of total debt, the student loan crisis continues to worsen, leaving graduates with crippling debt at the beginning of their professional lives and often shattering credit.
So dire has the situation gotten that the Betsy DeVos-appointed head of the Student Financial Aid office, A. Wayne Johnson, resigned from his post at the Education Department. Johnson will now apply for an appointment to retiring Senator Johnny Isakson (R-GA).
What's more, Johnson is calling for massive student loan forgiveness.
Calling the student loan business "fundamentally broken," Johnson said:
“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 ... The time has come for us to end and stop the insanity.”
Johnson, a Conservative Republican, is calling for the cancellation of up to $50,000 in federal student loan debt, which would clear the loans of around 37 million Americans.
So much yes to A. Wayne Johnson, who's leaving the Trump administration because he realizes the whole #StudentLoan… https://t.co/XPYp9qeAsK— Young Americans (@Young Americans)1571928379.0
FINALLY regime members are speaking out! “A. Wayne Johnson, appointed by Education Secretary Betsy DeVos, calls the… https://t.co/Fawjj6MsM9— Amy Siskind 🏳️🌈 (@Amy Siskind 🏳️🌈)1571922336.0
Forgive all student debt up to $50,000, paid for by a 1% tax on corporate earnings. Elizabeth Warren? No, it's a Tr… https://t.co/pjopHiTUmg— Greg Ip (@Greg Ip)1571925311.0
With over 44 million people in debt due to student loans, the debt is far from an uncommon predicament.
This is a recurring topic among my peers. How even a huge step like bankruptcy isn’t big enough to rid us of studen… https://t.co/gyir2hCn8x— David Nehrt-Flores (@David Nehrt-Flores)1571928368.0
Bro I’d straight up ask him for some money to pay off my student loans https://t.co/jJsqYQFYly— Kirsten (@Kirsten)1571928230.0
It’s okay though. Bet my girls will never ever EVER experience student loans. And I mean that.— ElleHuddy (@ElleHuddy)1571927378.0
Lawmakers—especially presidential candidates—have varying ideas on how to fix the crisis.
Cancel all student debt. https://t.co/ZdLC9gaUqY— Bernie Sanders (@Bernie Sanders)1571404699.0
Rep. Alexandria Ocasio-Cortez on bill to eliminate all student debt: "It was literally easier for me to become the… https://t.co/c5Zrsk3Uji— ABC News (@ABC News)1561390596.0
Elizabeth Warren's plan to forgive student-loan debt is costly, but it could actually pour money into the US econom… https://t.co/2Q6A1hEG6u— Ninja Economics (@Ninja Economics)1556415964.0
Sallie Mae owns over $20 billion in student debt. They paid their CEO over $6 million last year. Students shackl… https://t.co/38tuDGR6gO— Rep. Ilhan Omar (@Rep. Ilhan Omar)1571775180.0
Sallie Mae, one of the largest student loan providers in the country, recently paid for a Hawaiian vacation for all of its executives to celebrate $5 billion in student loan sales.