'Stop the insanity': Trump administration official plans to resign -- with a call to cancel billions in student loan debts

A. Wayne Johnson, appointed as the chief operating officer of the Office of Federal Student Aid by Education Secretary Betsy Devos in 2017, plans to resign on Thursday, according to a report in the Wall Street Journal.

Saying his department's system is "fundamentally broken," Johnson will also endorse a plan to cancel more than $925 billions in existing student loans.

“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," Johnson said. "The time has come for us to end this and stop the insanity."

Student-loan balances of more than 37 million borrowers would be canceled under Johnson's proposal, which would forgive up to $50,000 for each recipient.

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