A. Wayne Johnson, who resigned from the Education Department, on how he'd cancel student debt and change how the government helps fund college.
Johnson spent time overseeing the nation's nearly $1.6 trillion student loan portfolio, before leading an initiative to overhaul how the department handled loan payments.
To address the burgeoning debt load, Johnson said he is advocating for up to $50,000 of loan forgiveness for all borrowers. But any proposal to cancel student debt has to make sure there is not "going to be a recurrence of those types of loans from the federal government in the future," he said.For Johnson, the solution is offering every student up to a $50,000 grant to use toward higher education — whether it's college or vocational programs.
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