Trump administration official resigns and now wants to cancel student loan debt
Share to twitterUS President Donald Trump arrives to board Air Force One at Joint Base Andrews in Maryland onA senior student loan official is resigning and now wants to cancel student loan debt., A. Wayne Johnson will resign his position as chief strategy and transformation officer at the U.S. Department of Education and call for cancelling most of the nation’s $1.6 trillion student loan debt. In 2017, U.S.
Johnson said he said the federal government should not lend student loans, and believes that most federal student loan debt will not be repaid. “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 told theJohnson, who plans to run for the U.S. Senate in Georgia, proposed a new student loan forgiveness plan:Provide a tax credit for up to $50,000 for people who already repaid student loan debt.
Provide a $50,000 government voucher, which would not require repayment, for new student loan borrowers to cover four years of tuition at college or graduate school.Johnson believes that $925 billion of student loan debt can be forgiven under his student loan forgiveness plan, which he says would cancel student loan debt entirely for about 37 million borrowers.
Her plan also provides substantial debt cancellation for every person with household income between $100,000 and $250,000. Importantly, Warren's plan offers no student loan debt cancellation to borrowers with a household income above $250,000, which she says is the top 5% of earners. Warren's plan would be funded with a 2% Ultra-Millionaire Tax., there are more than 44 million borrowers who owe $1.6 trillion in student loan debt.
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