Student Loan Fiasco


Hall of Famer
Oct 4, 2003
Macon, Georgia — A top official in the federal student loan program resigned Thursday, calling the system "fundamentally broken." Wayne Johnson also wants billions of existing debt forgiven.

Johnson thinks Washington should follow his lead and quit the federal student loan program.

"Washington needs to be 100% out of the student loan business," he told CBS News, adding that not only is the system broken, it's an "insane system."

Johnson reported directly to Education Secretary Betsy DeVos and watched student debt keep ballooning with the cost of college. In all, 42 million Americans currently have student debt. The average household owes almost $47,000.

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Taylor Smith graduated from Texas A&M University, owing $53,000 in student loans.

"It just seems unconquerable. And that anxiety has just sat with me since," Smith said.

Month by month, Smith's paying it down. But 5.4 million student borrowers are in default. Johnson has a plan to wipe away much of it.

"$50,0000 of your federal...
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Hall of Famer
Jan 27, 2003
Wealthy libs want people broke and dependent on the nanny state. What better way to keep it that way than student loans?
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Dec 15, 2020
This system has its side effects and many people's decisions are not based on good fundamentals to be sure that time and some “difficulties” will leave them in a bad situation. I have Mortgage Advice Bristol, and it makes me smile daily because my salary is not high and wife is with kids at home. But I can offer everything needed for the house and buy some tech for me. Yes, I’m a 40 years old gamer, and I like Apex Legends, Lol and Fortnite. I play only on weekends, no alternatives because dishes will fly like shurikens around the house.
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