A top federal Department of Education official reportedly will step down and call for canceling billions of dollars in student debt, claiming the loan system is “fundamentally broken.”

A. Wayne Johnson was appointed by Education Secretary Betsy DeVos in 2017 to oversee the Office of Federal Student Aid and its $1.5 trillion worth of student loans, and later went on to become the chief strategy and transformation officer of the department, The Wall Street Journal reported.

“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,” he told the newspaper, adding, “The time has come for us to end and stop the insanity.”

Johnson’s stance on canceling student debt — which is similar to plans put forth by Democratic presidential candidates Bernie Sanders and Elizabeth Warren — is at odds with the White House, and his soon-to-be ex-boss.

In an interview last week on Fox News, DeVos slammed loan forgiveness plans, describing them as “crazy.”

“Who do they think is actually going to pay for these? It’s going to be two of the three Americans that aren’t going to college paying for the one out of three that do,” DeVos said.

Johnson, 67, plans to run for the Republican Senate seat in his home state of Georgia being vacated by Sen. Johnny Isakson.

“I intend to follow Sen. Isakson’s example as a conservative Republican who is able to work across the aisle in Congress,” Johnson told the Atlanta Journal Constitution.

He is proposing to forgive up to $50,000 for anyone with federal student loan debt — a figure that would reach about $925 billion.

Roughly 37 million people with student loans would have their account balance canceled under the plan.

Johnson would also put forth a tax credit of $50,000 for people who already paid off their debt as a means to attract support for his proposal.

He suggested a 1% tax on corporate earnings would pay for the entire plan.