A Department of Education appointee tasked with overseeing federal student loans reportedly plans to resign Thursday and run as a Republican for a Senate seat in Georgia on a platform of canceling most outstanding student debt.

A. Wayne Johnson, who was named chief operating officer of the Office of Federal Student Aid in 2017 by Education Secretary Betsy DeVos Elizabeth (Betsy) Dee DeVosSpecial counsel investigating DeVos for potential Hatch Act violation: report NEA president says Azar and DeVos should resign over school reopening guidance The Hill's 12:30 Report - Presented by Facebook - You might want to download TikTok now MORE, later switched to the position of chief strategy and transformation officer.

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He reportedly plans to run in the Republican primary to succeed Sen. Johnny Isakson Johnny IsaksonDemocrats ramp up pressure on Lieberman to drop out of Georgia Senate race Obama endorses Warnock in crowded Georgia Senate race Lobbying world MORE (R-Ga.), who will retire Dec. 31.

Johnson will propose forgiveness of up to $50,000 for anyone with outstanding federal student loan debt, which would wipe out about 37 million people’s entire balances, according to The Wall Street Journal.

“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, noting that under current repayment trends, large portions of student debt will never be repaid. “The time has come for us to end and stop the insanity.”

He would also propose a tax credit of up to $50,000 for those who have already repaid their debt, proposing to pay for the cancellations with a 1 percent tax on corporate earnings.

The proposals are at odds with DeVos herself, who recently blasted Democratic presidential candidates who have called for sweeping student-debt cancellations.

“Their proposals are crazy. ... Who do they think is actually going to pay for these? It’s going to be 2 of the 3 Americans that aren’t going to college paying for the 1 out of 3 that do,” she told Fox News last week.