DeVos Extends Student Loan Grace Period Until January As Dems Call for Debt Cancellation

Department of Education Secretary Betsy DeVos announced an extension of the moratorium placed on student loan payments because of the CARES ACT on Friday.

Part of Biden's published platform for secondary education includes the Public Service Loan Forgiveness Program, which would remove $10,000 of debt relief from higher education students in exchange for performing public or national service.

In its place, student loan reforms were proposed that would cap monthly repayments at 12.5 percent of the borrower's discretionary income.

Borrowers that had attended graduate school would have their remaining balance forgiven after making monthly payments for 30 years.

In an op-ed piece published Friday on Blavity, Massachusetts Senator Elizabeth Warren and Senate Majority Leader Chuck Schumer called for the incoming Biden administration to wipe out up to $50,000 in student debt.

"Broad cancellation of student debt would give tens of millions of Americans $200 to $300 more to spend and save each month," Warren and Schumer wrote.