As the Biden administration makes fixes to the country's student loan system, it has made regular announcements that it would cancel large shares of that debt.
Many borrowers paid into the system for years without getting that promised cancellation, explained higher education expert Mark Kantrowitz. It has also been granting borrowers who consolidate loans a one-time payment count adjustment. That gives them credit toward all their loans based on the one they have been making payments on the longest, as well as for certain periods that previously didn't count, including certain months spent in deferments or forbearances.
Some 876,000 public servants have gotten their debt erased as a result, amounting to more than $62 billion in relief.
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