Biden administration forgives $39 billion in student debt: Report

'For far too long, borrowers fell through the cracks of a broken system,' said the U.S. Secretary of Education.

US President Joe Biden. Credit: Reuters File Photo

US President Joe Biden's administration will automatically cancel $39 billion in student debt for more than 800,000 borrowers, CNBC reported on Friday.

"For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness," CNBC quoted U.S. Secretary of Education Miguel Cardona as saying.