U.S. 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.

(Reporting by Juby Babu in Bengaluru, editing by Christina Fincher)