Chicago Federal Reserve President Austin Goolsbee says President Biden’s new student debt relief plan will not affect inflation or unemployment rates. #foxnews Subscribe to Fox News! https://bit.ly/2vBUvAS Watch more Fox News Video: http://video.foxnews.com

More than 800,000 federal student loan borrowers will have their debts automatically forgiven, the Biden Administration said Friday, citing administrative deficiencies that failed to account for some of the borrowers’ payments. READ MORE:

The Biden administration is taking steps to forgive billions in student loan debt. It's doing so by making fixes to some repayment plans. The move will automatically forgive $39 billion of educational debt.