COLORADO SPRINGS — On Wednesday, President Biden announced the administration’s plan to forgive eligible student loan debt.

“This will allow students who are earning 125,000 dollars or below to get at least 10,000 dollars right off the top. Those who are earning 75,000 or below could qualify for 20,000 dollars,” said Angie Paccione, executive director of the Colorado Department of Higher Education.

The news came as a shock to some in Colorado Springs.

“I am not in support of it,” said CJ Ash. “I’m all for giving people a break, but you got to earn it.”

Others, applauded the effort.

“I think this is a great way to help out,” Tony Szajowski said.

Those against the decision were left asking where the money was going to be coming from to pay off debtors.

“People just assume ‘forgiveness’ means it just goes away. Well, that creditor has to be paid, or else the economy goes in the tank,” Ash said.

Those who have already paid on their loans said they’re wondering if they’re going to be forking out even more from their paycheck.

“I just feel like I’m going to pay mine off and they want to cover this with taxes so I’m going to be paying other student loans as well,” said Jeremy Lee.

But, Szajowski said this is a step in the right direction.

“What I would like to see is move to what just about every other developed country has which is free or very low-cost college,” he said.

Paccione said while there’s still no plan in place yet for funding the loan forgiveness, they have done this sort of thing in the past.

“The government has been able to bail out, if you will, segments of society that have had undo stress and burden.”

But, Lee said this is simply just a short term solution.

“I pay all these things off because I made that commitment to you that I’m going to pay you back,” Lee said. “Now, do I think the prices of education is ridiculously high? Absolutely. It’s ridiculous. High. It’s almost like they’re trying to basically do this short term fix.”

Paccione said this is something they want to work on as well.

“We’re looking at ways to help reduce the cost by giving students some additional support, or through loan forgiveness in the state or even through something like open education resources.”