Coloradans still have mixed emotions several days after Biden's student debt forgiveness plan announcement

Coloradans are reacting to the Biden Administration's announcement about student debt forgiveness, as some question whether the plan is fair or financially responsible.

The president's plan will forgive $10,000 in debt for individuals making less than $125,0000 a year and couples earning less than $250,000. Pell grant recipients could see their debt cut by $20,000. The freeze on federal student loan payments was set to expire at the end of August, but it has now been extended one last time through the end of the year.

Days after the president announced the cancellation of student loan debt for millions, Coloradans have mixed emotions.

"I'm torn on it. I really can't decide how I feel about it exactly," said Debra Borger, a Denver resident whose daughter recently paid off all of her student debt.

Some people who qualify for the program say it's a breath of fresh air.

"For me, personally it's going to be a major relief specially because I'm trying to go to professional school," said Nora Hundertmark, a 2021 graduate who qualifies for the debt cancellation.

"On one hand, it would be a huge help to me," says Ammon Perea, "but morally I think it's kind of messed up."

Perea worked for years to afford college with minimal loans.

"If I knew that I could have taken out like $20,000 in student loans and someone else would pay for them, I would have done it like 10 years ago," said Perea.

While he'll likely benefit from the debt cancellation, he questions whether the plan is fair.

"There's a lot of people who have their 9 to 5 jobs and blue collar workers who never went down that path because they thought it wasn't that financially responsible and they're paying for it," says Perea.

Others worry about the plan's cost to taxpayers, and the need for long term solutions.

"I definitely think there's a larger systemic issue in terms of how expensive college is as a whole and I think this is kind of a bandage to patch a larger wound, but right now I'll take it," said Hundertmark.

There are still a lot of unanswered questions about who this applies to and how it works, some of the people CBS News Colorado spoke to have had trouble checking their eligibility, as many loan websites saw crashes following the federal announcement.

The White House says more information will become available soon, and the Department of Education will launch an application in the coming months.