Southern Colorado students reflect on SCOTUS loan forgiveness decision

COLORADO SPRINGS, Colo. (KRDO) - Even with President Joe Biden saying he plans to roll out another way to give student loan forgiveness, borrowers are now left wondering what's next.

Students KRDO spoke to Friday said they weren't surprised the student loan forgiveness plan was struck down.

"I was hoping for it, but I wasn't necessarily holding my breath," said Dominic Lender, a student at the University of Colorado Colorado Springs. "As soon as I saw it get shot down I was just like 'Oh well, it is what it is.'"

The UCCS senior is just one of the 295,000 borrowers in Colorado who would've been approved for the forgiveness plan.

Economists point out that this added financial weight on thousands could put a dent in the United States economy.

"If people are not going out and spending as much money, it slows business growth, because businesses rely on that consumerism by and large, whether it's goods or services," Tatiana Bailey, an economist who teaches at UCCS, told KRDO.

Bailey believes the Supreme Court ruling will prevent people from being able to do things that accumulate wealth, like putting a down payment on a house.

"The vast majority of Americans accumulate wealth through home ownership," Bailey said.

Borrowers are now left to wait and see what happens next.