FAYETTEVILLE, Ark. (KNWA/KFTA) — President Joe Biden’s move to cancel student debt was welcomed by some, and concerning to others.

Billy Cook has student debt and he said the announcement is a relief. He is a Pell Grant receipt, so he is eligible for $20,000 to be forgiven, while others are eligible for $10,000 to be forgiven if they make less than $125,000.

“That’s money that myself or others could put towards other things, building savings, saving for other education expenses, getting a house,” Cook said.

While others like Congressman Steve Womack said loan forgiveness only puts the cost of college on others.

There is no such thing as canceling student loans. It’s debt that will now be contracted to American taxpayers, many of whom never went to college or have already honored what they owe. Someone always has to pay.

Rep. Steve Womack, (R) Arkansas

University of Arkansas economist Jeff Cooperstein said it’s too soon to tell the impact of the debt cancellation on the economy.

“You can’t look back and say, well, this is what happens when the government canceled student debt because this hasn’t happened before,” Cooperstein said.

Cooperstein said the impact of the debt cancellation on the economy and inflation will depend on how borrowers spend the extra cash they will now have.

“Are you going to spend it on things that are are kind of where we have that demand driven inflation? Or are you just going to, you know, continue buying necessities where that little bit of extra probably isn’t going to push inflation as much,” Cooperstein said.

Cook said the extra money will help him and others chart a new path.

“The possibilities to use that income and back into the economy are really limitless,” Cook said.