MORGANTOWN, W.Va. (WBOY) — More than 20 million Americans have been waiting months in limbo seeing if President Biden’s student loan forgiveness plan would ultimately come into effect. However, with the new debt ceiling deal that was recently signed, Biden’s student loan forgiveness plan is unlikely to happen in the near future due to a provision included with the deal.

Now, it is expected that payments will start again in late August, more than three years after they were paused by then-President Donald Trump because of the pandemic.

According to Sam Workman, WVU’s Director of the Institute for Policy Research and Public Affairs, you shouldn’t see a change in the interest rates you will pay back on your loans. He added that it will be a shock for people to adjust back to making payments after the hiatus.

“It’s really going to take some time for people to work through in their minds what their new budget and budget realities in their homes,” Workman said.

People in favor of President Biden’s student loan forgiveness plan rally in front of the Supreme Court in Washington, D.C., on Washington, D.C., as the court hears the Department of Education v. Brown and Biden v. Nebraska. (AP)

If you have any questions on your student loan situation, Workman encourages you to pay attention to any documentation that you may receive with notices, as well as to be aware of what the Biden Administration is informing people about.

Just because student loan forgiveness may not be happening now, Workman believes the debate about it will carry on into the near future.

“This will be an election issue,” Workman said. “Biden is going to look at students and say you know you had to repay because the Republican Party wanted you to pay, and of course, the Republicans are going to say that we are the party of fiscal responsibility and we pay our debts.”

This combination of photos shows former President Donald Trump, left, and President Joe Biden. Both men are preparing for a possible rematch in 2024. (AP)

Workman believes the discussion will continue until at least 2024, with some future implications.

“The important thing to look out for is how this all shakes out in terms of future Presidential power because the very notion that a President could issue loan forbearance is an extension of Presidential power,” Workman said. “So you’ll have the other branches push back on that a little bit.”

What makes this situation more unique than what it would have been decades ago is the shift in who offered the loans. In the past, a majority of student loans would have came from the government, but now, they commonly come from or are serviced by the private sector.

“That’s the real rub lying under this entire debate going all the way back through Obama’s years all the way until now is who issues terms and who has the ability to adjust or set terms to begin with,” Workman said.

In the House of Representatives, Rep. Carol Miller (R-WV) voted in favor of the bill while Rep. Alex Mooney (R-WV) voted against it. In the Senate, Senators Joe Manchin (D-WV) and Shelley Moore Capito (R-WV) voted for the bill.