NASHVILLE, Tenn. (WKRN) — After many months of discord and disagreements, the House of Representatives voted to suspend the nation’s debt ceiling limit through January 2025 ahead of the June 5 default deadline.

The bipartisan debt ceiling deal is not necessarily a hopeful sign for those who have student loan debt and were optimistic that the federal student loan payment pause would receive yet another extension. Ultimately, this deal paints a picture of when payments will need to resume.

Borrowers have benefitted from the loan payment pause, which to this point has received eight extensions. It will be difficult to enact another pause in borrower’s payments as the agreement to address the debt limit included a provision that ultimately prevents Education Secretary Miguel Cardona from creating another extension without approval from Congress.

If this bill were to be signed into law, the pause on student loan repayment will no longer be effective 60 days after June 30. At that time, more than 40 million Americans will begin the process of restarting their payments. This timeframe is aligned with President Joe Biden’s November 2022 announcement that payments would resume in June of this year.

📧 Have breaking come to you: Subscribe to News 2 email alerts

Now that the House has returned the vote, it heads to the Senate for approval, where there is still a race against the default deadline before Biden can sign the legislation into law.