Conn. (WTNH) — The clock is ticking for tens of millions of student loan borrowers, unless a group of lawmakers can convince President Biden to hit the pause button again.

Currently, the student loan payment pause is set to expire on August 31, and the President has confirmed he’ll announce a decision on the payment pause, as well as the student loan “forgiveness” before the deadline. Legislators are asking Biden to extend the moratorium for a fifth time.

Most Democrats want it extended, while most Republicans want the payment pause to end. Something has to happen one way or another, and we know uncertainty is often bad times for the economy, and for families.

“If you’re a family for which this loan payment is noticeable. which is to say you’re not wealthy or even upper middle class, right?” John Rosen said. “If it would literally cut in then the uncertainty alone is probably dampening your spending right now.”

Rosen said he guesses that “something permanent” will be done sometime within a year.

“They’re either gonna quit pausing , or they’re gonna pass a law and say all these loans are forgiven,” Rosen said.

He said both have serious economic consequences, and not all of them are positive. It’s important to note that if you forgive the debt, it doesn’t disappear — taxpayers pay the banks.