Two days after the midterm elections, it is still too close to call which party will take leadership of Congress. If the Republicans take both the U.S. Senate and the House majority, President Biden’s student loan forgiveness initiative could be in jeopardy, according to a Nov. 10 Reuters report.

                By                    Dawn Allcot

See: 22 Side Gigs That Can Make You Richer Than a Full-Time JobSNAP Benefits: Can You Use EBT Card/Food Stamps To Purchase Hot Food?

The Republicans currently hold at least 210 seats, which is 8 away from what they need to take over control of the House. Should the GOP reclaim the House, this could “effectively halt President Joe Biden’s legislative agenda” — including student loan forgiveness, per Reuters.

But how likely is that to happen?

More From Your Money: Choose a high-interest saving, checking, CD, or investing account from our list of top banks to start saving today.

Democrats seem to be taking many of the close races, the Washington Post reported, although it still seems likely the Republicans will wrest control of the House. If the Democrats retain control of the Senate, it’s unlikely that Congress will repeal Biden’s student loan reform.

The Sunrise Movement, an advocacy organization geared toward the interests of younger Americans, tweeted, “Young people won this election.”

According to Forbes, it’s difficult to tell whether student loan forgiveness played a large role in voting choices, but previous polls indicate that it is likely.

Student Loan Forgiveness Could Continue

However, with slim margins in both the House and Senate, it’s unlikely student loan forgiveness would pass as legislation. Instead, reform initiatives would continue through executive action.

And that would put the federal court in control of whether Biden’s sweeping loan forgiveness initiatives would come to fruition. Already, 26 million borrowers have submitted student loan forgiveness applications — and the portal is still live online, Forbes reported.

However, the forgiveness initiative was blocked by a federal appeals court in October, subsequently dismissed by a federal district court judge, and then faced appeals by Republican-led states. The Eighth Circuit Court of Appeals imposed a temporary administrative stay which is still in effect. The case could go all the way to the U.S. Supreme Court if states continue to appeal.

With all this in mind, student loan forgiveness may still be in jeopardy regardless of the final election results. However, the Supreme Court already denied one request to block the student loan forgiveness plan, Forbes reported as of Nov. 4.

Take Our Poll: Do You Think Student Loan Debt Should Be Forgiven?More: 9 Bills You Should Never Put on Autopay

For those with student loan debt who meet the income qualifications, it’s likely a good idea to submit those applications as soon as possible. However, it’s wise to plan your budget and finances under the assumption that you may not see student loan debt relief any time soon, if at all.