Timed curiously after a score of legislative wins and a few months before elections, the announcement sparked outrage among conservatives who thought the bailout was unfair to those who did not seek a college education or had already paid off their loans. At the same time, the policy announcement landed as President Joe Biden saw a rebound in support, especially among younger Americans. But on the campaign trail, the plan hasn’t made the positive electoral impact that many proponents had touted as one of the political advantages of forgiving student debt. And it’s providing fodder to Republican candidates wholly opposed to Biden’s economic agenda.

That’s part of the reason a handful of vulnerable Democratic incumbents (and challengers) criticized the policy when the White House announced it. Some of those campaigns have since told me that they either aren’t making it an issue in their races or simply aren’t hearing much about it from Democratic voters.

Negative blowback to the policy hasn’t yet registered in polling on what’s motivating voters, but there’s still time for either side to make it an issue. If Republicans are successful in doing so, some Democrats worry the policy could cost them badly needed support in swing states and races, and could eat away at their chances of keeping a Senate majority while limiting losses in the House.