TAMPA, Fla. (WFLA) — A high stakes decision from the nation’s highest court could reshape the admissions process for colleges and universities nationwide.

Also, more than 40 million Americans will soon find out if they’ll get a break from paying back a hefty portion of their student loans.

A critical decision expected from the Supreme Court could have sweeping implications on higher education, specifically affirmative action and whether schools can consider someone’s race to foster diversity and equity in college admissions.

“The State of Florida is really a cautionary tale in some ways,” said Elizabeth Hordge-Freeman, associate professor of sociology at the University of South Florida. “Florida banned affirmative action as it relates to college admissions two decades ago and it had an impact on student enrollment.”

Hordge-Freeman is an eyewitness to the long-lasting implications after Florida banned affirmative action at public universities more than 20 years ago.

“Black student enrollment has declined steadily over the past decades,” Hordge-Freeman said.

Another decision is looming — if President Joe Biden’s student loan forgiveness program should erase up to $20,000 in student loan debt for nearly 43 million Americans.

Path to College is a non-profit organization that has taken on the mission of securing the acceptance of low-income, high-achieving students into top-tier universities. The program connects students with scholarship and grant opportunities so they can graduate from college debt-free.

“They’re going to move their communities forward,” Executive Director Christine Sylvain said. “We have to keep our eyes on the prize. This is about increasing earning potential in communities of disadvantage through education, so any policy that negates that is very worrisome.”

According to the Pew Research Center, half of U.S. adults say they disapprove of selective colleges and universities taking prospective students’ racial and ethnic backgrounds into account when making admissions decisions.

Several colleges are planning on bolstering recruitment and expanding financial aid to enhance diversity. However, there’s still concern that ignoring race altogether during the college admissions process could produce a devastating result.

The next round of Supreme Court rulings is expected at 10 a.m. Thursday.