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Last week, the Supreme Court struck down President Biden’s sweeping plan to cancel billions of dollars in student loan debt.

Stacy Cowley, a finance reporter for The New York Times, explains what the decision means for borrowers now facing their first payments since a coronavirus pandemic-related pause and how an alternative plan could still ease their burden.

Guest: Stacy Cowley, a finance correspondent for The New York Times.

Background reading: 

• The proposed debt cancellation of more than $400 billion would have been one of the most expensive executive actions in U.S. history.
• Millions will now have to repay debts that the Biden administration had promised to eliminate.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

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