Across the country, millions of Americans with unpaid student loans are discovering that years of patience and forgiveness from the U.S. government have officially come to an end.

Stacy Cowley, a business reporter for The Times, explains what is behind the change of heart, sets out its financial consequences for borrowers — and discusses the larger reckoning that it may cause about how Americans pay for higher education.

Guest: Stacy Cowley, a business reporter at The New York Times, with a focus on consumer finance.

Background reading:

Millions of student loan borrowers are behind on payments.

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

Photo: Seth Wenig/Associated Press

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