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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 (https://www.nytimes.com/by/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 (https://www.nytimes.com/2025/04/21/bu...) . For more information on today’s episode, visit nytimes.com/thedaily (http://nytimes.com/thedaily?smid=pc-t...) . Transcripts of each episode will be made available by the next workday. Photo: Seth Wenig/Associated Press Subscribe today at nytimes.com/podcasts (http://nytimes.com/podcasts) or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-acce.... For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.