Student loan borrowers are being asked to pony up

On Monday, the Department of Education announced that it will resume collections on defaulted loans on May 5th. That’s after a five year pause started in the midst of the covid pandemic. More than 42 million people in the United States have student loans through the federal government.  And, according to the Department of Education, five million have not made a payment in the last year. Experts warn that this push for repayment will put loan holders in difficult financial situations and could have a big impact on an already unstable economy. GUEST: Stacy Cowley, business reporter for the New York Times RELATED LINKS: Millions of Student Loan Borrowers Are Behind on Payments Education Department Will Resume Collections on Student Loan Debt Trump administration to resume collections on student loan borrowers in default Thank you to the supporters of KUOW, you help make this show possible! If you want to help out, go to kuow.org/donate/soundsidenotes Soundside is a production of KUOW in Seattle, a proud member of the NPR Network.See omnystudio.com/listener for privacy information.