Student Loan Repayment

The Brian Lehrer Show

WNYC

Arts, Lerer, Radio, York, Wnyc, News, Media, New, Npr, Nyc, Bryan, News Commentary, Politics, Daily News, Public

4.7 • 1.4K Ratings

🗓️ 21 August 2023

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In a few weeks, millions of Americans will start paying on their federal student loans for the first time in three years. In preparation, Stacy Cowley, finance reporter at The New York Times, explains the changes Pres. Biden's administration has made to the system.

Transcript

Click on a timestamp to play from that location

0:00.0	It's the Bryan Lair Show on WNYC. Welcome back everybody. I'm Bridget Bergen filling
0:15.9	in for Bryan today. And now something that's probably been on the minds of many people,
0:22.2	student loans. For the past three years, federal student loan borrowers haven't had to
0:28.0	make payments on their loans. And a few weeks, that's changing. Payments are due again
0:34.0	at the beginning of October. And while President Biden's loan forgiveness plan was struck
0:39.2	down by the Supreme Court at the end of June, his administration has implemented other
0:44.2	changes to the student loan repayment system that borrowers should be aware of. Here to
0:50.2	take us through those changes is Stacey Cowley, a finance reporter at the New York Times.
0:56.3	Welcome back to the show. Hi, thanks for having me. And listeners, I want to hear from you.
1:02.6	Are you going to have to start making payments on your student loans again? Do you have questions
1:08.3	about it? Concerns? What impact will your loan payments have on your finances? We were just
1:14.0	before the break talking about evictions. Are you worried about paying your rent now that your
1:18.4	loan payments are restarting? Give us a call. Tell us what you tell us what you're going through
1:23.5	and ask your questions. The number is 212433WNYC. That's 2124339692. You can also text us
1:34.5	at that number and we may use your text on air. Stacey, I want to start by asking for people who
1:41.3	aren't familiar. Can you outline who the players are when it comes to student loans and how the
1:47.4	system works? Sure. So the federal government is the biggest lender for Americans who buy
1:53.4	or go for college to college. The education department directly makes these loans. So roughly 45
1:59.9	million people owe a combined total of 1.6 trillion in federal student loan debts. Yep. And since
2:07.0	the pandemic, that debt's been on pause starting in March 2020 under the Trump administration
2:13.2	and then continuing all the way through until now as an emergency relief measure, the government
2:18.1	simply put those loans on pause and said interest isn't accruing and no payments are due. So
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from WNYC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of WNYC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.