For five years, more than 40 million Americans have not faced dire consequences if they failed to pay back their federal student loan debt. That ends today.

As the coronavirus pandemic convulsed the economy, President Trump and Congress brought relief: They allowed borrowers to take a break from their payments. The government also froze the interest, meaning borrowers’ balances did not grow. People saved hundreds or even thousands of dollars per month.

The measure was popular at the time. It let people improve their credit scores, pay down other debts and build savings. So officials extended the reprieve nine times — across the rest of Trump’s first term and most of former President Biden’s.

But the government made those loans, and letting them go unpaid added to the deficit. Some economists also warned about sending the wrong message — that it was fine not to repay your debt. Eventually, the payment freeze ended, but policymakers said they wouldn’t penalize borrowers for late payments yet.

Now even that break is gone, and late payments are showing up in credit reports for millions of people. Today, the government restarts collections on defaulted loans — first by docking tax refunds, then by garnishing paychecks and Social Security benefits. (Here’s what to know about it.)

The Morning asked what you wanted to know about student loans. Today’s newsletter has the answers — and looks at what comes next.