Many relativists have been long convinced that black hole evaporation leads to information loss or remnants. String theorists have however not been too worried about the issue, largely due to a belief that the Hawking argument for information loss is flawed in its details. A recently derived inequality shows that the Hawking argument for black holes with horizon can in fact be made rigorous. What happens instead is that in string theory black hole microstates have no horizons. Thus the evolution of radiation quanta with E ~ kT is modified by order unity at the horizon, and we resolve the information paradox. We discuss how it is still possible for E >> kT objects to see an approximate black hole like geometry. We also note some possible implications of this physics for the early Universe.