Tens of millions of borrowers have had their student-debt payments paused. But one big fintech company disapproves and wants the payments resumed.
Some 40 million people have had their student-debt payments paused because the government thinks they need the help. But one big financial technology company, which refinances student loans, disapproves of the public policy and wants the payments resumed immediately to help its bottom line.
SoFi Technologies, a financial technology company involved in the student loan refinancing business, is suing the Department of Education over the student loan payment pause. “The Moratorium has eliminated the primary benefits of student loan refinancing,” the company wrote of the payment pause in court documents.
The Biden administration has maintained that Congress authorized the Secretary of Education to carry out a debt relief cancellation program of this size through the HEROES Act. The Department of Education didn’t immediately respond to a request for comment on the SoFi suit.
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