Student loan payments were first halted at the start of the pandemic by Trump's administration. The pause has since been extended eight times over three years.
“The eighth extension does not even attempt to redress harm from the pandemic at all, but rather to alleviate ‘uncertainty’ caused by the debt-cancellation litigation,” SoFi says in the lawsuit.
The most recent extension has cost the bank at least $6 million in lost profits, SoFi says, and it could lead to a total of $30 million in losses if it continues through August.“In essence, SoFi is being forced to compete with loans with 0% interest rates and for which any ongoing repayment of the principal is entirely optional,” the lawsuit says.
“The department will continue to fight to deliver relief to borrowers, provide a smooth path to repayment and protect borrowers from industry and special interests,” the agency said in a statement.
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SoFi Bank sues to block Biden's student loan payment pauseA private bank is trying to force the Biden administration to end its pause on federal student loan payments, arguing that the moratorium has no legal basis and has cost the bank millions of dollars in profits.
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SoFi Bank sues to block Biden's student loan payment pauseWASHINGTON (AP) — A private bank is trying to force the Biden administration to end its pause on federal student loan payments , arguing the moratorium has no legal basis and has cost the bank, known for its refinancing business, millions of dollars in profits.
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SoFi Bank sues to block Biden’s student loan payment pauseA private bank is trying to force the Biden administration to end its pause on federal student loan payments, arguing the moratorium has no legal basis and has cost the bank, known for its refinancing business, millions of dollars in profits.
続きを読む »
SoFi Bank sues to block Biden's student loan payment pauseA private bank is trying to force the Biden administration to end its pause on federal student loan payments, arguing that the moratorium has no legal basis and has cost the bank millions of dollars in profits
続きを読む »
SoFi Bank sues to block Biden’s student loan payment pauseThe bank says its federal student loan refinancing business has suffered because borrowers have no incentive to refinance while payments and interest remain on hold.
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SoFi Bank Sues to Block Biden's Pause on Student Loan Payments After Costing It MillionsA private bank is trying to force the Biden administration to end its pause on federal student loan payments, arguing that the moratorium has no legal basis and has cost the bank millions of dollars in profits.
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