SoFi argues borrowers aren’t refinancing while the payments and interest are on pause, leading the bank’s business to suffer and the company to see at least $6 million in lost profits since the latest extension in November.
“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,” the bank argued in its 32-page complaint.to halt the latest extension — the eighth one since the pandemic hit — so that repayments start back up.
The Education Department said the lawsuit was “an attempt by a multi-billion dollar company to make money while they force 45 million borrowers back into repayment.” “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,” it said in a statement, according to The Associated Press.Josh Blackman, a professor at South Texas College of Law, said a ruling from the
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SoFi Bank sues to end Biden’s student loan payment pauseThe bank argues 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 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.
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SoFi Bank files lawsuit to stop Biden administration's student loan payment pauseSoFi Bank N.A. is attempting to halt the Biden administration's pause on federal student loan payments, filing a federal lawsuit on Friday asking a judge to overturn the extension.
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SoFi Bank files lawsuit to stop Biden's student loan payment pauseIn a federal lawsuit filed Friday in Washington, SoFi Bank N.A. asked a federal judge to overturn President Joe Biden’s latest extension of the payment pause. FOX13
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