Private lender SoFi is suing to overturn the Biden administration’s last extension of the pause on federal student loan payments, arguing the move is unlawful and harms its student loan refinancing business.
SoFi has a lot at stake with the ongoing payment pause. The company made a name for itself by refinancing education loans — lowering the interest rates and monthly payments of people with private and federal student loans. Refinancing federal student loans can save borrowers money, especially those with high-interest graduate debt. But it means giving up federal benefits, including access to income-driven repayment plans and public service loan forgiveness.
“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 company said in the complaint. “Every day that the eighth extension of the loan moratorium remains in place, it causes significant, irreparable harm to SoFi.”allowed to implement the debt relief program or the litigation is resolved. If no resolution occurs by June 30, payments will restart on Sept. 1, according to the department.
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