The federal student loan pause has been extended eight times over three years.
WASHINGTON — 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.
Biden’s latest extension, which was announced in November and could stretch as far as this summer, is unlawful on “multiple grounds,” the lawsuit claims. SoFi argues that isn’t a valid reason authorized by the HEROES Act, the federal law the Biden administration has invoked to continue the pause. The bank also argues the extension violated the Administrative Procedure Act because the administration failed to invite feedback from the public.
The Education Department defended the legality of the pause, calling the lawsuit “an attempt by a multi-billion dollar company to make money while they force 45 million borrowers back into repayment.”
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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.
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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 sues Cardona, Education Dept. to end student loan payment pausePrivate 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.
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SoFi sues over student-loan pause to force borrowers to resume making paymentsTens of millions of borrowers have had their student-debt payments paused. But one big fintech company disapproves and wants the payments resumed.
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