SoFi Is Suing the Biden Administration to Try to Avoid Tens of Millions in Losses
After roughly three years with the student loan moratorium in place, it looks like the one-stop shop financial services company SoFi (NASDAQ: SOFI) has finally run out of patience with the Biden administration.
Recently, SoFi sued the administration and requested that a federal court reverse the Biden administration's decision to extend the moratorium for an eighth time. Since the moratorium was first adopted, it has cost the company potentially hundreds of millions in profits, SoFi says. Here's why.
The moratorium was first instituted in early 2020 during the Trump administration in response to the pandemic, with the goal of alleviating financial hardship as much as possible during the unprecedented economic shutdown. But even as consumer savings swelled during the pandemic, the moratorium remained in place.
Source Fool.com
