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Lender SoFi Says It Lost $200 Million on Student Loan Freeze
The financial services firm provides refinancing for federal student debt and argues it’s getting hammered by a moratorium on payments that’s been in place since the pandemic began.
The logo for SoFi on a smartphone.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
SoFi is taking a major hit from the pause on student loan payments.
The online lender, which runs a business for refinancing education debt, said in a lawsuit filed March 3 it has lost as much as $400 million in revenue and $200 million in profit as a result of a moratorium on paying student debt that started three year ago.