A major student-loan lender just asked a federal court to end the payment pause — and return borrowers not eligible for Biden's broad relief back into repayment 'at minimum'
, which Bloomberg law first reported, that the latest extension of the payment pause was"unlawful on multiple grounds."
"And the eighth extension is also structured to address litigation uncertainty, not to return borrowers to the financial position that they would have occupied absent the current phase of the pandemic," it added. SoFi also detailed how it has been harmed by the additional payment pause extension. It wrote in the legal filing that since 2012, it has refinanced over $30 billion student loans for over 450,000 borrowers, and it said it"competes with the federal government for federal student loan borrowers by offering them private financing under more favorable terms."
The bank said it has lost about $300 to $400 million in total revenues"as a direct result of the moratorium."it's time for borrowers to reenter repayment
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