SoFi, a private lender, sued the Biden administration last week in an effort to end the pause on federal student loan payments that has been in place since March 2020
The pause on payments was originally put in place during the Trump administration to help people struggling due to the Covid-19 pandemic. The moratorium has since been extended eight times, most recently by President Joe Biden in November.
During the pause, the government has also set interest rates to 0% for federal student loan borrowers. With these benefits, borrowers have little incentive to refinance their loans with a lender like SoFi. The bank says it has already lost more than $6 million due to the eighth extension of the pause. The Department of Education maintains that the pause and the proposed one-time debt cancellation plan are legal.
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