April 12, 2023
SoFi Bank’s Lawsuit to End the Student Loan Payment Pause Is Pure Corporate Greed
By Eleanor Buchanan
The CEO of SoFi was paid nearly $103 million in 2021. Now the bank is suing the Biden administration in an attempt to gain even greater profits.
By Natalia Abrams, Cody Hounanian and Sabrina Calazans
Last month, SoFi Bank filed a federal lawsuit in an attempt to overturn President Joe Biden’s extension of the student loan payment pause, arguing that its business has suffered as a result of the moratorium. The following is a letter from the leadership team at the Student Debt Crisis Center, a nonprofit organization fighting for the rights of borrowers and an end to the student debt crisis.
Dear SoFi and CEO Anthony Noto,
We are writing today to express our grave concerns about the ongoing student debt crisis in the United States, and in particular, your recent decision to sue the Biden administration over its pause on federal student loan payments. We urge you to drop this lawsuit and instead work towards finding solutions that will help alleviate the burden of student loan debt for all borrowers.
As the leadership team of Student Debt Crisis Center, we speak with thousands of borrowers, students, and parents who are unable to put food on the table, keep a roof over their heads, and fully support their family due to this debt. Your lawsuit is an assault on their financial and personal wellness.