Lender SoFi Says It Lost $200 Million on Student Loan Freeze

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.

Read more: Student Loan Repayment Pause Is Next Fight in Forgiveness Battle

The company said the volume of its student loan refinancing operation dropped more than 75% after the first student loan moratorium in March 2020. The lender originated as ...