SoFi Bank Challenges Biden’s Student Loan Repayment Pause (1)

SoFi Bank NA is asking a federal court to strike down the Biden Administration’s eighth extension of a moratorium on student loan repayment.

In the alternative, SoFi said, the court should order repayment by borrowers who aren’t eligible for student-debt cancellation under the terms of the Education Department’s debt-forgiveness plan, according to the complaint filed in the US District Court for the District of Columbia March 3.

The moratorium violates the Administrative Procedure Act because the department didn’t identify any statutory authority for the extension, and failed to publish notice of the extension in the Federal Register, SoFi said.

SoFi ...