SoFi stock plunges after Biden extends student loan payment moratorium
CNN
Good news for student loan holders is bad news for anyone who happens to be an investor in fintech company SoFi. Shares of SoFi tumbled 7% Thursday after the Biden administration extended a moratorium on federal student loan repayments.
SoFi offers private student loans and refinancings to undergraduates and their parents as well as to grad students. The decision by the White House to extend the federal student loan payment moratorium from May 1 until August 31 will put a dent in sales and profits, the company said.
What's more, the company said in a statement late Wednesday that it expects the moratorium to be extended again. SoFi now thinks "the impending fall midterm elections will precipitate a likely seventh extension beyond August."
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