Jack, in recent months, a number of lawsuits have arisen from entities challenging student debt relief for millions. To no one’s surprise, student loan companies have played their part in attacking President Biden’s student loan forgiveness program.

Sign the petition to student loan companies: Stop attacking President Biden’s student loan forgiveness program.

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One of the most appalling lawsuits comes from the personal finance company SoFi, where company executives are trying to force an end to the payment pause on federal student loan payments and force millions of borrowers to repay their debts faster. SoFi’s move to block student loan relief from borrowers stems from its need to put wealthy investors over student loan borrowers.

And SoFi’s CEO, Anthony Noto, admitted this, telling a Bank of America analyst that SoFi made this decision after recognizing they wanted to be a “leader” in this country and in the student debt industry. This is corporate greed, full stop.

Sign the petition to student loan companies: Stop attacking President Biden’s student loan forgiveness program.

SIGN THE PETITION
As deputy executive director and managing counsel at the Student Borrower Protection Center Persis Yu says, “Corporations do not have a right to be profitable.”

They don’t at the expense of millions of student loan borrowers - who are not SoFi customers - and who have been straddled with copious amounts of debt that they have no way of discharging through bankruptcy.

Student loan borrowers did not create the student debt crisis, but predatory companies like SoFi certainly play their part in it.

Sign the petition to student loan companies: Stop attacking President Biden’s student loan forgiveness program.

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Keep fighting,
Jayleen Alvarado, Daily Kos