While the fate of President Biden’s student debt cancellation program hangs in the balance, a number of actors including individual borrowers, organizations, and of course, student loan companies, have launched attack after attack on student loan forgiveness.

These student loan companies include the personal finance company SoFi, and one of the nation’s largest student loan servicers MOHELA. In MOHELA’s case, the servicer was cited in a lawsuit led by six GOP states which resulted in the temporary blocking of President Biden’s debt forgiveness plan.

SoFi’s lawsuit is even more damning, as company executives are trying to force an end to the payment pause on federal student loan payments and force millions of borrowers who are not SoFi’s customers — to repay their debts faster. Despite major executives making over $103 million in 2021, SoFi’s move to block student loan relief from borrowers stems from its need to put wealthy investors over student loan borrowers.

“When the government does something good for citizens and you can’t make money, that should not be the basis for the standing to sue,” said Persis Yu, deputy executive director and managing counsel at the Student Borrower Protection Center. “Corporations do not have a right to be profitable.”

Corporations do not have the right to hold student debt borrowers across the country hostage in an attempt to continue lining the pockets of already wealthy corporate executives. We call on student loan companies to stand by their “commitments” to making higher education attainable, and that starts with halting any and all efforts to block President Biden’s student loan forgiveness program.

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

Participating Organizations
Daily Kos
Forward Blue
Futures PAC
OD Action
Real Populists