Fintech Lender (SOFI) Climbs On Loan Forgiveness News

SoFi Technologies (SOFI) is the subject of today’s Under 30-segment. Jenny Horne and Alex Coffey discuss the online lending company and President Joe Biden’s plan to forgive $10K of student debt for borrowers and extended the pause on student loan repayments by 6 months to Dec. 31. George Tsilis joins the conversation and looks at SoFi (SOFI) which is up slightly on the news. George points out that the loan forgiveness plan affects federal loans only, and since SoFi’s (SOFI) personal loan segment is surging, this is a possible reason behind their slight gain on today’s news. SoFi (SOFI) jumped almost 8% immediately following the news Wednesday. Before today’s announcement, the stock had dropped 61% YTD. SoFi (SOFI) was trading around $6.40/share Wednesday midday.