It's not the law suit that concerns me, it's how this administration has responded to it

SoFi Bank files lawsuit to stop Biden administration’s student loan payment pause

SoFi Bank N.A. is attempting to halt the Biden administration's pause on federal student loan payments. 

The private bank argues that the moratorium has no legal basis and has cost the bank. 

In a federal lawsuit filed Friday in Washington, D.C., SoFi asked a federal judge to overturn the latest extension of the pause. 

Student loan payments were first halted under President Trump's administration and the hold has been extended eight times over three years. 

… The Utah-based bank's lawsuit says the latest extension from the Biden administration — which could stretch as far as this summer — is unlawful on "multiple grounds." 

While the first seven extensions were meant to aid borrowers amid the throes of the COVID-19 pandemic, the bank argues the latest extension was enacted solely in response to legal challenges to Biden's plan for widespread student debt forgiveness. 

"The eighth extension does not even attempt to redress harm from the pandemic at all, but rather to alleviate ‘uncertainty’ caused by the debt-cancellation litigation," the lawsuit said, arguing that this isn't a valid reason authorized by the HEROES Act and that the extension had violated the Administrative Procedure Act.

"This latest extension is an illegal overreach of power in violation of the Administrative Procedure Act and, as this falls under the Major Questions Doctrine, Congress did not authorize this extension of the payment pause," the spokesperson said. "At the cost of $5B per month, Americans shouldn’t have to carry this burden. It’s time the administration upholds its word to end the moratorium, or at a minimum, puts those not eligible for forgiveness back into repayment."

So here’s how the Department of Education has responded to the suit: it cites no legal arguments in support of the administration’s action, but goes full-Maduro instead, attacking evil capitalists and resting its case; as the erosion of our laws accelerates, that may soon be all that’s required.

It called the lawsuit an "attempt by a multi-billion dollar company to make money while they force 45 million borrowers back into repayment."

"The department will continue to fight to deliver relief to borrowers, provide a smooth path to repayment and protect borrowers from industry and special interests," the agency said.

In the brave new world, “industry” is evil, and “special interests” don’t include debtors, environmentalists, teachers’ unions, or in fact, any group that the government favors. A government of laws, if you can keep it.