In this video, I will explain why SoFi Technologies (SOFI -3.17%) is up despite President Biden's announcement that the student loan pause will be extended until Dec. 31, 2022.

The Biden Administration announced that the Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education, and up to $10,000 in debt cancellation to non-Pell Grant recipients.

  • Only those that have an individual income of less than $125,000 are eligible. 
  • SoFi's guidance already assumes that the student loan moratorium lasts until 2023. 
  • The average student loan size for SoFi is $70,000.
  • Now that the market has clarity, SoFi stock could finally break out of its shackles. 

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*Stock prices used in the below video were during the trading day of Aug. 24, 2022. The video was published on Aug. 24, 2022.