What's Going On With SoFi Tech Stock Friday

SoFi Technologies, Inc SOFI stock is down Friday as the Senate cleared the debt ceiling bill with 63 votes in favor of the legislation and 36 against it.
The CARES Act passed in March of 2020, allowed a pause on student loan repayments. The current debt ceiling deal would terminate this pause, and repayments must resume on August 29, 2023.
The student loan refinancing firm prosecuted the government to end the pause earlier this year.
Through student and personal loans, the company aimed to provide a "relationship bank" for individuals battling surging education costs, stagnant wages, and unaffordable housing.
This week, CEO Anthony Noto flagged challenges individuals face, like surging education costs, stagnant wages, and unaffordable housing in pursuing the American Dream at a JPMorgan investor conference.
The rising cost of education has left many graduates trapped in a cycle of debt, says Noto.
Through student and personal loans, the company aimed to provide a "relationship bank" for these individuals to unlock their financial potential.
Price Action: SOFI shares traded lower by 1.17% at $6.74 on the last check Friday.