Why SoFi Technologies Stock Is Surging Today

SoFi Technologies, Inc. SOFI shares are up on Tuesday on the heels of a tentative debt limit agreement, which would reinstate student loan payments.

What To Know: According to several reports, the debt ceiling deal terms that were tentatively finalized between President Joe Biden and House Speaker Kevin McCarthy over the weekend would reinstate student loan payments and the accrual of interest sometime near the end of August and suspend the debt limit until early 2025.

"The pause is gone within 60 days of this being signed. So that is another victory because that brings in $5 billion each month to the American public," McCarthy reportedly said.

Student loans are still on pause, although that could soon change as there has been increasing pressure to lift the temporary ban and Biden's student debt forgiveness plan is currently being held up in the Supreme Court.

SoFi, which offers student loan refinancing, sued the government in an effort to end the pause earlier this year. 

Related Link: Debt Ceiling Deal: Mapping The Key Steps To 'Fiscal Responsibility Act' Approval

SOFI Price Action: Shares of SOFI were up 11.3% at $6.02 at the time of publication, according to Benzinga Pro.

Image by Nikolay Georgiev from Pixabay