• SoFi Technologies, Inc (NASDAQ: 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.

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This article What's Going On With SoFi Tech Stock Friday originally appeared on Benzinga.com

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