Management attributed the sudden boost to borrowers anticipating the Jan. 31 moratorium expiration and the Federal Reserve's looming increase to its benchmark overnight lending rate, which the Fed has now formally done. President Biden faces pressure from both sides, with some arguing that bringing back student loan payments will cut into economic recovery and hurt consumers already dealing with high inflation. The other somewhat positive takeaway from all of this is that SoFi has managed to increase total origination volume well past 2019 levels even without strength in the student loan business, which is a good sign for investors.