SoFi Technologies, Inc. (NASDAQ:SOFI) shares were trading more than 10% lower Thursday afternoon, following the company’s 2022 guidance cut due to the Biden administration’s extension of the student loan moratorium from May 2022 to August 2022.

The company lowered its full 2022-year adjusted net revenue and adjusted EBITDA guidance from $1.57 billion and $180 million to $1.47 billion and $100 million, respectively. The company expects the moratorium to persist throughout 2023. The student re-fi business is currently at around 50% of 2019 levels.

Analysts at Oppenheimer believe this moratorium won’t be extended indefinitely. According to the analysts, this moratorium is out of the company's control yet clearly investors are and should be focused on if consensus estimates have a downside. The analysts still think the company has continued to execute its strategy well and accelerated other business lines to hit numbers helping to offset some of the student loan drag. The lending segment will likely be a focus as the other segments gain traction.