Student loan borrowers are set to restart their payments after a three-year reprieve, and Bank of America said SoFi Technologies could be a big beneficiary from an uptick in refinance activity. "We believe the uptick in deposits could also be a sign of increased student loan refinance activity," Bank of America analyst Mihir Bhatia said in a note. "SOFI should benefit from higher student loan refinances given its strong position in the student loan refi market." As a result, millions of borrowers in October will make their first student loan payment since before the Covid-19 pandemic hit. SOFI YTD mountain SoFI Bank of America said SoFi had about 60% market share in private student loan refi in recent quarters, up from 40% in the pre-pandemic era.

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Persons: Mihir Bhatia, refinances, SoFi, originations, — CNBC's Michael Bloom Organizations: Bank of America, SoFi, SoFI Bank of America Locations: Tuesday's