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.” Interest began accruing again on federal education debt as of Sept. 1. 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. The Wall Street firm estimated that SoFi’s third-quarter student loan originations will total $1.1 billion, up from $395 million in the second quarter. While Bank of America only has a neutral rating on SoFi, its 12-month price target of $11.50 implies upside of more than 30% from Tuesday’s close of $8.75. The fintech stock has soared nearly 90% this year after collapsing 71% in 2022. It got a boost recently after SoFi reported second-quarter results and lifted its full-year guidance. The stock is up 3.2% in the third quarter, while the S & P 500 is higher by 0.5%. — CNBC’s Michael Bloom contributed to this report.