Hi Chris,

Thanks for the thorough analysis. Great opening paragraph, with humorous reference to Sens. Sanders and Warren. It sucked me in like the intro to a Stephen King novel.

I don't understand the technical stuff well, and wondered if you'd explain just a couple things?

Q: The Revenue, Contributions, Profit, EBITDA chart: what is Contrib. Profit?

Q: The table about Incremental Revenues, and Incremental EBITDAs: are the units, millions?

The possibilities seem pretty awesome, with origination dollars maybe increasing 4x to 10x, and maybe beating 2024 revenue targets based on increased revenue from student loans alone!

I learned some things I didn't know. For example, that income from student loans finance deposit interest (my interpretation). And, SoFi can, and has, sell loans at cost and still have good GOSM because of their hedges. It seems, that's for both personal loans and student loans (I didn't know that either)?

I liked your observation of the student loan platform already being fully integrated into the in-house tech stack.

Finally, I also enjoy investing in businesses more than just stocks, although I do that also. Thanks again for the time and effort you put into this, and for sharing it with us.