SoFi at Work Launches Student Loan Verification Service To Help Employees Pay Off Student Debt While Also Saving for Retirement
June 08 2023 - 08:00AM
Business Wire
On the Heels of Congress’ Decision to Pass
SECURE 2.0, SoFi at Work launches new service to expand access to
employer matching contributions by counting student loan payments
as elective retirement contributions
Today, SoFi at Work – the leading holistic, financial
well-being, and education assistance benefits partner to more than
1,000 organizations – announced the launch of a new Student Loan
Verification (SLV) service. SoFi, the digital personal finance
company and all-in-one app, announces this new addition to its
portfolio of employer financial well-being benefit solutions in
response to Congress' approval of the Securing a Strong Retirement
Act (SECURE 2.0). SECURE 2.0 includes an important change to
retirement law that allows employers to match employees’ student
loan payments with contributions toward retirement plans as part of
an existing benefits program. For organizations looking to make the
most of this policy change, SLV simplifies the process of linking
matching employer retirement contributions to employee student loan
repayments.
SLV helps the workforce make the most of retirement plans
through 401(k) or 403(b) contributions, while still paying down
student loan debt. As the cost of education has skyrocketed,
student loan debt has more than doubled over the last 20 years, its
impact on retirement savings has grown, too. A 2019 study from MIT
found 84 percent of adults who carry student loan debt say it has
impacted the amount they’re able to save for retirement. When it
came to those who hadn’t saved for retirement at all, more than one
in four respondents said it was because they had to put their money
toward paying off student loans.
”At SoFi, we’re dedicated to helping people get their money
right, and SECURE 2.0 and the provision that makes it easier for
companies to support all employees’ financial well-being is a great
example of that,” said Barrett Scruggs, Vice President, Business
Lead, SoFi at Work. “Our Student Loan Verification service makes it
easy for companies to put this emerging, yet highly impactful
benefit into action for a more inclusive future.”
SoFi at Work partners with leading financial groups and record
keepers to administer Student Loan Verification. The service
provides a low-cost way to verify eligible student loan payments
and deliver contributions for retirement matching – all employers
need to do is determine employee eligibility based on student loan
debt balances. From there, SoFi at Work handles the rest, including
plan design, data security, and reporting.
SLV is part of a holistic financial well-being platform from
SoFi at Work. The SoFi at Work Dashboard includes a variety of
tools for employees including a debt navigator, refinancing
options, financial education resources, and more. This
comprehensive solution allows employers to meet the evolving needs
of their diverse workforce.
To learn more about this new offering, visit
www.sofi.com/sofi-at-work-slv/.
About SoFi
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for
digital financial services on a mission to help people achieve
financial independence to realize their ambitions. The company’s
full suite of financial products and services helps its more than
5.7 million SoFi members borrow, save, spend, invest, and protect
their money better by giving them fast access to the tools they
need to get their money right, all in one app. SoFi also equips
members with the resources they need to get ahead – like career
advisors, Credentialed Financial Planners (CFP®), exclusive
experiences and events, and a thriving community – on their path to
financial independence.
SoFi innovates across three business segments: Lending,
Financial Services – which includes SoFi Checking and Savings, SoFi
Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and
Technology Platform, which offers the only end-to-end vertically
integrated financial technology stack. SoFi Bank, N.A., an
affiliate of SoFi, is a nationally chartered bank, regulated by the
Federal Reserve, OCC, and FDIC. The company is also the naming
rights partner of SoFi Stadium, home of the Los Angeles Chargers
and the Los Angeles Rams. For more information, visit SoFi.com or
download our iOS and Android apps.
Disclosures
Products available from SoFi on the Dashboard may vary depending
on your employer preferences.
Advisory tools and services are offered through SoFi Wealth LLC,
an SEC-registered investment adviser. 234 1st Street San Francisco,
CA 94105.
SoFi Student Loan Refinance Loans, Personal Loans, Private
Student Loans, and Mortgage Loans are originated through SoFi Bank,
N.A., NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org). The
Student Debt Navigator Tool and 529 Savings and Selection Tool are
provided by SoFi Wealth LLC, an SEC-registered investment adviser.
For additional product-specific legal and licensing information,
see SoFi.com/legal. 2750 E. Cottonwood Parkway #300 Cottonwood
Heights, UT 84121. ©2023 Social Finance, Inc. All rights reserved.
Information as of June 2023 and is subject to change. RO
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Meghan Brown Email: pr@sofi.org
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