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This article contains breaking news and events related to the current state of politics and the economy. While we try our best to keep our articles as up-to-date as possible, the ongoing effects of COVID-19 are happening in real time and information is subject to change.

It appears that the economic fallout from the coronavirus pandemic has reversed the near decade-long bull market, pushing the U.S. economy into a recession.

The coronavirus has impacted the daily lives of all Americans. Schools are canceled, those who can work from home are doing so, and bars and restaurants across the country are closed indefinitely. In response, the stock market is reeling.

SoFi Members and Community at Large,

We’re on a mission at SoFi to help you get your money right.

Our products are only part of the picture. Your financial independence also depends on laws and regulations coming out of Washington, DC. And there is one bill in particular that we think could have a meaningful positive impact for many of you: The Employer Participation in Repayment Act.

Right now, if your employers want to help you pay down your debt, 12 – 37% (depending on your tax bracket) of their contributions get eaten up in federal income taxes.

But, under this bill, your employers’ contributions up to $5,250 would be tax free. So, 100% of the money goes toward paying down your debt.

The education you paid for is benefitting your employer. Why shouldn’t your employer be able to do more to help pay down the debt you incurred? 

That’s why SoFi has been working with the Debt-Free Tax-Free Coalition to urge Congress to pass the bill. We have over 200+ sponsors – both Democrats and Republicans.

Congress will only pass this bill if they hear from voters like you telling them it’s important to you. So, please, click here to voice your support and help employers make their footprint bigger than their foot!!

Thank you for being active members of our community.

Anthony Noto
Chief Executive Officer