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.
Chief Executive Officer