Innovation in Saving for College, SoFi at Work Adds 529 Contributions
Our vision for SoFi at Work—our suite of tools, products, and resources for employees made available via their workplace benefits or wellbeing programs—is to help build financial wellness across a company’s entire workforce and for every stage of life.
We have made significant strides in this mission through special programs for employer contributions to help pay down student loans as well as special rates on student loan refinancing. The latest innovation to the SoFi at Work program adds 529 college savings plan contributions.
Our employer partners have asked for this and we’re excited to make this new capability generally available. It comes through the acquisition of LEAF College Savings, the leader in college savings employee benefits. LEAF’s advanced payroll and HR integration technology make recurring employee contributions to 529 college savings plans simple.
The addition of this capability comes at a great time. The popularity of 529 accounts has risen steadily. In 2018, 44% of parents reported saving for their child’s college in a 529 account. The trend line keeps pointing upward.
If you have access to SoFi at Work’s program from your employer, you can now link to your existing 529 plan and contribute directly from your paycheck through an integration with your employer’s payroll provider.
If you have yet to start an account, our forthcoming 529 selection tool will allow you to input basic information about expected college costs and household financial status to receive personalized recommendations for college savings plans.
For our employer partners, the addition of 529 capabilities provides one more option within the employer contribution program—the ability to make monthly contributions toward an employee’s 529 plan as well as their student loans.
More than ever, employees are looking to their employers for financial wellness benefits and guidance. If your employer does not currently offer benefits like student loan contributions and 529 college savings plan contributions, it could be worth your time to connect with your HR or Benefits department to see if they can add these benefits.
For more information, or if you or your HR or Benefits department would like to speak to a member of the SoFi at Work team about 529 contributions or financial wellbeing at work, visit us here.