09/17/2020

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SoFi Blog

Tips and news—
for your financial moves.

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The Importance of Offering 529 Plan Contributions in an Employee Benefits Package

Strong employees are the backbone of any successful business. And, when it comes to attracting and holding on to the best talent, it’s no secret that offering competitive and valuable employee benefits is one of the most effective ways to demonstrate a longstanding commitment to your team.

Some employers are starting to venture beyond standard offerings and extending into things like profit-sharing and bonuses, transportation and tuition reimbursement, and perks like free meals, discounted fitness programs, childcare, and other services to their employees. And, in many cases, these enhanced offerings are helping to set these companies apart from the rest.

In a landscape where so many companies offer comparable benefits, many strategic employers are finding new, innovative ways to anticipate and accommodate the needs of their employees.

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9 Companies That Help Employees Pay For College

Although a high salary can certainly sway a qualified applicant, these days, it’s not just money that talks. In fact, recent data shows that most applicants surveyed said that benefits and perks would weigh heavily in their decision to accept a job offer.

In the age of the tech startup, images of snack-stocked company kitchens and on-site employee gym equipment often dance in HR professionals’ heads, even when they’re impossible to implement.

But as exotic as extras like travel stipends or gym membership remunerations may sound, help paying for college—or repaying student loan debt—can go a long way toward convincing an applicant to take the gig.

It’s no surprise, then, that some companies are adding help with tuition costs to their suite of employee benefits, along with standards like health insurance coverage and paid vacation. Here are the creative solutions a few modern companies have come up with.

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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.

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Got a New Job and Student Loans?

If you just landed a new job, well done! Whether it’s your first job or your fifth, starting the next chapter of your career journey with a new company and fresh challenges can be an exciting time.

It also can be a good opportunity to review your finances, put together a new budget, and work toward some monetary milestones, like paying down credit cards or student loan debt.

Why now? As your life changes, your needs and expenses likely will change as well. So when you’re starting a new job, it might be a fitting time to take a look at where you stand and where you want to go.

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