SoFi Blog

Borrowing to pay for college, a down payment on a home, or even a car is a financial given for Americans striving to reach their long-term goals. These loans are as common as Sunday brunches and binge watching Netflix. And with the rising popularity of personal loans, it’s clear that they, too, are becoming a part of the financial journey for many people.

Did you check your work email while still in bed this morning? If so, you’re living proof of just how much the line between your job and personal life has blurred over the years.

But as an HR professional, you already know that. Employees are working more—they’re logging in from home, spending more hours in the office (those near the top of the ladder clock-in the most), and even skimping on hard-earned vacation days.

San Francisco, Calif. — September 19, 2016 —

SoFi announced today the creation of SoFi at Work, a benefit program for companies to help their employees reduce their student loan burden and build financial wellness. The program encompasses over 600 participating companies across the United States, with recent additions including Meredith Corporation and Northrop Grumman.

“When it comes to employee benefits, we believe student loan help is the next 401(k),” said Mike Cagney, CEO, Chairman & Co-Founder at SoFi. “This is especially true for the Millennial generation, now the largest percentage of the workforce, who are starting their careers with record-setting student loan debt and deferring important priorities like retirement savings or buying their first home.”

Included in the more than 600 companies and associations who are adopting SoFi at Work are seven of the top 10 tech firms in the Fortune 500, 58 of the Vault Law Top 100 law firms, and eleven of the 2017 Vault Banking 50.

SoFi at Work currently includes two benefits:

• Student Loan Contribution Benefit: Administered by SoFi, companies make regular contributions directly to their employees’ existing federal or private student loans, reducing loan balances and saving interest expense.
• Student Loan Refinancing Benefit: At no cost, companies make SoFi Student Loan Refinancing available to employees to help them save money and pay down their loans faster, with incentives like educational resources and a welcome bonus.  

More information on the program is available at SoFiatWork.com.

SoFi’s nontraditional underwriting approach considers an individual’s financial well-being to determine creditworthiness, with factors such as employment history and free cash flow. SoFi also offers borrowers benefits that can’t be found elsewhere, such as unemployment protection, an entrepreneurship program, career counseling and member events.

“People often face a hard choice between saving for retirement or paying down student debt when the answer is they should and can do both,” said Catesby Perrin, Head of Business Development at SoFi. “Forward-thinking companies like our partners are thinking about the most meaningful ways to address these stresses and their employees’ overall financial wellness.”

In a recent study conducted by SoFi through an independent third party, 70 percent of student debt holders are held back from saving for retirement due to student loans. Legislation has been introduced in both the U.S. House of Representatives (H.R.3861) and Senate (S. 2457) that would treat an employer’s contribution towards its employees’ student loans as a non-taxable benefit, further assisting debt-burdened American workers.

About SoFi

SoFi is a new kind of finance company taking a radical approach to lending and wealth management. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.

For press inquiries:
Laurel Toney
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720.435.8862

Name: Deanna Krinn

Age: 29

Locale: Bloomington, IN

Alma Mater: Indiana University

By Day: Project Manager at Indiana University Communications

SoFi Member Since: 2015

Approximate SoFi Loan: $54,000, Combined Personal and Student Loan Refi

SoFi Savings: ~$500/month

Deanna Krinn is the first in her family to put herself through college, which she knew would be challenging when relying solely on scholarships and loans.

As a result of having to move to attend college, Deanna maxed out her first credit card, charging $2,000 on it in just a few months after arriving at Indiana University. Despite working three jobs to cover her expenses while in school, her total credit card debt grew to over $16,000, and she was forced to take out a personal loan to keep up with payments.

You’ve worked hard and have made strides in your career. Despite racking up some debt, including perhaps student loans, you’re climbing and may be even seen as a mover and a shaker. And time will come —if it hasn’t already— when the coveted word “senior” or “partner” will be added to your title and bring with it a sweet raise. Before you know it—boom!— you’ll be in the money.