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Comments Off on SoFi at Work Launches Student Loan Verification Service To Help Employees Pay Off Student Debt While Also Saving for Retirement
On the Heels of Congress’ Decision to Pass SECURE 2.0, SoFi at Work launches new service to expand access to employer matching contributions by counting student loan payments as elective retirement contributions
SAN FRANCISCO – Today, SoFi at Work – the leading holistic, financial well-being, and education assistance benefits partner to more than 1,000 organizations – announced the launch of a new Student Loan Verification (SLV) service. SoFi, the digital personal finance company and all-in-one app, announces this new addition to its portfolio of employer financial well-being benefit solutions in response to Congress’ approval of the Securing a Strong Retirement Act (SECURE 2.0). SECURE 2.0 includes an important change to retirement law that allows employers to match employees’ student loan payments with contributions toward retirement plans as part of an existing benefits program. For organizations looking to make the most of this policy change, SLV simplifies the process of linking matching employer retirement contributions to employee student loan repayments.
SLV helps the workforce make the most of retirement plans through 401(k) or 403(b) contributions, while still paying down student loan debt. As the cost of education has skyrocketed, student loan debt has more than doubled over the last 20 years, its impact on retirement savings has grown, too. A 2019 study from MIT found 84 percent of adults who carry student loan debt say it has impacted the amount they’re able to save for retirement. When it came to those who hadn’t saved for retirement at all, more than one in four respondents said it was because they had to put their money toward paying off student loans.
”At SoFi, we’re dedicated to helping people get their money right, and SECURE 2.0 and the provision that makes it easier for companies to support all employees’ financial well-being is a great example of that,” said Barrett Scruggs, Vice President, Business Lead, SoFi at Work. “Our Student Loan Verification service makes it easy for companies to put this emerging, yet highly impactful benefit into action for a more inclusive future.”
SoFi at Work partners with leading financial groups and record keepers to administer Student Loan Verification. The service provides a low-cost way to verify eligible student loan payments and deliver contributions for retirement matching – all employers need to do is determine employee eligibility based on student loan debt balances. From there, SoFi at Work handles the rest, including plan design, data security, and reporting.
SLV is part of a holistic financial well-being platform from SoFi at Work. The SoFi at Work Dashboard includes a variety of tools for employees including a debt navigator, refinancing options, financial education resources, and more. This comprehensive solution allows employers to meet the evolving needs of their diverse workforce.
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Please review the Customer Relationship Summary (Form CRS) which contains important information about the product, services, fees, and conflicts of interests of SoFi Securities LLC.
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Goddard College is a liberal arts college with campuses in Vermont and Washington that’s known for allowing students to design their studies around their interests with a high degree of independent learning.
Goddard tuition at the Vermont campus, which is $18,212 a year, is less than half the national average for four-year private colleges of $39,400. Many Goddard students receive financial aid to help cover the cost of tuition.
Costs for 2022-2023
Campus Location
Plainfield, Vermont
Seattle, Washington
Tuition & Fees
$18,212
$18,950
Books & Supplies
$1,200
$1,200
Room & Board
$1,856
$2,668
Other Expenses
$634
$634
Total Cost of Attendance
$21,902
$21,902
Financial Aid
Around 67 percent of undergraduate students at Goddard College receive financial aid, including grants, scholarships, or loads. More than one third of Goddard undergrads receive Federal Pell Grants or Student Educational Opportunity Grants to help cover Goddard school tuition.
Generally, financial aid is monetary assistance awarded to students based on personal need and merit. Students that qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.
The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:
• Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, and financial need.
• Grants: Generally based on financial need, these can come from federal, state, private, and non-profit organizations.
• Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.
• Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.
Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state and federal and school deadlines may differ.
You can find other financial aid opportunities on databases such as:
Approximately 67% of undergraduates at Goddard College get federal student loans. The average loan amount is $7,237. Some students may choose to take out private student loans to cover the cost of Goddard tuition.
Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-affiliated organizations. While Federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.
What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.
Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for as it generally may have better rates and terms.
If you’ve missed the FAFSA deadline or you’re struggling to pay for school throughout the year, private loans can potentially help you make your payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
For a four-year degree, including books, Goddard school tuition, and all other expenses would be between $87,608 and $93,808, based on the 2022-2023 academic year and depending on which campus students attend. Meanwhile, the average total cost of private colleges was $57,570 annually for 2022-23, or $230,280 for four years, according to CollegeData.com.
The cost of Goddard school tuition and fees for undergraduates differs based on where students complete their studies. Students spent between $18,212 and $18,950 for Goddard school tuition and fees in the 2022-2023 school year.
Additionally, costs for room and board totaled $1,856 at the Plainfield, Vermont campus and $1,930 at the Seattle, Washington campus, bringing the total cost of attendance to $20,068 and $20,880, respectively.
This is notably less than the average cost for private schools in the U.S. of $53,430.
Graduate Tuition and Fees
Costs for 2022-23
Campus
Plainfield, VT
Seattle, WA
Tuition
$22,246
$22,246
Fees
–
$738
Total Cost of Attendance
$22,246
$22,948
Goddard graduate students spent $22,246 on tuition in the 2022-2023 academic year. Additional fees of $738 apply for students completing their studies in Washington, bringing the total cost of attendance to $22,948. Students completing their studies virtually pay $530 in fees for the academic year.
This is slightly higher than the average graduate tuition and fees at private schools of $19,616. Students can look into graduate loans that can help with these costs.
Cost per Credit Hour
Goddard students who are enrolled full-time pay the full Goddard school tuition, while part-time students pay per credit hour. The cost per credit hour is $738. For example, a student taking six credit hours in a semester would pay $4,428. Meanwhile, a nine-credit course load would equal $6,642 in Goddard tuition.
Campus Housing Expenses
Costs for 2022-23
Student Type
In-State
Out-State
Books & Supplies
$1,200
$1,200
Room & Board
$1,856
$2,668
Other Expenses
$634
$634
Besides Goddard tuition, room and board is another expense to consider.
On the Plainfield, Vermont campus, dorms serve as hubs for community learning and interaction. The Seattle, Washington campus does not provide student housing on campus.
Students may choose to stay off campus after their first semester. Goddard College’s low-residency model means that students, many of whom work while attending college, primarily live off campus for the duration of their studies.
Goddard College Acceptance Rate
Fall 2021
Number of Applications
Number Accepted
Percentage Accepted
31
26
84%
Admission Requirements
There are certain requirements students must meet to be admitted to Goddard College. Students need to submit a personalized essay and transcripts from their high school and any college previously attended. Other application steps, such as interviews and Praxi, may be required, depending on the program at Goddard College a student is applying to. Letters of recommendation and scores for standardized tests like the SAT and ACT are not mandatory.
Required:
• Secondary school transcripts
• Personalized essay
• Interview (Individualized Studies, Bachelor of Fine Arts, Health arts and Sciences or Sustainability)
• Praxis Core test results (BA in Education with Teacher Licensure)
Recommended:
• Letters of Recommendation
• AP, IB, GED College Ready + Credit, and CLEP scores
Goddard College accepts students on a rolling basis. Though prospective students will receive a response within two weeks, applicants are encouraged to apply well in advance of the start of the semester, if possible. For the 2023-2024 academic year, the fall semester starts on September 15th for undergraduate students.
SAT and ACT Scores
Goddard College does not consider applicants’ SAT and ACT scores as part of the admissions process. However, prospective students may choose to submit their scores with their applications.
Popular Majors at Goddard College
As a small liberal arts college, Goddard College offers seven majors for undergraduate students. Here’s a list of the degree programs offered.
1. Creative Writing
The Bachelor of Fine Arts in Creative Writing program includes coursework in poetry, fiction, playwriting, and other genres. The program is focused on student-centered learning and includes a creative thesis as part of its course requirements.
2. Education
The Bachelors of Arts in Education program provides aspiring educators a strong foundation in teaching and curriculum development. Students produce a culminating project their senior year in an area of education based on their interests.
3. Health Arts and Sciences
This interdisciplinary degree program aims to develop students’ knowledge in the growing field of integrative health and wellness. Those taking this program will participate in a mix of experiential learning, rigorous coursework, and creative projects that’s catered to their interests, goals, and learning styles.
4. Individualized Studies
Goddard College’s Individualized Bachelor of Arts is geared towards creative students interested in the liberal arts. They’ll work collaboratively with faculty to identify focus areas for their studies and design a holistic, multidisciplinary approach to their learning.
5. Psychology
Students majoring in psychology complete coursework, a capstone project, senior study, and hands-on learning through a practicum. This program has a fast track option that allows those pursuing their degree to take graduate-level courses during their final semester to graduate and complete the Master of Arts in Psychology program in just three semesters.
6. Socially Engaged Art
Through Goddard’s Bachelor of Fine Arts in Socially Engaged Art, students apply studies in performing arts, visual arts, craft practices, and narrative media to develop collaborative projects around real issues. They are encouraged to experiment with different mediums during their studies.
7. Sustainability
Majoring in sustainability at Goddard is ideal for students interested in the intersection of people and the planet. They can take multi-disciplinary coursework in a variety of environmental subjects, such as permaculture and climate justice.
Graduation Rate
Goddard College has a graduation rate of 58% for undergraduate students.
Post-Graduation Median Earnings
How much you can expect to earn after graduation is an important consideration. The median earnings for Goddard graduates is $40,421 according to the U.S.Department of Education’s College Scorecard. This is lower than the average for four-year schools, which is $47,922.
Bottom Line
With a total cost of attendance of up to $23,452, Goddard school’s tuition and fees are less than the national average. However, students will encounter differing living costs depending on which campus they choose. Goddard College could be a good fit for students who want to personalize their studies to their interests and learning style. Approximately two-thirds of Goddard College students receive financial aid, making the cost of their education more accessible and affordable.
SoFi private student loans offer competitive interest rates for qualifying borrowers, flexible repayment plans, and no origination fees.
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