Jun
09
2023
How Do Writers Pay Bills While on Strike?
Hollywood’s writers are finding creative ways to keep money coming in despite the ongoing strike.
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SoFi Blog
Tips and news—
for your financial moves.
Jun
09
2023
Up and to the Right: SoFi Checking and Savings Raises Savings APY up to 4.30% for Members With Direct Deposit
SoFi Checking and Savings increases APY to 4.30% for direct deposit members, 11x the national average on savings accounts rates.
Read moreJun
08
2023
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.
To learn more about this new offering, visit www.sofi.com/sofi-at-work-slv/.
About SoFi
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its more than 5.7 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like career advisors, Credentialed Financial Planners (CFP®), exclusive experiences and events, and a thriving community – on their path to financial independence.
SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the Federal Reserve, OCC, and FDIC. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.
Disclosures
Products available from SoFi on the Dashboard may vary depending on your employer preferences.
Advisory tools and services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. 234 1st Street San Francisco, CA 94105.
SoFi Student Loan Refinance Loans, Personal Loans, Private Student Loans, and Mortgage Loans are originated through SoFi Bank, N.A., NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org). The Student Debt Navigator Tool and 529 Savings and Selection Tool are provided by SoFi Wealth LLC, an SEC-registered investment adviser. Foradditional product-specific legal and licensing information, see SoFi.com/legal. 2750 E. Cottonwood Parkway #300 Cottonwood Heights, UT 84121. ©2023 Social Finance, LLC All rights reserved. Information as of June 2023 and is subject to change. RO 2933354
Jun
07
2023
SoFi Invest SEM
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All-in-one investing
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Trade stocks and ETFs, invest in IPOs at IPO prices, or try automated investing. Plus, you’ll get up to $1,000 in stock when you fund a new account.†
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Automated Investing and advisory services are provided by SoFi Wealth LLC. Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA/SIPC.
†Customer must fund their Active Invest account with at least $10 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.
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Now with IPOs.*
Invest in IPOs before public trading begins, trade stocks, and ETFs or start automated investing.
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Download the app and get up to
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Save for retirement with our active or automated Traditional, Roth, and SEP IRAs. Get access to a broad range of investment options, member services, and our robust suite of planning and investment tools.
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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.
You may also learn more about SoFi Securities LLC and its Representatives on FINRA’s BrokerCheck.
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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.
You may also learn more about SoFi Securities LLC and its Representatives on FINRA’s BrokerCheck.
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FAQs
Many brokerages charge trading fees to use their platforms. SoFi Invest offers online stock trading with no commissions so you can trade what you want, when you want—all from the SoFi App.
Go to SoFi Invest Home in the mobile app, tap Get Started, select Start Investing under active investing account. There you’ll find step-by-step instructions on how to get started. Or if you prefer desktop, head here.
Yes! You can purchase fractional shares for some stocks. We maintain a list of securities available for fractional trading in our fractional shares collection. All of these securities will appear on our “Fractional Collection” page within the Discovery section of the app. Trading restrictions may apply.
Yes—SoFi Active Investing allows users to buy and sell stocks and ETFs of their own choosing! For a more hands off investing approach, you can also select SoFi Automated Investing.
Nope—with SoFi you can get started investing with as little as $5.
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Fixed rates from 8.74% APR to 35.49% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 12/15/25 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-6%, which will be deducted from any loan proceeds you receive.
PERSONAL LOAN INTEREST RATES AND FEES | ELIGIBILITY AND IMPORTANT DETAILS. Annual percentage rates (APRs) shown include the 0.25% autopay discount. If approved for a loan, the rates and terms offered will depend on things like creditworthiness, the length of the loan, and other factors, and will fall within the range of rates available by applicable loan term; check out our full APR examples and terms. Remember, not all applicants will qualify for the lowest rate. Want to learn more? See our eligibility criteria at SoFi.com/eligibility-criteria. SoFi reserves the right to change interest rates at any time without notice, changes would only apply to applications begun after the effective date of the change. Fixed Rates: Fixed rates range from % APR to % APR (with autopay). The SoFi 0.25% autopay interest rate reduction requires you to agree to make your scheduled monthly payments by an automatic monthly deduction (ACH) from a savings or checking account. Enrolling in autopay is not required to receive a loan from SoFi. Loan Terms: SoFi Personal Loans offer loans with a period of repayment between 2 and 7-year terms. Loan Fees: SoFi personal loans have no fees; specifically, no origination fees, no late fees, no prepayment penalties.
PERSONAL LOAN | REPAYMENT EXAMPLE. The following example depicts the APR, monthly payment and total payments during the life of a $30,000 personal loan with a 2-year repayment term, a 0.25% autopay discount, and a fixed rate between 8.74% APR to 35.49% APR. It works out to 24 monthly payments ranging from $1,356.68–$1,529.07 for a total amount of payments ranging from $32,560.37–$36,697.76. This repayment example assumes that the borrower is signed up for autopay and that all payments are made on time, with no pre-payments. Actual rates may vary based on repayment term, loan amount, creditworthiness, and other terms and conditions. SoFi does not offer variable rate personal loans. State restrictions may apply.
Jun
01
2023
Liz Looks at: The International Landscape
SoFi’s head of investment strategy casts an eye abroad to gauge whether markets outside the U.S. might offer investors new opportunities.
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