SoFi Blog

Tips and news—
for your financial moves.

May
20
2021

Liz Looks at: Bubbles and Valuations

By | | Comments Off on Liz Looks at: Bubbles and Valuations

SoFi’s Head of Investment Strategy shares her economic & market insights to help empower readers to take a more active role in their financial futures.

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May
19
2021

SSRA

By | Uncategorized | Comments Off on SSRA


STUDENT LOAN VERIFICATION

Address the past and plan for the future—
at the
same time.

As long as your employees are making their student loan payments, you can contribute to their 401(k) or 403(b) retirement savings plans.


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Help them pay down debt and grow their retirement funds.

SoFi at Work Student Loan Verification is a win-win for your workforce. It enables employers to use allocated funds for defined contribution 401(k) or 403(b) plans to help employees reach their goals–all while they reap the tax advantage benefits.


Talk to us

Make employee
benefits part of your DE&I strategy.

If you’re not paying attention to the unique financial challenges of critical talent segments—including women, BIPOC, and LGBTQ+ individuals—you could even be contributing to greater inequality. The SECURE Act 2.0 has made it even easier for you to offer employees tax-advantaged routes to financial success.


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How SoFi at Work
can help you
help them.

SoFi at Work has the knowledge and expertise to help you manage your employee Student Loan Verification benefits.



  • Our cost-effective, turnkey platform makes program launch easy.



  • From planning through reporting, we’ve got you covered.



  • Just let us know who’s eligible for verification—we’ll take care of the rest.


Let’s talk


Stand out with
financial well-being benefits.

Every employee—and every company—has different needs. The SoFi at Work suite of benefits helps cover every major life stage and can be customized just for you and your employees. From managing student loan debt to planning for retirement, and everything in between, we have a solution and the team to help put your plan in place.


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FAQ


How does a Student Loan Verification for 401(k) or 403(b) Program work?
These programs enable employers to use funds that were allocated to their employees’ defined contribution 401(k) or 403(b) plans and benefit from the related tax advantages, and support their employees’ in achieving their short- and long-term financial goals. This approach is often called the ‘Abbott Model,’ after Abbott Laboratories pioneered the program. You can read more about their program here.


Does this replace our existing Sec. 127 Education Assistance Program?

Because the match contributions are going to retirement savings rather than paying down student loan debt, this benefit isn’t designed to replace other student loan repayment programs that your company offers or may be considering offering. Now may be a good time to look at your company’s overall strategy for helping employees pay off student debt to see where the 401(k) or 403(b) student loan match benefit might best fit.

Learn more about Sec. 127 program benefits here.



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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 696891. (www.nmlsconsumeraccess.org)

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