SAN FRANCISCO, CA – October 5, 2020 – SoFi announced today a strategic marketing alliance with T. Rowe Price Retirement Plan Services to offer a comprehensive suite of financial wellness resources, including educational tools and content, to T. Rowe Price plan participants. Plan Sponsors will have the option to include additional SoFi offerings like employer contribution services, student loan refinancing, and payroll deduction to 529 College Savings plans. These optional benefit offerings will be made available through the SoFi at Work financial wellness platform.
Employee access to the comprehensive suite of financial wellness tools and educational content will be integrated into T. Rowe Price’s participant website, giving participants the ability to manage and plan for their student loan needs, while also saving for retirement. The website will provide connectivity to SoFi offerings selected by plan sponsors. For plan sponsors, helping employees manage their education costs can result in greater participation in the retirement benefit, prevent productivity loss, and can also help attract and retain talent. With the new optional solutions from SoFi at Work, including a centralized Dashboard that houses the debt navigation tool, as well as benefits including student loan employer contribution services and student loan refinancing, employees now have multiple options to help them better manage their financial needs and better manage their debt.
“We are pleased to work with T. Rowe Price to offer valuable financial wellness benefits as well as education and tools to help their participants better manage their student debt and get on track for achieving financial independence in the future,” said Anthony Noto, SoFi CEO. “Given the current macroeconomic environment, employee circumstances are continually changing and more employees are seeking broad guidance on how to manage debt, build their savings, and ultimately improve their financial health. Together with T. Rowe Price, we are committed to providing the most meaningful ways to help employees address their toughest financial concerns head-on.”
“Our focus, as we continue to enhance our financial wellness offering, is to find solutions that help participants successfully manage all of their competing financial needs–like budgeting, paying down debt and loans, and saving for health care expenses,” said Kevin Collins, head of T. Rowe Price Retirement Plan Services, Inc. “Student loan debt can have a significant effect on an individual’s financial situation and we recognize that many individuals may need help finding the balance between managing or planning for education costs while also saving for retirement; our strategic alliance with SoFi will help individuals navigate this successfully.”
To learn more about SoFi at Work offerings, please visit sofi.com/sofi-at-work/.
SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi 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.
About T. Rowe Price
Founded in 1937, T. Rowe Price (NASDAQ-GS: TROW) is an independent global asset management company with $1.34 trillion in assets under management as of August 31, 2020. The firm is focused on delivering investment excellence and retirement services for institutional, intermediary, and individual investors. Our strategic investing approach, driven by independent thinking and guided by rigorous research, helps clients feel confident in pursuing financial goals. troweprice.com, Twitter, YouTube, LinkedIn, Instagram, or Facebook.
T. Rowe Price
SoFi at Work is offered by SoFi Lending Corp., licensed by the Department of Business Oversight under the California Financing Law, license #6054612; NMLS #1121636 (www.nmlsconsumeraccess.org). The Student Debt Navigator tool and 529 Savings and Selection tool are provided by SoFi Wealth, LLC, an SEC Registered Investment Advisor. For additional product-specific legal and licensing information, see SoFi.com/legal