Jan
12
2022
Though Retailers Have Been Riding High, Stimulus Money Is Drying Up
Analysts warn retailers are facing a difficult start to 2022 as expanded child tax credits have expired, sapping tax-refund season.
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SoFi Blog
Tips and news—
for your financial moves.
Jan
12
2022
Fed Chair Powell Addresses Inflation at Senate Confirmation Hearing
At his Senate reconfirmation hearing, Fed chair Jerome Powell said easy-money policy is no longer appropriate amid rising inflation.
Read moreJan
11
2022
Real Estate Investors Shunning Office Space in Favor of Data Centers
Real estate investors are increasingly flooding cash into data centers to hedge against remote work, but oversupply is a concern.
Read moreJan
10
2022
The Week Ahead on Wall Street
Inflation data will be front and center this week with consumer and producer reports due on Wednesday and Thursday, respectively.
Read moreJan
08
2022
SoFi At Work Holistic Education
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TUITION REIMBURSEMENT
Offering education assistance programs has never been easier.
SoFi at Work’s education assistance program (EAP) platform is a one-stop shop for streamlining beneficial contribution programs including tuition reimbursement, tuition assistance, and student loan repayment, as well as financial well-being educational resources.
Download overview
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Looking for your SoFi at Work
benefits or discounts?
Visit your employer’s or association’s
SoFi at Work Portal.
Get help
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Looking for your SoFi at Work
benefits or discounts?
Visit your employer’s or association’s
SoFi at Work Portal.
Get help
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How SoFi at Work can help you reduce employee stress.
We can help empower your employees’ financial lives—from past debts, current expenses, and future costs. Here’s how.
Student loan repayment
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You can help alleviate employees’ student loan debt burden by contributing payments to their outstanding loans.
The SoFi at Work 529 Saving and Selection Tool
Employees can use our 529 Savings and Selection Tool to choose a tax-advantaged college savings plan. Contributions to a 529 plan involve investment risks.
Tuition reimbursement
Your employees can pick eligible educational coursework and submit it for full or partial reimbursement from your company.
Exclusive perks
Through SoFi at Work, employees can enjoy rate discounts on student refi and other loans, cash bonuses, and much more.
Tuition assistance
Help offset the stress of the cost of tuition by paying a portion of employees’ educational costs up front.
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SoFi at Work makes it easy:
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End-to-end assistance and process management.
We’ll take care of everything including program applications, approvals, loan syncing and monitoring, and payment implementation.
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Seamless plan design and administration.
With SoFi’s flexible and easy admin experience, customized marketing, and ongoing support, you can be confident that you’ll deliver best-in-class education assistance benefits for your employees.
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A totally holistic approach.
Our unique platform provides a past, present, and future solution. You can help with employees’ student debt and tuition expenses, as well as invest in their or their families’ future education—all at a low cost.
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How to attract and retain great employees.
Everything you need to know about our seamless education assistance program platform is in this guide. Bottom line: It’s a low-cost solution for you that’s full of high-priority benefits for them.
Download guide
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More education benefits resources.
Here are a few additional resources about how employers are supporting employees, from student loan repayment to continuing education.
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Let’s work together.
Want to learn more about SoFi at Work? Let’s talk.
We’re committed to your privacy. By providing this information, you accept SoFi’s Privacy Policy. SoFi will use this information to contact you about the SoFi at Work Program and relevant content, products, and services. You may unsubscribe from these communications at any time.
Stand out with financial well-being benefits.
No two employees’—or companies’—needs are the same. The SoFi at Work suite of benefits helps cover every major life stage and can be customized to match your employees’ needs. From getting student loan debt under control, to planning for retirement, to saving for the unexpected, where there’s a plan, we have a solution—and the team to put it in place.
Learn more
FAQs
The new legislation modified educational assistance to include student loan payments by employers. Employers can now include loan payments along with other educational assistance that is subject to the $5,250 exclusion from employee’s income. Employers can deduct this amount, just like they were allowed to before—the only change is that loan payments can now be included. Tuition assistance and student loan payments should now be combined for purposes of calculating the $5,250 limit resulting in taxable income to the employee, the employer can deduct both the $5,250 excluded from wages and any excess that is included in wages.
No, not in addition. Employers can offer as much “educational assistance” as they wish, but only up to $5,250 per year can be excluded from an employee’s taxable income. This $5,250 total includes student loan contributions and traditional tuition assistance.
The Consolidated Appropriations Act, 2021 extended the CARES treatment of payments of student loan principal and interest by an employer to either an employee or a lender is not taxable to the employee if paid through December 31, 2025. The maximum tax-free amount is $5,250 per employee [maximum total allowed under Sec. 127] per year.
See all FAQs
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