Nov
04
2022
October 2022 Market Lookback
In another rollercoaster month for markets, stock indices hit new lows before roaring higher. Read on for deeper insight into what happened in October.
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SoFi Blog
Tips and news—
for your financial moves.
Nov
02
2022
Liz Looks at: The Fed’s November Statement
The rally we’ve seen since early October is under threat as markets come to grip with the fact that this remains a decidedly hawkish Fed.
Read moreOct
27
2022
Liz Looks at: Recession Performance
SoFi’s Head of Investment Strategy looks at ways you can position your portfolio for the different market phases we may go through if recession strikes.
Read moreOct
18
2022
Healthcare Employers Focus on Burnout, Money Stress & More
Learn what healthcare employers are doing to attract and retain top talent. tackle burnout, and build a resilient workforce post-pandemic.
Read moreOct
17
2022
Sam-Veterans-Refresh
Empower veteran employees with custom financial well-being programs.
Veterans’ financial needs can be unique. We’ve designed a helpful guide that addresses those needs so you can tailor a financial well-being program that supports them.
Download guide
What you need to know:
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Filling in the education cost gap.
Education costs have outpaced the support of programs like the GI Bill and the SCRA Interest Cap, resulting in the need for student loans.
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Veteran borrowers have options.
Refinancing loans that don’t qualify for federal loan benefits can help veteran borrowers get ahead of their debt while interest rates are low.
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Attract and retain veteran talent.
When organizations design a well-thought-out veteran EVP, it leads to better talent and business outcomes.
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SoFi at Work can help.
Our contribution platform provides a low-cost way to deliver funds toward your employees’ student debt, plus other financial well-being benefits.
How SoFi at Work can help.
SoFi at Work can help empower your veteran employees to take control of their financial lives. Here’s how:
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SoFi Student Loan
Refinancing† benefitsEmployees can refi their federal student loans with SoFi to lock in a lower rate that could save them thousands.
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Student loan support
Financial planners and a dedicated student loan support team are available to help employees.
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Resources and tools
Employees can access timely information, in-depth guides, and interactive tools to help them take control of their debt.
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Exclusive perks
Empower your employees with rate discounts on loans, cash bonuses, and more.
See benefits
Learn more about veteran financial well-being.
Here are some resources that address veteran financial well-being and what it means for you and your employees.
Let’s work together.
Want to learn more about SoFi at Work? Let’s talk!
Let’s work together.
Want to learn more about SoFi at Work? 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 put your plan in place.
Learn more
FAQs
Recent 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. If assistance exceeds the 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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