- SoFi’s SoFi at Work is launching a Student Loan Verification service this week that will help employers match their workforce’s student loan repayments with retirement contributions.
- The tool comes in response to Congress’ SECURE 2.0 Act that allows employers to match their employees’ student loan repayments with retirement contributions.
- In addition to Student Loan Verification, SoFi at Work also helps employers offer student loan refinancing, repayment options, a debt navigator tool, financial education resources, and more.
SoFi’s SoFi at Work program is launching a new Student Loan Verification (SLV) service this week. The new tool will help companies match their employee’s student loan repayments with retirement contributions.
SLV will be added to SoFi at Work’s portfolio of employer financial wellness benefit solutions. The launch comes in response to Congress’ Securing a Strong Retirement Act (SECURE 2.0), which allows employers to match their employees’ student loan payments with contributions toward retirement plans.
“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 SoFi at Work Vice President, Business Lead Barrett Scruggs. “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.”
According to a 2019 study from MIT, 84% of adults with student loan debt say it has impacted the amount they’re able to save for retirement. With SLV and SECURE 2.0, companies can enable their workers to contribute to their 401(k) or 403(b) plan while paying down their student debt.
Launched in 2016, SoFi at Work aims to help employers offer their workforce student loan refinancing, repayment options, a debt navigator tool, financial education resources, and more. Seven out of 10 Fortune 500 tech firms currently offer the perk to their employees.