You can be a champion for your debt-stressed employees.

Over 43 million Americans are saddled with student loan debt. Surprisingly, employees with the heaviest student debt are 64% more likely to be looking to leave their current employer.1 How can you be the company they stay with? We have some good news—we’re great at helping employees overcome debt stress and find greater financial freedom.

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1Hayes, Mary, Ph.D., “Employers and student debt.” ADP Research Institute, 14 November 2023,
https://www.adpri.org/employers-and-student-debt/

Looking for your SoFi at Work
benefits or discounts?

Visit your employer’s or association’s
SoFi at Work Portal.

Get help

Or call us at 833-277-7634.

Looking for your SoFi at Work
benefits or discounts?

Visit your employer’s or association’s
SoFi at Work Portal.

Get help

Or call us at 833-277-7634.

You can help pay your employees’ student debt.

In a recent survey, 86% of employees said they’re stressed about their finances, while a third of them don’t recall their employer even mentioning financial well-being as a priority.1 You can be one of the stand-out companies that makes a positive difference in their lives. By doing this, you can become a company that employees not only flock to—but also stay with.

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Here’s how it works.

You can provide up to $5,250 in double tax-exempt student loan contributions every year through 2025.‡ And double-tax exempt means that neither you nor the employee has to pay tax on these contributions.

Here’s how it works.

You can provide up to $5,250 in double tax-exempt student loan contributions every year through 2025.‡ And double-tax exempt means that neither you nor the employee has to pay tax on these contributions.

  • Easy program launch

    We’ve made it super easy for you to implement—from plan design to reporting, we’ve got you covered.

  • Turnkey Setup

    Just let us know who’s eligible, your contribution amount, and frequency. SoFi at Work will take care of the rest.

  • Low cost

    Our contribution platform is a seamless and affordable solution so you can deliver student loan funds to your employees.

  • The SoFi at Work Portal

    Employees can access valuable resources and tools to help them achieve their financial ambitions.

1“The Future of Workplace Financial Well-being: 2024 Employer and Employee Perspectives.” SoFi at Work, 2024, https://www2.sofiatwork.com/2024FutureofWorkplaceFinancialWellbeing/

How SoFi at Work can help.

We can help empower your employees’ financial lives—past, present, and future. Here’s how.

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Student loan repayment

Employees can enroll in your organization’s repayment program, whether the loan is with SoFi or another provider.

Tuition reimbursement

Your employees can access relevant plan documents and initiate education expense approval processes.

529 college savings

Employees can use our 529 Savings and Selection Tool to choose a tax-advantaged college savings plan. Contributions to a 529 plan involve investment risk.

Student loan verification

If employees are paying their loans, you can use allocated funds for defined contribution plans to help them save for retirement.

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Design a program that works for your business. 

We’ll help you with all the customization you desire. Determine employee eligibility and offer student loan contributions to your entire workforce or a specific group. Decide the amount you want to give—from $25 to $250,000+ and everywhere in between. Your contribution schedule is flexible, too—you can make it monthly, quarterly, or annually—and it can be a constant amount or tiered based on tenure.

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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. 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.

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Discover how SoFi at Work can help support you and your employees.

Discover how SoFi at Work can help support you and your employees.

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.

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