STUDENT LOAN VERIFICATION

Address the past and plan for the future—
at the
same time.

As long as your employees are making their student loan payments, you can contribute to their 401(k) or 403(b) retirement savings plans.

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Help them pay down debt and grow their retirement funds.

SoFi at Work Student Loan Verification is a win-win for your workforce. It enables employers to use allocated funds for defined contribution 401(k) or 403(b) plans to help employees reach their goals–all while they reap the tax advantage benefits.

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Make employee
benefits
part of your DE&I strategy.

If you’re not paying attention to the unique financial challenges of critical talent segments—including women, BIPOC, and LGBTQ+ individuals—you could even be contributing to greater inequality. The SECURE Act 2.0 has made it even easier for you to offer employees tax-advantaged routes to financial success.

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How SoFi at Work
can help you
help them.

SoFi at Work has the knowledge and expertise to help you manage your employee Student Loan Verification benefits.

  • Our cost-effective, turnkey platform makes program launch easy.

  • From planning through reporting, we’ve got you covered.

  • Just let us know who’s eligible for verification—we’ll take care of the rest.

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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 help put your plan in place.

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FAQ

These programs enable employers to use funds that were allocated to their employees' defined contribution 401(k) or 403(b) plans and benefit from the related tax advantages, and support their employees' in achieving their short- and long-term financial goals. This approach is often called the ‘Abbott Model,’ after Abbott Laboratories pioneered the program. You can read more about their program here.

Because the match contributions are going to retirement savings rather than paying down student loan debt, this benefit isn’t designed to replace other student loan repayment programs that your company offers or may be considering offering. Now may be a good time to look at your company’s overall strategy for helping employees pay off student debt to see where the 401(k) or 403(b) student loan match benefit might best fit.

Learn more about Sec. 127 program benefits here.

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