Business
SoFi at Work Launches Student Loan Verification Service To Help Employees Pay Off Student Debt While Also Saving for Retirement
On the Heels of Congress’ Decision to Pass SECURE 2.0, SoFi at Work launches new service to expand access to employer matching contributions by counting
About this update from Sofi Technologies, Inc.
[{"type":"text","content":"\nOn the Heels of Congress’ Decision to Pass SECURE 2.0, SoFi at Work launches new service to expand access to employer matching contributions by counting student loan payments as elective retirement contributions\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nToday, SoFi at Work – the leading holistic, financial well-being, and education assistance benefits partner to more than 1,000 organizations – announced the launch of a new Student Loan Verification (SLV) service. SoFi, the digital personal finance company and all-in-one app, announces this new addition to its portfolio of employer financial well-being benefit solutions in response to Congress' approval of the Securing a Strong Retirement Act (SECURE 2.0). SECURE 2.0 includes an important change to retirement law that allows employers to match employees’ student loan payments with contributions toward retirement plans as part of an existing benefits program. For organizations looking to make the most of this policy change, SLV simplifies the process of linking matching employer retirement contributions to employee student loan repayments.\n\n\nSLV helps the workforce make the most of retirement plans through 401(k) or 403(b) contributions, while still paying down student loan debt. As the cost of education has skyrocketed, student loan debt has more than doubled over the last 20 years, its impact on retirement savings has grown, too. A 2019 study from MIT found 84 percent of adults who carry student loan debt say it has impacted the amount they’re able to save for retirement. When it came to those who hadn’t saved for retirement at all, more than one in four respondents said it was because they had to put their money toward paying off student loans.\n\n\n”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 Barrett Scruggs, Vice President, Business Lead, SoFi at Work. “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.”\n\n\nSoFi at Work partners with leading financial groups and record keepers to administer Student Loan Verification. The service provides a low-cost way to verify eligible student loan payments and d...