Fintech unicorn SoFi announced on Thursday the addition of 529 contributions to their SoFi at Work program. According to SoFi, the 529 contributions are inclusive of automated payroll deduction and employer contribution capabilities, as well as a forthcoming selection tool that will provide employees with 529 college savings plans that best fit their individual financial situation.
“With the forthcoming 529 selection tool, employees will be able to input basic information about their expected college costs and household financial status and then receive a personalized recommendation for two college savings plans. Employees will also be able to link their existing 529 plans with SoFi’s portal and make contributions from their paychecks via payroll integration with their employer’s payroll provider. Employers can elect to make monthly contributions toward their employees 529 plans as well as their student loans.”
While sharing more details about the contributions, Anthony Noto, CEO at SoFi, stated:
“To date, SoFi has helped over 250,000 members refinance $18 billion in student loans, continuing our commitment to easing the student loan burden. More than ever, employees are looking to their employers for financial wellness benefits and guidance. The addition of 529 capabilities to the SoFi at Work program is essential in offering the best in class tools for employers to provide their employees with the resources to help them reach their personal financial goals.”
SoFi went on to explain that the SoFi at Work was created to facilitate financial wellness across a company’s entire workforce. The company added:
“Hundreds of companies and associations have partnered with SoFi to address their members’ and employee’s student debt. In addition to 529 contributions, employers can also elect to add student loan refinancing and student loan contributions to their benefits portal through the SoFi at Work program.”