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SoFi’s SoFi at Work is launching a Scholar Mortgage Verification service this week that can assist employers match their workforce’s pupil mortgage repayments with retirement contributions.
The software is available in response to Congress’ SECURE 2.0 Act that enables employers to match their staff’ pupil mortgage repayments with retirement contributions.
Along with Scholar Mortgage Verification, SoFi at Work additionally helps employers provide pupil mortgage refinancing, reimbursement choices, a debt navigator software, monetary schooling assets, and extra.
SoFi’s SoFi at Work program is launching a brand new Scholar Mortgage Verification (SLV) service this week. The brand new software will assist firms match their worker’s pupil mortgage repayments with retirement contributions.
SLV shall be added to SoFi at Work’s portfolio of employer monetary wellness profit options. The launch is available in response to Congress’ Securing a Sturdy Retirement Act (SECURE 2.0), which permits employers to match their staff’ pupil mortgage funds with contributions towards retirement plans.
“At SoFi, we’re devoted to serving to folks get their cash proper, and SECURE 2.0 and the supply that makes it simpler for firms to help all staff’ monetary well-being is a good instance of that,” stated SoFi at Work Vice President, Enterprise Lead Barrett Scruggs. “Our Scholar Mortgage Verification service makes it straightforward for firms to place this rising, but extremely impactful profit into motion for a extra inclusive future.”
Based on a 2019 examine from MIT, 84% of adults with pupil mortgage debt say it has impacted the quantity they’re capable of save for retirement. With SLV and SECURE 2.0, firms can allow their employees to contribute to their 401(ok) or 403(b) plan whereas paying down their pupil debt.
Launched in 2016, SoFi at Work goals to assist employers provide their workforce pupil mortgage refinancing, reimbursement choices, a debt navigator software, monetary schooling assets, and extra. Seven out of 10 Fortune 500 tech companies presently provide the perk to their staff.
Photograph by RDNE Inventory challenge
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