SoFi has added 529 contributions to its SoFi at Work program, including automated payroll deductions and employer contribution capabilities. SoFi is also planning to include an investment 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.
SoFi notes that the average cost of public, out-of-state universities is $26,290 and $35,830 for private universities, and that saving in a 529 college savings plan is an important step for parents.
“To date, SoFi has helped over 250,000 members refinance $18 billion in student loans, continuing our commitment to easing the student loan burden,” says Anthony Noto, CEO at SoFI. “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.”