SoFi Launches Student Loan Debt Relief Program

The program follows provisions in the CARES Act that allow employers to pay up to $5,250 of employees’ student loans tax-free.

SoFi has released its SoFi CARES Program in an effort to help employers pay off employees’ student loans.

The program allows employers to make a one-time contribution of up to $5,250 toward an employees’ student loans with no cost or commitment. Program features include access to SoFi’s contribution platform and financial tool suite at no cost through the year, an employee engagement toolkit, co-branded collateral and platform analytics to track programs.

Provisions set forth in the Coronavirus Aid, Relief and Economic Security (CARES) Act allow employers to pay up to $5,250 of employees’ student loans tax-free until December 31, with 100% of the contribution going toward the debt amount.

The SoFi at Work team created the SoFi CARES Program to help employers facilitate CARES Act student loan contribution benefits in 2020. The program provides financial wellness benefits to employers and associations, including student loan contributions, 529 College Savings contributions and more, according to the SoFi team.  

More information on the program can be found here.