- When will I see the first contribution?
If you have enrolled before the 10th of the month, you will receive the first contribution in the following billing period. However, if you enrolled after the 10th, you will not receive your first contribution until after the next billing period.
Is the contribution a taxable benefit?
Currently, yes. The contribution is treated as taxable income.
My student loan is from a college in a foreign country. Am I eligible?
No. Regrettably, the loan must be from a U.S. institution. That being said, you do not need to be a U.S. citizen to enroll in the Employer Contribution Program.
- My wife has a student loan - can she receive the contribution?
No. Only employees with an eligible student loan in their name are eligible to receive the benefit.
- I don't have a student loan - why don't I get a $200 a month benefit?
In order to be eligible for the Employer Contribution Program, the participating employee must have a qualified U.S. education loan. For more details regarding your eligibility, please contact your HR department.
- Did my payment get applied? / Why hasn’t my payment been applied yet?
Typically, it takes 7-10 days for the Servicer to apply the payment. Contact your servicer to make sure the payment has been applied.
- When will the payment be posted to my account?
Payment posting dates are dependent upon the schedule agreed upon by your employer. For more information on when your payment will be applied to your loan, please contact your HR department.
- What loans are eligible?
While most qualified U.S. education loans are eligible to receive the benefit, you may want to check with your employer’s HR department to ensure that your loan is eligible.
- I was eligible for the Employer Contribution Program, why am I not eligible to refinance my student loan(s)?
The eligibility criteria designated by your employer for the Employer Contribution Program differs slightly from SoFi’s Student Loan Refinancing eligibility criteria. For more information on SoFi’s Student Loan Refinance application eligibility, please visit https://www.sofi.com/eligibility-criteria/.
How long do I get the contribution?
Your employer will determine the duration of the benefit. You must be an employee of that company to receive the contribution.
- Can I divide the payment between loans?
The contribution is to be applied to one loan of your choosing. When that loan is paid off, you may apply the contribution to a different loan. To do this, just give us a call at (833) 277-7634 and we’ll gladly update your loan information.
- Does this go towards my monthly student loan payment?
No, the contribution will be applied toward the balance of the loan. You must still pay your loan's minimum payment each month. You should inform your servicer that you want the contribution applied to the principal of the loan, not interest as this will contribute to the timeliness in which your loan is paid off.
Can I apply the contribution to any other type of loan I have (car, mortgage)?
No, the benefit is for student loans only, but if you’re interested in saving more money, you might want to consider applying for a SoFi Mortgage Refinance or Personal Loan. I’m happy to assist you with either application process.
- Do I have to refinance with SoFi to get the benefit?
Though you are not required to refinance your loans with SoFi, doing so may help you pay off your student loan debt even faster. I’m happy to explore some potential savings strategies with you.
- Am I still eligible for a welcome bonus?
Yes, you are still eligible to receive a welcome bonus if you proceed to refinance your student loan(s).
- How do I change which loan the contribution is going towards?
You may upload a new statement or secure email me a current statement and I can upload it to your account. (Once the new statement is uploaded, submit a request using the Funding Request Form and select Employer Contribution.) NOTE: If the loan is paid off and the employee remains eligible for the benefit, they may add a new student loan to their contribution profile by contacting Customer Service.
- How do I get my enrollment link?
Your HR department will be able to send you the enrollment link. NOTE: If you have access to sofi.com/ecp, you can send them their link directly. If you do not have access to the ECP platform, please reach out to the ECP Support Room channel via Slack to obtain.