Eligibility depends on both your employer’s benefit rules and whether your loan meets SoFi’s program requirements.
What loans are eligible for the Student Loan Contribution Program?
Eligible loans include:
- Private student loans
- Federal student loans
- Federal Parent PLUS loans obtained for graduates of Title IV eligible colleges and universities
All Department of Education loans are considered qualified education loans regardless of disbursement or graduation date.
The loan must also be:
- In the employee’s name
- Current at the time of enrollment
What loans are not eligible?
Examples of ineligible loans include:
- Loans for non-Title IV schools
- Loans not in the member’s name
- Employer-paid loans
- Career training, boot camp, or certification loans
Please note: cosigned loans are not eligible for this benefit.
My student loan is from a college in a foreign country. Am I eligible for the Student Loan Contribution Program?
No. The loan must be from a U.S. institution with Title IV status to be eligible.
Can my spouse receive the student loan contribution?
No. Only employees with an eligible student loan in their own name are eligible for the benefit.
I don’t have a student loan. Can I still receive the contribution in cash?
No. This benefit is for eligible student loans only.
Do I have to refinance with SoFi to get the contribution benefit?
No. You do not need to refinance with SoFi to receive the contribution benefit.
I was eligible for the Student Loan Contribution Program. Why am I not eligible to refinance my student loan(s)?
Your employer’s eligibility requirements for the Student Loan Contribution Program are different from SoFi’s eligibility requirements for Student Loan Refinance.
Have more questions? Chat with us or call 855-456-7634 to speak with an agent.