Contribution timing and payment application can vary based on your employer’s benefit setup.
When will I see the first contribution to my student loan?
Your first contribution depends on when you enroll:
- If you enroll before the 10th of the month, your first contribution is generally sent the next month
- If you enroll on or after the 10th, your first contribution is generally sent after the following month
Please note: not all employers contribute monthly. Some contribute on a monthly, quarterly, or annual basis.
Did my student loan contribution payment get applied? Why hasn’t my contribution payment applied yet?
After a contribution is sent, it may take 7–10 business days for the loan servicer to apply it to your account.
If the contribution still has not been applied after that timeframe, contact your loan servicer first to confirm whether the payment has been posted.
Does the Student Loan contribution go toward my monthly student loan payments?
No. The contribution is applied to the loan balance, but you are still responsible for making your regular monthly payment.
Can I divide the contribution payment between my student loans?
No. SoFi cannot direct contribution payments to multiple loans or split a contribution across different loans.
If you want the payment handled a certain way, contact your loan servicer to ask whether they can apply the overpayment according to your instructions.
Can I apply the contribution to another type of loan I have, like a car loan or mortgage?
No. The contribution benefit only applies to eligible student loans.
Have more questions? Chat with us or call 855-456-7634 to speak with an agent.