Here are a few additional rules that commonly come up with the Student Loan Contribution Program.
Is the student loan contribution a taxable benefit?
Under the current program guidance, companies may contribute up to $5,250 on a tax-free basis toward an employee’s student loan if the payments are made as part of an Educational Assistance Program.
Some limitations apply, and employees should check with their employer about the tax treatment of their benefit.
Please note: the current guidance says this tax-free treatment is set to expire on January 1, 2026.
Am I still eligible for a welcome bonus as a participant in the Student Loan Contribution Program?
Yes. If you choose to refinance your student loans, you may still be eligible for a welcome bonus.
What else should I know about the program?
Employees are responsible for:
- Making all regular scheduled monthly payments
- Any late payments, penalties, or fines on their loan
If your selected loan is paid in full, you will need to notify SoFi if you want the contribution redirected to a new eligible loan or discontinued altogether.
Have more questions? Chat with us or call 855-456-7634 to speak with an agent.