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Student Loan Contribution Program

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  • I received an email to reverify my loan for my Student Loan Employer Contribution Program, how do I do that?
  • How do I suspend the student loan contribution?
  • How do I sign up for the Student Loan Contribution Program?
  • How do I update my contribution loans?
  • What is the Student Loan Contribution Program?
  • When will I see the first contribution to my student loan?
  • Is the student loan contribution a taxable benefit?
  • My student loan is from a college in a foreign country. Am I eligible for the Student Loan Contribution program?
  • Can my spouse receive the student loan contribution?
  • I don't have a student loan, can I still receive the contribution in cash?
  • Did my student loan contribution payment get applied? / Why hasn't my contribution payment applied yet?
  • What loans are eligible for the Student Loan Contribution Program?
  • I was eligible for the Student Loan Contribution Program, why am I not eligible to refinance my student loan(s)?
  • How long do I get the student loan contribution?
  • Can I divide the contribution payment between my student loans?
  • Does the Student Loan contribution go towards my monthly student loan payments?
  • Can I apply the contribution to any other type of loan I have (car, mortgage) ?
  • Do I have to refinance with SoFi to get the contribution benefit?
  • Am I still eligible for a welcome bonus as a participant in the Student Loan Contribution Program?
  • How do I change which student loan the contribution is going towards?
  • How do I get my enrollment link for the Student Loan Contribution Program?

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Cottonwood Heights, Utah 84121

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Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility. See additional details at https://www.sofi.com/legal/banking-rate-sheet.

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