A collaboration between SoFi and T. Rowe Price provides comprehensive support to help employees balance student debt and future education costs while saving for retirement.
We have integrated SoFi student loan cost management education into our larger financial wellness strategy to support plan sponsors, supporting employees' efforts to manage debt within the broader context of maintaining their overall financial health. SoFi is a pioneer and leader in the student loan debt management industry, and their expertise in this space further enhances T. Rowe Price solutions.
Offering this suite of student loan educational resources to employees provides them with more robust tools and personalized support, and not just for greater peace of mind. Helping them tackle student debt with tangible solutions can support their longer-term retirement savings goals. Plus, employee benefits geared toward financial well-being can drive and sustain job loyalty, productivity, and recruitment.
Integrated into T. Rowe Price’s participant website, which allows employees to manage and plan for their education cost needs while still saving for retirement.
Connectivity to SoFi's Debt Navigator tool helps employees assess their student loan repayment options to help them achieve their financial goals.
Connectivity to SoFi’s 529 tool estimates college funding goals and helps employees select 529 college savings options based on each employee’s personal needs.
Connectivity to the SoFi Employer Contribution Program services enables direct employer contributions to student loan principal or conversion of paid time off hours to employer student loan or 529 contributions.
SoFi's Student Loan Debt Navigator, 529 Savings Tool and Employer Contribution Program services are optional services provided by SoFi pursuant to a contract with SoFi for an additional fee.
Connectivity to these additional SoFi services from the participant website will be provided in the near future.
For more details on our student debt management experience with SoFi:
Contact your T. Rowe Price representative to find out how we can take your plan to the next level.
1 T. Rowe Price online survey in December 2019 of over 2,400 employees of clients of T. Rowe Price retirement plan recordkeeping services.
Depending on the options selected, a separate, direct contract with SoFi may be required. As with all matters of this nature, please consult your own tax professional regarding the federal income tax consequences associated with these programs. T. Rowe Price Retirement Plan Services, Inc., is not an affiliate of SoFi.
Licensed by the Department of Business Oversight under the California Financing Law, license #6054612. NMLS #1121636 (nmlsconsumeraccess.org [nmlsconsumeraccess.org]). The Student Debt Navigator tool and 529 Savings and Selection tool are provided by SoFi Wealth, LLC, an SEC Registered Investment Advisor. 2750 E. Cottonwood Parkway #300 Cottonwood heights, UT 84121. ©2020 Social Finance, Inc. All rights reserved. Information as of September 2020 and is subject to change.