employees are now able to refinance and consolidate existing student loans due to a new partnership with SoFi
through the SoFi at Work
program. The digital personal finance company is offering UPMC employees student loan refinancing options, which include low variable and fixed rates, with terms ranging from five to 20 years (view our payment example below).
UPMC employees and their family members are eligible for a 0.25% rate discount when they refinance a minimum of $5,000 in federal or private student loan debt through the SoFi.com/UPMC
site. Parent PLUS loans can also be refinanced. There are no prepayment penalties.
“We are excited to work with SoFi to offer this valuable benefit to our employees, adding to the robust array of other benefits that we offer,” said Michael Hurley, vice president, Employee Benefits at UPMC. “The burden of student loan debt among our staff can feel insurmountable, so we are always looking for ways to help our employees manage their education costs. This SoFi benefit gives them the flexibility to lower their cost and tailor their repayment schedule to meet their needs.”
“We are pleased to partner on this student loan refinance benefit with UPMC,” said Jennifer Nuckles, head of partnerships at SoFi. “Forward-thinking organizations like UPMC are committed to finding the most meaningful ways to address the stresses of student debt and helping build their employees’ overall financial wellness.”
Employees who refinance with SoFi become SoFi members, which unlocks other benefits including complimentary career services, access to financial planners, networking events, and additional loan discounts.
Payment Example: The following payment example depicts the APR, monthly payment and total payments made during the life of a private loan refinance with a single disbursement. All loan rates below are shown with the autopay discount (0.25%). The monthly payment for a $10,000 loan with a 5 year term and a fixed annual percentage rate (APR) between 3.46% – 5.45% would be $181.74 – $190.78, with total payments between $10,904.30 – $11,446.86. Your actual interest rate may be different than the loan interest rates in these examples and will be based on term of loan, your financial history, and other factors, including your cosigner’s (if any) financial history. See SoFi.com/eligibility for details. Rates current as of 2/12/19.