Businessolver and SoFi Establish Strategic Partnership to Address Growing Student Loan Assistance Market

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Businessolver, a leading SaaS-based benefits administration technology provider, and SoFi, a modern finance company taking an unprecedented approach to lending and wealth management, today announced a strategic partnership enabling Businessolver clients to offer student loan refinancing and assistance programs as part of an employee's total benefit package.

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As the number of millennials in the workplace continues to grow, employers are looking at innovative ways to entice this population by focusing on one of the largest financial concerns they face: student debt.

Businessolver, a leading SaaS-based benefits administration technology provider, and SoFi, a modern finance company taking an unprecedented approach to lending and wealth management, today announced a strategic partnership enabling Businessolver clients to offer student loan refinancing and assistance programs as part of an employee's total benefit package.

As the number of millennials in the workplace continues to grow, employers are looking at innovative ways to entice this population by focusing on one of the largest financial concerns they face: student debt. With the average graduate holding approximately $28,950 of student loan debt, student loan refinancing and assistance programs are emerging as a growing trend in the benefits and recruiting landscape.

Businessolver identified significant demand in the market to offer an innovative student loan refinancing solution easily accessible within its Benefitsolver platform. By partnering with SoFi, Businessolver clients will have the ability to seamlessly integrate SoFi product information within Benefitsolver, giving participants a dedicated connection to access SoFi year-round.

"While free meals, a 'bring your pet to work' policy, or happy hours are nice perks, millennials are looking for even more competitive benefits when job seeking. And they're trying to find new ways to manage a very real financial concern facing millions of Americans: student debt," says Chief Strategy Officer, Rae Shanahan. "By using a partner and platform that take a holistic view of benefits, employers can easily develop and provide a student loan debt repayment offering."

In addition to student loan refinancing, SoFi also offers financial products ranging from personal loans and mortgage to wealth management. Since launching in 2011, the company has funded more than $8B in loans.

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About Businessolver: Since 1998 Businessolver has delivered market-changing benefits administration technology supported by an intrinsic responsiveness to client needs. It creates client programs that maximize benefit program investment, minimize risk exposure, and engage employees with easy-to-use solutions and communication tools to assist them in making wise and cost-efficient benefit selections. Founded and developed by HR professionals, Businessolver's unwavering service-oriented culture and secure SaaS platform provides measurable success in its mission to provide complete client delight.

About SoFi: SoFi is a modern finance company taking an unprecedented approach to lending and wealth management. We've replaced the impersonal, transactional bank experience with a long-term partnership, enabling our members to realize the full potential of their money, careers and relationships. Our members constantly push the limits of what life has to offer. Whether looking to refinance their student loans, buy their dream home, or simply seek advice as they ascend in their careers, SoFi provides the products and tools to match their ambitions and propel them to new levels of financial greatness. For more information, visit SoFi.com and check out these fast facts.

For more information, please contact:
Sam Randall
Email: sam(dot)randall(at)edelman(dot)com
Phone: 312-240-2771

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