Both Origin and SoFi at Work offer robust financial wellness programs with personalized coaching and educational resources. Origin stands out for its seamless integration and detailed analytics, while SoFi at Work excels in student loan repayment assistance and comprehensive program support. The choice depends on the employer's specific needs and priorities, with Origin being suitable for broad financial wellness and SoFi at Work being ideal for organizations looking to address student loan debt.
| Attribute | Financial Wellness Program: Origin | Student Loan Repayment Assistance: SoFi at Work |
|---|---|---|
| Program Type | Financial Wellness | Primarily a Financial Wellness program, with options for Student Loan Assistance. |
| Eligibility Criteria | Open to benefits-eligible employees | Eligibility depends on the employer's specific plan rules. Generally, full-time employees are eligible for most benefits. Some benefits may be available to part-time employees as well. SoFi employees themselves are eligible for student loan repayment assistance. |
| Scope of Financial Planning Services | Budgeting and cash flow management, Debt management, Investment guidance, Tax planning and preparation, Estate management, Benefits optimization, Equity planning, Support for major life events (weddings, medical events, divorce, inheritance) | SoFi at Work provides access to certified financial planners who offer personalized guidance on budgeting, debt management, investing, and retirement planning. They also offer tools for retirement planning, tax planning, and estate planning. |
| Loan Repayment Assistance Amount (if applicable) | Not applicable | SoFi offers employees up to $200 per month in student loan repayment assistance, with no lifetime maximum. Some employers using SoFi at Work offer a $100 monthly contribution (up to $1,200 annually) toward student loans. |
| Employer Contribution Structure (if applicable) | Information not available in the provided sources | Employers can make direct loan contributions to employees. SoFi also facilitates employer matching contributions to retirement plans for employees paying down student debt. Employers can also contribute to employees' 529 plans. |
| Integration with Existing Benefits Platform | Seamless integration with HR systems and benefits packages, Integrates with existing benefits programs, Can be embedded in platforms like Sequoia, Offers API integration for data exchange with payroll systems | SoFi at Work can be a stand-alone program or integrated with existing HR and SSO systems. They offer end-to-end assistance with program applications, approvals, loan syncing, and payment implementation. |
| Educational Resources Provided | Articles and online lessons, Financial wellness workshops, Personalized financial education feed | The platform provides articles, webinars, workshops, and other resources covering various financial topics. |
| Personalized Coaching/Counseling Availability | Access to Certified Financial Planners (CFPs), One-on-one guidance via video or in-app chat, AI-driven insights and recommendations | SoFi at Work provides access to credentialed financial planners. Employees also have access to 1:1 financial coaching. |
| Mobile App Accessibility | Yes | SoFi engages with clients through its mobile app and website. |
| Reporting and Analytics for Employers | Detailed analytics on program engagement and financial wellness trends, Customizable reporting frameworks, Employer reporting to track the impact of the benefit on employee productivity and retention | SoFi at Work provides a dashboard for employers to track employee enrollment and program effectiveness. |
| Employee Participation Rate | Udemy saw over 32% U.S. employee user activation within the first 6 months; Webflow saw over 40% of its U.S. and international employees engaged with Origin month over month | SoFi's 2023 employee engagement survey had an 88% participation rate. |
| Fees and Pricing Structure | Pricing upon request | SoFi charges employers an administration fee between $2-5 per enrolled employee per transaction for direct loan contributions. The fee level depends on employer size and demographics. There are no costs to the organization or employees for the financial education and student loan refinancing program. |