Principal® holistic planning support capabilities for UMB associates

Student loan repayment services provided through SoFi

Principal offers support for a Student Loan Repayment Program (SLRP) as part of our overall holistic offering through Principal® Milestones and the Enrich Financial wellness platform. Enrich has partnered with SoFi (a leader in student loan financing) to create the SLRP, which seamlessly integrates with our single sign-on capabilities with Enrich. This program can complement UMB’s current tuition reimbursement program by providing education, tools, and resources to help associates manage existing student loans.


The SLRP site allows associates to drag and drop all National Student Loan Data System (NSLDS) information to help them assess different repayment strategies available to them, including consolidation. If consolidation is ideal for them, the participant chooses a federal or a private option and consolidates from there.


Loan repayment program options that UMB can choose to offer to associates include:

  • Direct loan payment contribution (“out-of-plan” model)
  • Retirement benefit contribution (“in-plan” model)1


We would keep UMB apprised of legislation that could complement your retirement plan as well as benefit structure. For example, there is proposed legislation, that if passed, would allow you to match student loan repayments (SLRs) within the retirement plan in lieu of deferrals. This could benefit those associates who cannot afford to save for retirement due to other competing costs, including student loan repayments. The idea of matching SLRs is to treat them as elective deferrals for purposes of nondiscrimination testing. This means that the match of the SLR would be considered a match versus today being considered nonelective. If tested as match, it takes away many of the nondiscrimination testing concerns of offering this benefit within a plan.

Enhancing UMB's associate benefits program

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We created a sample email journey campaign (below) to encourage associates to explore the benefits available to them, should UMB decide to add the student loan repayment services through SoFi to the current benefits program for associates.

This is just the beginning for ideas we have that will help further enhance your benefits program. We are so excited for what Principal and UMB can do together!

We can track associate interaction with the emails, including those who have and haven’t clicked on the link to view the Principal® Milestones site to learn more about the programs through SoFi. We can send a follow up email to those associates who have not clicked on the link within a certain time period to be determined.


Click the arrow to advance to a sample of the follow-up email.

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For illustrative purposes only.

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Sample of a follow up email sent to associates who have not clicked on the link in the original email within a specified amount of time.


We will work closely with UMB to create a look and feel for participant communications that meets UMB’s brand standards.


Click on the arrow to view a few sample custom concepts we created to show you some examples of our capabilities.

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For illustrative purposes only.

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Sample custom communication concepts

For illustrative purposes only.

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We look forward to promoting holistic planning support capabilities to your associates including loan repayment services through our relationship with Enrich and SoFi, further enhancing UMB's benefits program for associates.


We want to help you recruit, reward, and retain your associates. With services through SoFi, we'll be ready when required student loan repayments recommence with student loan repayments through SoFi.

Thank you for your consideration.

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1 Based on private letter ruling 201833012, which is only binding on the taxpayer who requested it. The plan sponsor would need to work with their counsel to obtain consent to amend their plan document, provide relevant plan amendment language, and formally request that Principal service the plan accordingly.
The value-added resources provided through iGrad, Inc. (Enrich) and SoFi are not a part of any insurance products and plan administrative services provided through Principal Life Insurance Company or affiliated with any company of the Principal Financial Group®. All resources may be changed or canceled at any time.
The use of resources provided by Enrich should not be considered a substitute for consultation with an advisor. Principal® is not responsible for any loss, injury, claim, liability, or damages related to the use of the Enrich resources.
Insurance products and plan administrative services provided through Principal Life Insurance Company®. Securities offered through Principal Securities, Inc., 800-547-7754, member SIPC and/or independent broker-dealers. Principal Life, and Principal Securities® are members of the Principal Financial Group®, Des Moines, Iowa 50392. 
Principal®, Principal Financial Group®, and Principal and the logomark design are registered trademarks of Principal Financial Services, Inc., a Principal Financial Group company, in the United States and are trademarks and services marks of Principal Financial Services, Inc., in various countries around the world.

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