Barnum Financial Group and online lender and personal finance website site SoFi are partnering to assist Barnum's workers with student loan repayments.

The “SoFi at Work” Student Loan Contribution Benefit program, which was started three years ago, allows companies to make regular contributions directly to their employees' existing federal or private student loans, reducing loan balances and saving interest expense, a company press release said.

Barnum will contribute 12 payments annually of $100 to $200 per advisor over a three-year period, or $3,600 to $7,200 in total. Contributions do not replace the normal monthly payment, but rather help accelerate the term and get the recipients out of debt quicker.

“Student loan debt has become a national issue, and we want to lessen the burden and concern that many young advisors have, post-graduation, as they are starting to build a practice, which takes time,” Paul Blanco, CEO of Shelton, Conn.-based Barnum Financial, said in a prepared statement.

Jennifer Nuckles, head of partnerships and content at SoFi, said Barnum Financial Group is the first partner in the financial advisory community to sign on with the loan debt program. “Forward-thinking companies like Barnum Financial Group are helping their advisors address the stresses of student loan debt and providing the necessary tools to build their employees’ overall financial wellness,” she said.

San Francisco-based Sofi created “SoFi at Work” for companies to help their employees reduce their student loan burden and build financial wellness. The program encompasses more than 600 participating companies across the United States, Sofi said.