Student debt will limit how much some Americans can save for retirement as monthly payments resume this week, according to a recent survey. said that resuming student debt payments will impact their ability to save for retirement. More than one in five borrowers noted that they would have to reduce saving for emergencies, and 22% planned to cut back funds they put towards retirement.
Student loan repayments resumed on Oct. 1, and interest had already begun accruing on student loans as of Sept. 1, following the expiration of a three-year moratorium during which millions of borrowers believed they would have up to $10,000 in federal loans forgiven under President Joe Biden's debt relief plan. The the plan in June. Student loans cover between 25% and 50% of college tuition costs, and over 50% of borrowers have debt between $10,000 and $60,000, according to Scholaroo.
"Gen Xers are fast approaching retirement age, so it's troubling that some are still carrying student loan debt," NIRS research director Tyler Bond said. "The good news is that attending college has increased Gen Xers' earning power and access to workplace retirement plans. But every dollar they continue to spend on college loans is money that could have been invested in their retirement.
Education Education Latest News, Education Education Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CBSNews - 🏆 87. / 68 Read more »