2 in 3 Surveyed Americans Say Restarting Student Loan Payments Will Impact Their Ability to Save for Retirement. Here's How to Do Both.
Student loan borrowers got a reprieve from making payments on their debt during the pandemic, when the country found itself deep in the throes of a financial crisis. That reprieve began in early 2020 and lasted all the way until, well, now.
But since President Biden was unsuccessful in having student loan balances forgiven, millions of borrowers are going to have to do something this month that they haven't done in years -- send a payment to their student loan servicers.
Clearly, money spent on student loan payments is money that can't be spent or saved elsewhere. But it's troubling to see that in a recent Nationwide survey, 66% of respondents said that the reinstatement of student loan interest and payments will significantly impact their ability to save for retirement.
Source Fool.com
