4 Ways to Save for Retirement AND Eliminate Student Loan Debt
Some advanced student loan repayment strategies allow borrowers to eliminate student debt and contribute to retirement accounts like a 401(k) or IRA.
Some advanced student loan repayment strategies allow borrowers to eliminate student debt and contribute to retirement accounts like a 401(k) or IRA.
Student loan prepayment comes with many advantages, but there are a few downsides that borrowers should understand.
Paying off student loans with retirement funds often triggers taxes and penalties, but there are exceptions to these rules.
Putting money in a retirement account can mean lower student loan payments and more student loan forgiveness.
Federal student loan perks provide borrowers with valuable protections during retirement.
Retirement plan contributions, transfers, and withdrawals can raise or lower your monthly student loan payments on IBR, PAYE, and SAVE.
If you are a current college student, putting some money in a Roth IRA has some major advantages.
Having student loans doesn’t mean you should ignore your retirement accounts. In some cases, it is better to save for retirement than it is to pay down debt.
Deciding between attacking student loans and investing in a Roth IRA usually comes down to interest rates and how much risk you can tolerate.