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Student Loan Debt: Three Strategies to Help Improve Financial Wellness

Oct 11, 2021

Key Takeaways

  • Student loan debt can greatly impact long-term retirement savings.
  • Employees can make strategies available to help employees better manage student loan debt and improve financial health.
  • Financial wellness programs that include student loan assistance programs can deliver benefits for employers too.

 

The growing volume of student loan debt has reached staggering proportions—44.7 million Americans now carry $1.7 trillion in outstanding student loan balances.1 High levels of debt can impact many aspects of an individual’s financial life, from managing day-to-day finances to buying a home and saving for retirement. Fortunately, individuals can take actions to help manage their debt by using the following strategies: refinancing their debt at a lower interest rate if possible, changing spending and saving behavior, and taking advantage of an employer’s student loan assistance program where offered.

 

Three strategies for managing student loan debt

1. Refinance student loan debt at a lower interest rate when possible.

2. Change spending and saving behaviors by using a budgeting tool or coaching.

3. Take advantage of an employer's student loan assistance program where offered.

 

In this infographicPDF Opens in a new window, we consider how a young worker can implement these three techniques to dramatically improve her retirement wealth at retirement.

 

Read More

To learn more, view the Student Loan Debt: Three Strategies to Help Improve Financial Wellness  PDF Opens in a new window infographic.

 

Footnotes

  • 1 The Federal Reserve, Consumer Credit Outstanding.

 

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