Summary
How does student loan debt affect retirement saving, and who could benefit from a student loan retirement matching program? This EBRI Issue Brief examines how student loan borrowers differ from workers without student debt in defined contribution plan participation, contribution rates, and 401(k) account balances. It also explores how the SECURE 2.0 provision allowing employers to match qualified student loan payments could help eligible workers build retirement savings. The analysis draws on participant-level retirement plan and anonymized credit data and considers differences by age, income, tenure, and account balance. Download the full report for detailed findings and estimates of the potential value of additional employer matching contributions.
EBRI was able to support the development of this research through supplemental funding from Candidly.