The study examined the retirement savings habits of more than 50,000 participants between 2017 and 2019 to see how student loan payments affected their contributions. While a higher salary does correlate with higher 401(k) balances and contribution rates overall, it doesn't close the gap between those making student loan payments and those who aren't making such payments. For employees earning less than $55,000 a year, those without student loan payments had balances about 4.5% higher on average than those with student loan payments, regardless of tenure. Lower earners were also less likely to reduce their contributions when they started making student loan payments. "[It's] less disposable income that [borrowers] have, so it's likely a fear reaction," Sam Silberstein, a certified financial planner and certified student loan professional with Student Loan Planner, tells CNBC Make It.

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Persons: aren't, Sam Silberstein Organizations: Research Institute, CNBC