Following the Supreme Court's ruling on President Joe Biden's student loan forgiveness plan, interest on student debt will begin to accrue in September, with payments due in October.
Borrowers with federal student loan payments currently owe $37,338, on average, with a median monthly payment of $250, according to the Education Data Initiative.
But for certain workers — especially those with piles of student debt — finding room in the budget to invest for retirement can be difficult.
Under the new law, employers can make matching contributions to workplace plans — including 401(k)s, 403(b)s, 457(b)s and SIMPLE IRAs — based on an employee's qualified student loan payments.
In order to qualify for the match, workers must simply certify that student loan payments have been made.
Persons:
Joe Biden's
Organizations:
Education Data