In a month or so, millions of Americans will have to adjust their budgets to once again put hundreds of dollars a month toward their student debt. "Workers are already facing obstacles to saving for retirement, especially inflation and market volatility," said Adrian Miguel, director of advice at Schwab Retirement Plan Services. "The resuming of student loan repayments poses another challenge." The share of student loan borrowers saving at least 5% of their salary in their 401(k) retirement plan swelled to 72% during the payment pause, from around 63% prior to the Covid-19 pandemic. Experts shared tips on how borrowers can pay down their student debt and keep growing their retirement nest egg.

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Persons: Adrian Miguel, Jesse Moore Organizations: Workers, Finance, Fidelity, Fidelity Investments