Women especially would benefit from the program
Student debt can significantly impact future financial security, which is why the Supreme Court’s highly anticipated release of its decision on Biden’s student loan-forgiveness plan will have cascading effects on retirements.
The White House announced it would cancel $10,000 of borrowers’ student loans, or $20,000 for Pell Grant recipients, in August 2022, eliminating the student debt of about 20 million borrowers. The Supreme Court heard arguments over the plan earlier this year, and is expected to release its decision by the end of the week before the justices go on break. Borrowers, who have been waiting for an answer for months, are expected to resume payments in the fall.
Student loans, even just by existing, can have a harrowing effect on retirement savings, a Boston College Center for Retirement Research study found. Borrowers may participate in retirement plans, but graduates with student debt have 50% less in retirement wealth by age 30 than their colleagues without loans.
If it were to pass, Biden’s debt relief plan would not cancel all student debt, and some borrowers may still have loans to pay. “There is still going to be a significant amount of outstanding student debt,” said Kristen Carlisle, vice president and general manager of Betterment at Work, the 401 division of online investment company Betterment. While hoping for a positive outcome, borrowers should still make a plan for how they’ll pay down their debt and give priority to retirement readiness.
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