Who’s Paying the Most When It Comes to Student Debt? The Answer May Surprise You
Summary
“Our research consistently shows that student debt can have a devastating impact on the financial wellness of many Americans, causing them to delay life events such as buying a home, getting married, having children, and saving for retirement. Part of the solution is knowing where you stand, which is why Fidelity offers resources to help employees and employers work together to craft a path to action,” continued Srikantiah. The data also demonstrates that many individuals are delaying contributing to their retirement or, just as distressing, taking out loans against their 401(k), an action that is literally borrowing against one’s future to pay for the past. “By adopting a holistic approach, we are helping employers get in the trenches with employees to find ways to pay student debt off faster and hopefully, save money,” said Srikantiah. Residents in these states are not eligible for the bonus: California, Connecticut, Louisiana, Maine, Massachusetts, Nevada, New Hampshire, New Jersey, New Mexico, North Dakota, Ohio, Pennsylvania, Rhode Island, Tennessee, Vermont, Washington, DC, Wisconsin, and West Virginia.