Balancing college spending and retirement saving – news – citizens’ voice fda 510 k database

It’s also true that more 60-plus people are carrying education debt, either for themselves, children or grandchildren, though that’s a little misleading because due to the baby boom effect, there are simply more 60-plus people doing just about everything today.

Average student loan debt now stands at about $39,000, which is more than $10,000 lower than average starting salaries, according to Mark Kantrowitz, a longtime student loan expert who recently founded privatestudentloans.guru, an independent website on paying for college that accepts no lender advertising.

Even if the debt is manageable, however, experts say education debt often psychologically crowds out retirement saving. No matter how little someone owes on student loans, borrowers don’t start saving for retirement or other goals like housing until it’s gone, some studies have shown.


Whether the barriers are real or perceived, a handful of financial services firms are beginning to offer college savings content on their 401(k) websites, including tools to help manage student loans and refinance education debt. Recently, Fidelity Investments said 25 large employers have enrolled nearly 9,000 workers in its Student Debt Employer Contribution benefit. It also added a Credible.com platform that lets employees shop for loan refinance providers.

But really, all sorts of discretionary spending — from lattes to luxury cars — can derail retirement. And with education debt, at least there is a chance that the knowledge will lead to a job or a higher salary that actually will impact retirement in the long run.

For a short time, he unloaded trucks at a warehouse. Then he leapt at an entry-level position in the fundraising department of his alma mater, Michigan State University. He dug into database work there, setting himself up for landing his current job in data analytics and strategy for the athletic department at University of Texas in Austin in 2016. It comes with a pension plan and a solid future career path, he said.

To get there, he drove his Honda CRV with 200,000 miles on it and rented space in a friend’s dining room in the early months. He still shares an apartment with friends to save on housing costs and has refinanced his student loans, forgoing income-based repayment in order to pay it off sooner at a lower interest rate.

It’s also true that more 60-plus people are carrying education debt, either for themselves, children or grandchildren, though that’s a little misleading because due to the baby boom effect, there are simply more 60-plus people doing just about everything today.

Average student loan debt now stands at about $39,000, which is more than $10,000 lower than average starting salaries, according to Mark Kantrowitz, a longtime student loan expert who recently founded privatestudentloans.guru, an independent website on paying for college that accepts no lender advertising.

Even if the debt is manageable, however, experts say education debt often psychologically crowds out retirement saving. No matter how little someone owes on student loans, borrowers don’t start saving for retirement or other goals like housing until it’s gone, some studies have shown.

Whether the barriers are real or perceived, a handful of financial services firms are beginning to offer college savings content on their 401(k) websites, including tools to help manage student loans and refinance education debt. Recently, Fidelity Investments said 25 large employers have enrolled nearly 9,000 workers in its Student Debt Employer Contribution benefit. It also added a Credible.com platform that lets employees shop for loan refinance providers.

But really, all sorts of discretionary spending — from lattes to luxury cars — can derail retirement. And with education debt, at least there is a chance that the knowledge will lead to a job or a higher salary that actually will impact retirement in the long run.

For a short time, he unloaded trucks at a warehouse. Then he leapt at an entry-level position in the fundraising department of his alma mater, Michigan State University. He dug into database work there, setting himself up for landing his current job in data analytics and strategy for the athletic department at University of Texas in Austin in 2016. It comes with a pension plan and a solid future career path, he said.

To get there, he drove his Honda CRV with 200,000 miles on it and rented space in a friend’s dining room in the early months. He still shares an apartment with friends to save on housing costs and has refinanced his student loans, forgoing income-based repayment in order to pay it off sooner at a lower interest rate.

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