6 ways to pay off student loans and save for retirement at the same time

1

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for

The average debt carried by college students graduating in 2015 is $35,000. At that level, student loan debt is not only impeding graduates from enjoying the benefits of homeownership, it’s having a negative effect on their ability to save for retirement.

In a recent study analyzing the effect of a $31,000 student debt load, the Center for Retirement Research at Boston College concluded that it has “a meaningful adverse effect on retirement security.”

“If you look at households age 30 to 60 who are at risk of not being able to maintain their standard of living, it’s worse for those with student debt,” says Anthony Webb, senior research economist at the center and a co-author of the study.”Each dollar can only be spent once, and if a household is facing greater expenditures on student debt, something else has to give. And our fear is that something else is saving for retirement.”

RATE SEARCH: A personal loan can help you pay down debt. Find the best rates today at Bankrate.com.