collage of people looking at phones and large compass behind with big word 401k (Photo: Shutterstock)

Interest has already begun accruing on student loans as of September 1, and repayments are set to begin October 1 after a three-year pause enacted as a COVID-19 relief measure.

Many young workers took advantage of the emergency payment pause to build retirement savings. Fidelity’s Q2 2023 Retirement Analysis found that 72% of student loan borrowers contributed at least 5% to their 401(k) during the pause, compared with 63% beforehand, and there has been a 5.8% decrease in student loan borrowers with a loan out against their 401(k) during the pause.

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