Upcoming Student Loan Repayments Likely to Test Many Retirement Dreams
- Borrowers can still take action to save for retirement and seek financial professionals for assistance.
- Some borrowers expect to miss payments or default on their loans.
- None.
New Corebridge Financial-Morning Consult study finds three in four Americans with student loan debt expect upcoming repayments to impact retirement savings
“Many Americans are likely to feel increased pressure on their personal budgets once student loan payments resume,” said Terri Fiedler, President of Retirement Services at Corebridge Financial. “Even with the new financial stress, borrowers can still take action to save for retirement and a financial professional can help. Whether it’s evaluating your monthly expenses to streamline charges or exploring student loan forgiveness, every dollar matters when it comes to saving for the retirement you want.”
The new Corebridge survey also shows how student loan debt could impact the financial security of women with
Additionally, while four in five borrowers expect higher overall stress, financial stress and impacts on financial security, borrowers earning less than
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77% say that payments will affect retirement savings -
67% say they will probably or definitely not be able to afford to make payments toward student loans -
53% expect to miss one or more payments and38% expect to default on the loan
Methodology
This poll was conducted between August 16-24, 2023, among a national sample of 2,112 adults with federal student loans. Results from the full survey have a margin of error of +/- 2 percentage points and were weighted to approximate Americans ages 18+ with student loan debt.
About Corebridge Financial
Corebridge Financial, Inc. (NYSE: CRBG) makes it possible for more people to take action in their financial lives. With more than
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Işıl Müderrisoğlu (Investors): investorrelations@corebridgefinancial.com
Matt Ward (Media): media.contact@corebridgefinancial.com
Source: Corebridge Financial