The Biden administration’s plan to forgive student-loan debts may be a boon for retirement plans, too.
The program, which will forgive up to $20,000 in federal student loans, will lower the debt burdens of tens of millions of Americans. It is way too early to know what all of those borrowers decide to do with the money they had set aside to pay down student loans; they could opt to pay off credit-card debt, make a major purchase or even set up an emergency fund that would cover their expenses in the event of job loss.
