Given up to $20,000 in loan forgiveness by the federal government, there is a huge opportunity for millions of borrowers to grow their wealth by investing and paying off other debts (or make major life changes like buying a home, starting a family or launching a business).
There is also a great opportunity to contribute significantly to your retirement savings.
According to an Aug. 22 CNBC/Momentive survey, when borrowers were asked what they would do if student loan forgiveness gave them greater budgetary freedom, 45% said they would save that money for retirement — the second most popular answer behind paying off other loans (53%).
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