Deciding whether you should be paying down student loan debt or saving for retirement is never an easy decision.  And, each person must make there own decision based upon their life goals.  Here are some of the areas that you need to consider.

1. 401(k) employer matching programs – If your employer has a 401(k) matching program, I definitely recommend maxing out your 401(k) up to the amount your employer is will to match.  Having your employer match your savings gives you a 100% immediate return on your investment.
2. Interest rates vs return on investment – Any time you are deciding whether to pay off debt or invest you need to compare the interest rate on your student loans  versus your expected return on investment.  If your student loan interest rate is higher than your expected return on investment, then it is a no brainer to pay off your student loan debt.
3. Emotions regarding having debt – Let’s face it, some people mind having debt more than others.  If you hate the idea of owing money and this debt is affecting your quality of life, you must consider this factor as part of your decision.
4. Pay yourself first – I know that the “pay yourself first” statement has become pretty cliche, but as with all cliches, it is a pretty darn good principle to live by.  If you save money, that money is all yours.  You can keep paying down your student loan debt by paying the minimums and know that in XX number of years it will be paid off and you will have retirement savings because you paid yourself first.

These are just some of the things I have thought about in my own struggle between paying down student loan debt versus saving for retirement.  Here at highest interest savings, we would love for you to leave your thought in the comments.  What factors do you consider?