The beginning of May brings about “Decision Day” for many high school seniors, when they must send in letters of acceptance to the schools of their choice. More often than not these days, this choice is also coupled with a financial decision that students may not realize the repercussions of when they commit to attend: taking on student loan debt.

How does this affect retirement you ask? Imagine (as one interviewee in the audio clip below perfectly describes) coming out of college and hopefully starting your new job only to be hit 6 months after graduation with a $900 a month bill for those loans you took out. With a paycheck that only stretches so far, the debt payment makes it harder to save for other life goals, retirement among them.

I’d encourage any parent or child who will be making this tough decision in the near future to take a listen to the report below.