Almost 50 million Americans are burdened by the need to repay close to $2 trillion in student loan debt obligations, while at the same time saving in their employer-provided pension accounts. This article shows how workers can maximize their lifetime wellbeing by timing loan repayment and saving in tax-qualified retirement plans when these choices are shaped by employer-sponsored matching retirement contributions for qualifying student loan payments, as intended by the 2022 SECURE 2.0 Act. Our rich life cycle model predicts that, by age 50, employees will repay more debt but reduce own retirement plan contributions by almost half, offset by higher employer-matching contributions that take loan repayments into account. Accordingly, pre-retirement financial assets in and outside DC plans barely change; moreover, workers’ optimal consumption rises by up to 3% prior to retirement, so that the reform will not lead to earlier loan discharges. Overall, 401(k) plan benefit payouts during retirement are not anticipated to change materially. Finally, our model predicts that anticipated additional employer costs due to the new matches will amount to around 2.4 – 4.3% of annual earnings for workers age 40 – 50, and expected federal income taxes paid over the lifetime would increase by about 1.8 – 2.5% (in present value).