Paying For College Students Loan Debt
U.S. Sen. Rand Paul wants to combat the rising debt load engulfing college students by allowing families to use their retirement savings to pay off their loans.The Kentucky Republican introduced federal legislation late Monday that would allow students to dip into retirement accounts to help pay for college or make monthly debt payments. Under his bill, individuals could to take up to $5,250 – tax and penalty free – from their 401(k) or IRA each year, and their parents could divert thousands more.
Source: MG News
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