Debt Relief for Students

By Staff

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December 9, 2019

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Student Debt is weighing down college graduates, including those who don’t complete their degree. Last year, the average college graduate owed about $29,200.  Sen. Rand Paul is proposing federal legislation that would bring relief. His bill would allow families to use their retirement fund to pay down their student loans. It would also allow their parents to help pay down the debt from their retirement accounts. Under the legislation, individuals could withdraw up to $5,250 from their 401k accounts. And all would be tax free. Americans collectively owe about $1.5 trillion in student loans which has more than doubled in a decade. Such debt has put a strain on millions of Americans and Sen. Paul’s bill might be the first step to give them some relief.

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