This U.S. Senator wants you to pay for your student loans with your 401k
Senator Rand Paul wants you to pay for your student loans with your 401k.How would you like to pay for college or pay off student loans with pre-tax money in your retirement account? If that sounds like an attractive idea, then Paul’s new legislativeThe ability to withdraw up to $5,250 from your 401 or IRA annually to pay for college or to pay off student loan debt.
Paul seeks to reshape the way people save and pay for higher education, driven through tax and savings incentives. Paul notes that current student loan interest rates can be as high as 7% for graduate students and parent borrowers, which creates a financial burden. However,Paul’s proposal would enable borrowers to pay off student loans with at least some pre-tax money. Currently, borrowers pay off student loans with after-tax money.
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