Student Loans: ProposalHow would you like to pay for college or pay off student loans with pre-tax money in your retirement account? The ability to withdraw (tax-free and penalty-free) up to $5,250 from your 401(k) or IRA annually to pay for college or to pay off student loan debt. No Cap on Student Loan Interest Deduction: The legislation would remove the cap and phase out the student loan interest deduction. Democratic presidential candidates have taken a different approach, proposing everything from simpler student loan refinancing and student loan consolidation to student loan repayment and student loan forgiveness. Senator Bernie Sanders (I-VT), for example, wants to forgive all $1.6 trillion of student loan debt, including both federal and private student loans.

Source: Forbes December 05, 2019 13:30 UTC