FRANKFORT, Ky. (AP) - U.S. Sen. Rand Paul wants to combat the rising debt load for college students by allowing them to dip into retirement accounts to help pay for school or pay back loans.
The Kentucky Republican is introducing federal legislation to allow individuals to take up to $5,250 tax and penalty-free from their 401(k) or IRA each year to help pay for college or pay down student loan debt.
Americans collectively owe about $1.5 trillion in student loans.
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