Sen. Rand Paul unveils plan for people to pay off student loans by dipping into their retirement savings
on Tuesday that would allow people to pay off their student loans by dipping into their retirement savings.
Under Paul's plan, called the HELPER Act, Americans could take out $5,250 from their 401k annually — tax-free without any penalty — to pay for college or reduce the student loan burden. It would also allow that money to be used for a spouse or dependents.that his "pro-taxpayer plan" would "empower the American people to reduce the burden of debt, realize the dreams they studied hard to achieve, and grow their retirement savings.
The plan was met with some criticism as some said it undercuts the purpose of a 401k and makes it even harder to save up for retirement and plan for the future. The brokerage firm Fidelity InvestmentExperts downplayed the proposal's benefits for young adults already saddled with high amounts of debt.told MarketWatch.
"They're not preparing anywhere close to previous generations at this point in their life cycle for future needs. Retirement is a long way off, but they need to start saving early on to be prepared and they're just not going to be prepared if they take that money to pay down student loan debt."
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