Change 401(k) laws to allow tax/penalty free expenditures for childrens' college expenses; no self repayment requirement

Provides financial relief for parents of college age children by allowing them to pay for all of their childrens' education and housing (room and board) related expenses from their personal 401(k) pension accounts, without tax or penalty implications. This is not a self loan provision as many 401(k) plans now provide, but simply a tax and penalty free expenditure from one's personal account, without any requirement to reimburse the account. Millions of middle income wage earners do not qualify for much in the way of state, federal or institutional based grants or scholarships and are forced to take on personal loans for their childrens' college education. Consequently, much of middle America is becoming burried in debt, spending on essentials only, further hampering the economic recovery.