Student loan debt in the United States topped $1 trillion dollars in 2014, with an average of over $29,000 per borrower. It is the second largest source of household debt after mortgages.
Americans are afforded the benefits of tax-advantaged financial accounts for health care and retirement. We can also plan ahead for our children's education through tax-advantaged 529 plans.
But we are not able to pay off existing student loan debt with pre-tax dollars, which can have wide-ranging consequences on the economy: delaying saving for retirement, increasing the risk of individual default, encouraging an economic bubble, and yielding less disposable income for the economy.
The problem is severe, the support is broad, and the legislative framework already exists. Let's make it happen.