Paying back student loans is a daunting task.
For many of us, not having debt affords us the ability to thrive in society and focus on achieving our ambitions after college. Many of us have the funds available only through our retirement savings.
The IRS has placed rules limiting which funds we are able to use and severely penalizing those who would like to leverage those funds to pay off their student debt.
I propose the IRS and federal government enact a regulation allowing citizens to leverage their retirement funds to pay off federal student loans without the 10% penalty or income tax. As these funds are specifically being used to further higher education and repay federal funds. Therefore all previous tax deductions are nullified and perpetuating economic growth.