To help individuals pay off their student loans in an expeditions manner. We petition that individuals who are participants in a qualified plan(401k, IRA, etc.) would be able to make a distribution from the plan to pay off student loans and not incur the 10% penalty tax from the IRS if under 59.5, and in addition possibly waive if not, reduce the ordinary income tax obligation.
The benefit is multifaceted in that it benefits both the individual (undergraduate/post-graduate) with the debt and also the bank or lending institution.
In the short term the Government would not be substantially impacted being that a majority of the tax revenue would be earned in later years, due to the age of most heavily indebted individuals.