Abolish early withdrawal penalty and tax on retirement funds used to pay Student Loans
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Are you currently paying off student loan debt? One in four Americans are. “There are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S.” (cite).
Graduates are paying student loan debt with interest rates that range between 5% and 8% (fixed) and, only if they are lucky enough, their retirement accounts grow at that same rate (variable).
We started this petition to spark a new conversation in Congress that will give graduates the option to, partially or fully, pay down individual student loan debt using retirement accounts. Please consider abolishing the early withdrawal penalty and income tax assessed on retirement funds used to pay for student loan debt.
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