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PSCA Executive Reports

December 23, 2019

Student Loan Legislation

Sen. Rand Paul (R-KY) recently introduced the Higher Education Loan Payment and Enhanced Retirement Act (the “HELPER” Act, S. 2962) to allow withdrawals from retirement accounts to make student loan payments. The legislation allows Americans to withdraw up to $5,250 tax- and penalty-free annually from their 401(k) or IRA to pay down student debt. Parents and spouses also would be able to make tax and penalty-free withdrawals to contribute to their child’s student loan payments under the proposal. In addition, the bill would allow employer-sponsored student loan and tuition payment plans to be tax free up to $5,250. The bill also would eliminate the income limit on the deductibility of student loan interest. The bill highlights the fact that there remains bipartisan interest in addressing issues related to student loan debt.

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