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The idea of using untaxed retirement funds to pay off student debt involves allowing individuals to access their retirement savings, such as those in 401(k)s or IRAs, without incurring penalties or taxes, specifically for the purpose of debt repayment. This policy aims to alleviate the burden of student debt and provide financial relief to those struggling with high-interest loans. I also support low-interest rate borrowing on retirement accounts to alleviate the potential retirement savings reduction when the individual will need it most.
While allowing untaxed retirement fund withdrawals for student debt repayment could offer immediate financial relief, it poses significant risks to long-term retirement security and could lead to broader equity and policy concerns. A balanced approach that includes other forms of debt relief and financial support may be more effective in addressing the student debt crisis while safeguarding retirement savings.
Phone: 860-563-8292
Email: matt@matthillforsenate.org
Address: Box 377 W. Burke, VT 05871