LOUISVILLE, Ky. (WDRB) -- Republican U.S. Senator Rand Paul hopes to move forward with his plan to help students pay college debt.
The Kentucky Senator recently introduced a bill that allows students to dip into their retirement fund, to pay for college debt.
Under the proposal, constituents can withdraw up to $5,200 annually from their retirement accounts, tax and penalty free, to reduce college loans.
Paul is also proposing to let parents withdraw retirement money tax free.
"We think it would dramatically transform the way college is paid for in our country," Paul said. "This still encourages savings, so it doesn't work unless you will put aside savings."
Paul says he has reached out to some Senate Democrats to build support for the bill.
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