Expand the 529 college savings plan to enable students and parents to receive a dollar-for-dollar tax deduction for funds used to pay for college loans in a given year. This will enable citizens to pay off their student loans faster.
We've got a $1 trillion bubble of student loans which is like the next mortgage loan crisis. This, combined with on-going high unemployment, will accelerate bankruptcies.
Why is this important?
Currently, the 529 student savings plan is only useable in the current school year. The expansion of the plan to include student (and parent) college loans would enable students and parents to pay off their loans faster. The student loan debt load is inhibiting the entire economy, including housing, by preventing young people and their parents from taking on additional debt to purchase homes.
