The Hot New Solution to Student Loans Is Just Taking Money Out of Your Paycheck
“Automatic payroll deduction is just one example of the student loan reforms being debated in Congress, which also include potentially expanding the tax code so employers can contribute up to $5,250 tax-free annually to workers’ balance and making the Free Application for Federal Student Aid (FAFSA) less convoluted. But it’s the part that’s gained the most traction in the press, not all of it negative. In fact, some experts have argued it could be a real help to the country’s $1.5 trillion student debt problem, or at least that it’s time for Americans to start thinking of debt payments in the same way they do Social Security—socked away for them whether they like it or not.”