There might be a new way to pay your student loans
div > div.group > p:first-child"> The House Ways and Means Committee earlier this month unanimously passed the Secure Act, which would expand 529 accounts to cover costs beyond college to those associated with apprenticeships, home schooling — and up to $10,000 in student debt.
Under the new provision, borrowers who have an account could use it to cover the principal and interest on their loans. The changes would apply to account distributions starting from January of 2019. The most recent proposal is unlikely to deliver relief to struggling borrowers, said Alan Collinge, founder of the advocacy group Student Loan Justice.
And the accounts remain relatively uncommon. Fewer than 1 in 5 children under the age of 18 have a 529 plan, according to SavingForCollege.com.How to join the ranks of money-savvy independent workersStill, Kantrowitz sees benefits to the legislation.
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