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Money Matters: Using retirement funds to pay off student loans?

Families may soon be able to use their retirement savings to pay off their student loans.

U.S. Sen. Rand Paul introduced a bill that would allow individuals could to take up to $5,250 -- tax and penalty free -- from their 401(k) or IRA each year, and their parents could divert thousands more.

Americans collectively owe about $1.5 trillion in student loans.

For this story and more from the NASDAQ, click the play button above for Thursday’s Money Matters report.