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Brown Cafe UPS Forum
UPS Retirement Topics
Has Anyone Successfully Taken Out A 401K Hardship Loan?
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 1976906" data-attributes="member: 12570"><p>I took out a total of 8 loans (2 at a time) while my daughter was in college. I can tell you for a fact that I had to submit a bill with the college seal on it each time that I applied for the loan and that failure to do so meant the loan would not be approved.</p><p></p><p>The loan amount is deducted from your balance and while it is true that you are paying yourself back, with interest, you are also losing the compounding of a higher balance and are thus losing money overall.</p><p></p><p>Borrowing from your 401k should be your LAST option.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 1976906, member: 12570"] I took out a total of 8 loans (2 at a time) while my daughter was in college. I can tell you for a fact that I had to submit a bill with the college seal on it each time that I applied for the loan and that failure to do so meant the loan would not be approved. The loan amount is deducted from your balance and while it is true that you are paying yourself back, with interest, you are also losing the compounding of a higher balance and are thus losing money overall. Borrowing from your 401k should be your LAST option. [/QUOTE]
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Has Anyone Successfully Taken Out A 401K Hardship Loan?
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