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re: Student Loans
Posted on 4/21/24 at 2:47 pm to Abundy007
Posted on 4/21/24 at 2:47 pm to Abundy007
There are lots of details that go with your question. How well is your 401k funded? Was it your arrangement to pay the loans for your daughter? What kind of a loan is it (who’s it with, does it qualify for anything, etc)?
IMO I would not do a withdrawal.
A 401k loan would get you a lower % and you would be paying yourself that interest but you would have to pay loan back in a shorter period of time (IIRC 5 years).
We did it for my GF after her divorce bc interest payments for her personal debt were $1500 month. I can’t say borrowing from 401k is the best but it worked for us.
IMO I would not do a withdrawal.
A 401k loan would get you a lower % and you would be paying yourself that interest but you would have to pay loan back in a shorter period of time (IIRC 5 years).
We did it for my GF after her divorce bc interest payments for her personal debt were $1500 month. I can’t say borrowing from 401k is the best but it worked for us.
This post was edited on 4/21/24 at 2:51 pm
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