Has anyone ever taken money from a 401K to finance school? Is this a bad idea? A couple of years ago I had to take out 2k for paying bills cause I was broke. What do you think? I have never applied for a student loan before. I'm not working right now so money is tight. Will a lender count my 401k against me for getting a loan?
May 4, '07
I took a load against my 401k once, and it was fine. You pay yourself back the interest, and you do it right out of your paycheck. You definitely get it paid back. Plus, it does not affect your credit. Don't liquidate your 401k, but considering a loan is fine.
Last edit by cardiacRN2006 on May 4, '07
: Reason: spelling of course