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Borrowing Money From A 401k, TSA Or Other Defined Contribution Retirement Plan

Borrowing Compared To A Hardship Withdrawal

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If you can meet one of the requirements for a Hardship Withdrawal, it is advisable to consider that option before borrowing.  The money you take out under the hardship provisions does not have to paid back so you'll avoid interest payments.  Note that under many plans, you cannot a take hardship distribution unless you can prove you have tried all other ways to get the funds, including taking a loan from your plan.


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