Consolidating 401k loans
You can sign up for these programs for free at Student
If you want help, we recommend Ameritech Financial, a company I’ve personally vetted.
In that case, your plan sets the maximum repayment term.
Your 401(k) plan sets the specifics for calculating your interest rate and payment amounts for your loan.
Borrowing from your 401(k) allows you to tap your retirement savings early without income tax consequences -- as long as you repay the loan on time.
So start at the upper left, with medical school graduation.
The secret is simple: sign up for a qualifying student loan repayment plan, and your loan will be forgiven at the end of the plan. What's even better is that your income could be low enough to qualify for zero or minimal repayment, at which your loan will be forgiven at the end.
It sounds like it could be confusing, but it doesn’t have to be.
I’m still getting lots and lots of questions about what to do with your student loans.
Although there are sometimes exceptions, it is helpful for borrowers, particularly medical school borrowers, to see the rules of thumb all mapped out in a helpful way.Your 401(k) plan administrator will provide you with details on how often the payments must be made and where you need to send the money.