Should I Empty My Retirement Accounts to Pay Off My Student Loans?
Paying off student loans with retirement funds often triggers taxes and penalties, but there are exceptions to these rules.
Paying off student loans with retirement funds often triggers taxes and penalties, but there are exceptions to these rules.
Putting money in a retirement account can mean lower student loan payments and more student loan forgiveness.
Retirement plan contributions, transfers, and withdrawals can raise or lower your monthly student loan payments on IBR, PAYE, and SAVE.
Having student loans doesn’t mean you should ignore your retirement accounts. In some cases, it is better to save for retirement than it is to pay down debt.