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Loan from my 403B

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kingsaginaw Joined: 07 Feb 2009 Posts: 1 1.29 Dollars($)	Posted: Sat Feb 07, 2009 9:22 am    Post subject: Loan from my 403B Like 0 Dislike 0 I tried to take a loan from a 403b plan the investing co. rejected it saying it does not fall within IRS regulations . The Loan was to pay off my daughter's school susidised Loan hat charges high interest, she does'nt have enough income to pay it .. THX
jstncredit Joined: 05 Feb 2009 Posts: 28 10.12 Dollars($)	Posted: Tue Feb 10, 2009 5:14 am    Post subject: Like 0 Dislike 0 Firstly, you can borrow upto a maximum of 50% of your 403B account balance or $50,000, whichever is lower and you can borrow the money from the account till the time you retire. Now, the reason for rejection may be because the loan amount you have applied have exceed the maximum amount permissible. You can check it out and apply again. You can borrow from your 403B account for any reason.
Caron Moderator Joined: 19 Jul 2005 Posts: 1519 Location: florida 281.04 Dollars($)	Posted: Tue Feb 10, 2009 5:25 am    Post subject: Like 0 Dislike 0 Hi, The IRs has issued new rules for 403b plan. So, may be you didn't qualify under those rules. You need to talk to the investing company and find out which criteria you couldn't satisfy. You'll find the latest rules on 403b plan at http://www.irs.gov/retirement/article/0,,id=172433,00.html . Good luck _________________ Mortgage Shopping made easy with booklet

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