Should I use retirement funds to repay debts incurred during college?

I am a 40 year old man. I have 2 kids and a lovely wife. I had taken out a student loan while pursuing higher education. The interest rate is so high that I haven’t been able to pay off the loan till now. I have some funds in my retirement savings account. Should I use it to pay off the federal loan?

3 Answers

Go to the Direct Loan site and apply.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

What is the proceedure to apply for Direct loan consolidation program?


If these are federal loans, why have you not consolidated them with Direct Loan Consolidation program thru the DOE?  They have both income based and income contingent repayment plans available. 

Cashing out a retirement can have major tax implications. It is not an advisable thing to do.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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