I’d say no. The penalties for withdrawal are worse than paying interest on the loan. And there are several ways to get the loan paid off now. Have you shopped employers who will pay it off either in the form of a signing bonus, tuition assistance or some other payment structure?
The smarter move is to adjust your 401k to allow you to pay the loan off. You won’t be saving as fast but you’ll be protecting what you already have plus still putting a little in. If you are able to save the employer match, you’re doubling your money.
Last edited by c1pher; 11-24-2019 at 07:29 AM..
|