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401K Loan

August 12th, 2009 at 07:26 pm

Last year... I decided I needed to finally finish my degree. What was stopping me? $1015 I owed to the University. In the 3 years since I stopped going to school, I could not manage to pay that amount. When I realized I needed to get back in school quickly (to avoid credits expiring), I decided to take the money from my 401K as a loan.

I just checked my balance... I owe $27.66 which will be taken care of on my next paycheck! How exciting is that?

Since then I did graduate with my Bachelors... and I am now in my 3rd class of my MBA. Life is lookin' fine. Smile

4 Responses to “401K Loan”

  1. Apprentice Bliss Hunter Says:

    Good job !

  2. creditcardfree Says:

    When I read your title, I was worried at what I would see when I read the full post. However, in your case, this was probably an excellent way to move forward in your life. I commend the fact, that you took a small loan and you have paid it back quickly. Congrats on all your successes!

  3. disneysteve Says:

    I agree with creditcardfree. I was expecting this post to be some horror story. I am very strongly opposed to 401k loans, but you are clearly a happy exception. You borrowed a small amount with a clear purpose of where the money was going and how it would get repaid and you followed through.

    Good for you and congrats on your new degree.

  4. Jerry Says:

    I think that you made the right choice, as well, since it leads you upward to bigger and better things! Congratulations on the graduation and on making progress toward your graduate degree, that is fantastic. I firmly believe that an education is one of the best forms of insurance for a successful future. Keep it up!

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