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401K Loan

August 13th, 2009 at 03:26 am

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

3 Responses to “401K Loan”

  1. Apprentice Bliss Hunter Says:
    1250161524

    Good job !

  2. creditcardfree Says:
    1250170642

    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:
    1250181804

    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.

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