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Should I Cash Out Retirement to Pay Parent PLUS Loans Off?

By on March 24, 2016

Question:

Dear Steve,

Single 60 year old woman with parent loans of $60000- 8.5%- since getting divorced have been unable to pay – loans in deferment

Does it make sense to take money out of my retirement funds ($80000) to pay off the loans at this point? I am unable to save for retirement now but I don’t see any other way to pay these loans.

Cindy

Answer:

Dear Cindy,

It does not make sense. See The Best Way to Lower Parent PLUS Loan Payments and leave your retirement for retirement.

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READ  Why Did They Give Me Parent PLUS Loans I Could Not Afford?

About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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