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

Written by Steve Rhode

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.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.


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About the author

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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