How does a 457 loan work?

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Beatrice Monahan asked a question: How does a 457 loan work?
Asked By: Beatrice Monahan
Date created: Thu, Mar 4, 2021 5:51 PM
Date updated: Wed, Jul 20, 2022 2:13 AM

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Most loans from 401(k), 403(b), and 457 plans are repaid incrementally – the plan subtracts X dollars from your paycheck, month after month, until the amount borrowed is fully restored. If you leave your job, you will have to pay 100% of your 401(k) loan back.

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