cbg
I'm a Northern Girl
If your plan permits, of course you can stop contributions to the plan.
I am going to say this one more time.
FEDERAL LAW PROHIBITS HARDSHIP WITHDRAWALS FOR ANY BUT VERY LIMITED REASONS, WHICH DO NOT INCLUDE THE PAYMENT OF STUDENT LOANS.
It doesn't matter if your employer has a hardship withdrawal clause or not. Hardship withdrawals can be taken for the following reasons ONLY:
Un-reimbursed medical expenses for you, your spouse, or dependents.
Purchase of an employee's principal residence.
Payment of college tuition and related educational costs such as room and board for the next 12 months for you, your spouse, dependents, or children who are no longer dependents.
Payments necessary to prevent eviction of you from your home, or foreclosure on the mortgage of your principal residence.
For funeral expenses.
Certain expenses for the repair of damage to the employee's principal residence.
Student loans are not included in that list.
I am going to say this one more time.
FEDERAL LAW PROHIBITS HARDSHIP WITHDRAWALS FOR ANY BUT VERY LIMITED REASONS, WHICH DO NOT INCLUDE THE PAYMENT OF STUDENT LOANS.
It doesn't matter if your employer has a hardship withdrawal clause or not. Hardship withdrawals can be taken for the following reasons ONLY:
Un-reimbursed medical expenses for you, your spouse, or dependents.
Purchase of an employee's principal residence.
Payment of college tuition and related educational costs such as room and board for the next 12 months for you, your spouse, dependents, or children who are no longer dependents.
Payments necessary to prevent eviction of you from your home, or foreclosure on the mortgage of your principal residence.
For funeral expenses.
Certain expenses for the repair of damage to the employee's principal residence.
Student loans are not included in that list.