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Generally the policy is you have the pay back the 401k loan in full when you stop working. Assume you do a full time program and stop working, I don’t think you can borrow against 401k. If part time then I think it makes sense to borrow from the bank of you.
Yes, its an EMBA. So the plan is to continue working through the program.
I converted 401k to Roth (low taxes while student) and then used those funds to avoid more mba loans @ 6.6% or more. Then first years post mba I saved aggressively for retirement maxing and doing back doors.
As long as you be sure to contribute max as soon as you can, it’s not the disaster decision people make it out to be. I came out slightly worse using retirement funds but it obviously depends on the timing.
If I knew the bull market would be endless and interest rates would stay rock bottom then I would’ve chosen loans. Future may be different.
Is that fixed or variable? Sallie Mae?