WebMar 14, 2024 · The TSP Loan is a Low-Cost Loan Loan Cost There is a $50 loan fee charged for administrative purposes. This amount is deducted from your loan proceeds. So If you borrow $50,000 the fee will be deducted from that and you will actually receive $49,950 in your bank account. Interest Rate WebSep 7, 2015 · This article is about what will happen to that loan when you retire, or otherwise separate from federal service. You are required to close out an outstanding TSP loan within 90 days of separation. Once the TSP Service Office is notified of your separation, they will send you instructions on closing out your loan.
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WebTo apply for a loan log into your account or use one of the ThriftLine Service Center options (call, fax, or mail). There is an application fee for each loan you take out. For general purpose loans the fee is $50, for primary residence loans the fee is $100. WebJan 5, 2016 · In 2015 you take a loan and receive funds out of TSP without a tax consequence, and then pay back these funds with after tax money. To pay them back with pre-tax money would be to receive tax deductions in two years on the same amount. This isn’t the case of course; they go back in after tax and then are taxed as income when they … ford fds software
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WebOct 20, 2009 · go to http://www.tsp.gov/ pick account access>all transactions> do the login thing > pick loans. There is a form there, under outstanding loans i think, you fill in your account # and amount then print and mail in. no electronic fund transfers for early payoffs. takes about 7-10 days to arrive at tsp and clear your account. WebMar 4, 2024 · You can use a general purpose TSP loan for almost anything. It has a repayment term of 12 to 60 months, and there is a $50 processing fee. A primary residence TSP loan must be used for the purchase or construction of a primary home. Borrowers must provide supporting documentation. WebMar 1, 2024 · A TSP loan is when you take money from your TSP account for personal use. The loan amount can range from $1,000 to $50,000, but cannot exceed: Your contributions & earnings on those contributions The greater of $10,000 or 50% of your vested account balance (minus any outstanding loan balance) el paso community college sonography program