I will soon be attending graduate school to the tune of approximately $42k.  I am currently trying to understand the financial viability of using a financial hardship withdrawal to pay for part of it.
135242
Will your future earnings be enough to replace the funds, as well as any interest they would have netted you?  If you are talking about 2 years of school, then another 3 years to pay it back, you are loosing 5 years worth of interest.  \n\nIt should be a simple matter to do the math and figure out if you can come out ahead in the long run.
559493
I might suggest talking to the Financial aid folks at the University that you are interested. At least they might be able to point you in the right direction.
192973
Usually you receive your student loan payment as a check and if it goes beyond what you owe school, you can use the remaining amount for those expenses.  I believe the amount goes directly to your school and the school will give you the balance.  Somehow when I was in school I used student loan money for expenses.  Its perfectly accepable...just remember you have to pay it back so don't go crazy otherwise it will linger over you for the next 15 years if you don't get a great paying job that you can pay it off quickly.
340699
I say go for it. I did when I was at school. I had excess student loan money after all my tuition had been paid. Made an excellent return on investment. as to the poster who says you should never borrow to invest...that is just madness...EVERY business borrows to invest (when a company issues bonds there are borrowing money from investors at a lower interest rate and investing it at a higher interest rate)and even the government does it i.e. Treasury bills are used to fund government expenditure. as a word of caution though don't invest in stocks. the stock market is not predictable. you are better off with a CD/Treasury bill or a municipal bond
158722
Keep in mind that there are limits to the amount of financial aid that you can receive and that these limits are based on your educational costs.  While you can obtain financial aid to cover your housing costs, you might not be eligible for as much as you need.  Are you looking for $40K PLUS tuition costs?  That might not be feasible, but it's worth looking into. You'll have to be prepared to borrow, though.\n\nIf you're talking about returning for undergraduate study, you probably won't receive enough federal financial aid to cover your expenses -- you would need to supplement your aid package with a private educational loan.\n\nIf you are looking to return for graduate study, you'll be eligible for no grant aid but a lot more in federal loan funds.  You can get Stafford Loan funding for up to $18,500 and, as a grad student, you can borrow the remainder in the form of a Federal PLUS loan (sometimes called GradPLUS).\n\nAll you need to do to obtain these loan types is file the FAFSA.  With a family of 5, you'll probably show need, but even if you don't you'll still be eligible.
529381
You can talk with your university about getting a computer loan. I had several friends that got their computers this way and didn't have to pay back the loan until they graduated.
519912
you prolly can, but you will pay HUGE early withdrawl fees and taxes.\n\nit is designed as a RETIREMENT ACCOUNT, the money is for your retirement, that is why early withdrawls out of a 401 {k} are highly troublesome
614510
NO....there is a substantial penalty, usually 10% for withdrawing 401K money early...not to mention you will have to pay taxes on the money.  Don't do it.
662163
Your best bet is to ask the school you will be attending.  I don't know of many people who have financial aid for living expenses.   I think your best bet is to take out some loans to help cover what you need.
466716
Federal law prohibits anyone from using a 401(k) account as collateral for a loan, except for a loan from the plan itself. Most plans allow for a loan of up 50% of your vested balance. However, unless you are being paid while on leave of absence, you may not be allowed to take a loan from the plan, because repayment must be done through payroll withholding.  If this is the case for you, then a hardship withdrawal may be your only other option. Others have noted that a hardship withdrawal is taxable and subject to to additional 10% early withdrawal penalty if you are under 59 1/2.
385441
Only $46K?!  Consider yourself fortunate!  Sounds like a little burn out.  Take some time to gather yourself.  I was an enlisted man and quite literally practiced medicine for 23 years.  When I retired, I had 136 credit hours -- most of them in the upper level hard sciences.  I went back to school and was only allowed to transfer 47 -- none of the upper level courses.  Because I couldn't do the calculus and chemistry, I had to switch my major.  I graduated as a high school teacher and still couldn't get hired.  My wife and I now own a dog grooming business.  She grooms, I pet and distract.  It's enough to make your head implode.  In medicine, I was good enough for the President of the United States.  In the civilian world, I'm not qualified to pass out band aids in a mass casualty situation.  Go figure.\n     About that originality/individuality stuff.  Can't have it in my line of business.  The people expect the established standard.  My recommendation, start your own business.
210480
Lump Sum as you have no idea what the tax laws could change to in the future........  First thing i would do is to set up a 1 million dollar trrust to send ANY child related to me now or in the future to go to collegte only restriction is that they would have to finish thier degree, then they would be debt free failure to do so would require them to pay it back.  second thing give 1.5 million to my brothers and sisters and cousins... here you go pay off your bills buy a new car, house what ever but,,,, this is all there is you can not have anymore .
661444
Your loan agency (the government, or a private institution) will distribute the money to your college, usually about 4 weeks after your semester has begun (for a full length semester).\n\nThe school will then use the money to pay off any outstanding debts you have (for classes, for registration, for tech fees, etc.).\n\nMoney that is left over, will be given to you in the form of a check, about 2 weeks after that. \n\nYou then have the option of either returning it to your loan agency (so you won't owe more later, and so you don't reach your loan limit before you have finished your degree)...\nOr cashing it and sending part of the money back to the loan agency (same reasons as above, plus building up a good line of credit, showing you pay your debts)...\nOr cashing it and either spending or saving it.\n\nI suggest using what you need for books, then sending the rest back to the loan agency, or depositing it into a bank account that will give you interest. Keep this money separate from the rest of your spending cash or it will soon dissapear, and remember, you always pay interest so you always end up having to pay back more than you borrowed (which is why I returned the checks, uncashed, to the government, my first two semesters in college).\n\nBy the time you get to your last 1.5 years, try saving all the money...because 6 months after graduation, you have to start making large payments to the loan agency, and if you don't have a good job, you won't have the money on hand...so save their money and pay them back with it!
639155
Yes, because if I'm going to die soon, I'm not going to graduate school! I'm maxing out some credit cards, and having a heck of a time before I go. If I find out i'm not going for awhile, then fine, I'll keep at it, until then, and you guessed it! Time to start ringing up some debt.
82848
You can always qualify for financial aid even if you made too much money. The difference is that you will have to pay for it and the interest when you're done with school.  Also, you can only qualify if you at least go to school with a part time load. \n\nOnline college is only a good bet if it's in the same state your living in, otherwise you'll be paying out of state tuition, which is most of the time as much as 5 times more expensive. Have you thought of a community college?
424823
It's the way the laws were written - the assumption is that if you went to college, you should make enough money to pay those loans back.  If they allowed bankruptcy, I'm sure that 40%+ would file, since they'd have no money right out of school.
603967
This is to inform you that I am withdrawing from your institution effective immediately {or I withdrew on ____date}. I understand that you require a formal withdrawal to refund my initial "down payment".  Accordingly,  this correspondece is in compliance with your requirement of a formal withdrawal. Further please refund my initial "down payment' as soon as possible.  Should you have any questions or further requirements, please advise.\n\nThaknking you for your professional attention to this matter, I remain\nSincerely....