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Help - Educational Expenses and Retirement Accounts

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Anonymous
Not applicable

Help - Educational Expenses and Retirement Accounts

Hello,

 

 

Should I withdraw from my retirement account to support my educational expenses?

 

I am a doctoral/professional student and I am out for the remainder of the academic year (June 2017). I initially lived off of scholarships, loans, and savings when I started this phase of my education. I plan to get a job after I finish a sort-of capstone exam that I must take and do well on. Because I will not be returning to classes in the spring I will not receive financial aid and have spent my savings during my first two years of my program (which was planned). Until I can apply, secure, and start a job I need a way to support myself.

 

Any advice would be great.

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2 REPLIES 2
tacpoly
Established Contributor

Re: Help - Educational Expenses and Retirement Accounts


@Anonymous wrote:

Hello,

 

 

Should I withdraw from my retirement account to support my educational expenses?

 

I am a doctoral/professional student and I am out for the remainder of the academic year (June 2017). I initially lived off of scholarships, loans, and savings when I started this phase of my education. I plan to get a job after I finish a sort-of capstone exam that I must take and do well on. Because I will not be returning to classes in the spring I will not receive financial aid and have spent my savings during my first two years of my program (which was planned). Until I can apply, secure, and start a job I need a way to support myself.

 

Any advice would be great.


It's odd you are not supported by training grants until you get your degree; doctoral students (in the sciences) are usually not left high and dry unless they've stayed too long.  We generally finish classes at 2nd year and do research the rest of the time.  From what you wrote, I doubt you're in science, so I don't know if my suggestions will apply. 

 

Can you TA? or tutor?  Have you asked your department or advisor for help?  Can you take out another loan?  I would try not to touch the retirement account if at all possible, because if you have substantial loans, you will be starting below 0 and it will be hard for you to contribute to retirement at the beginning (and maybe for a while depending on your earnings).  At least if you haven't withdrawn it you'll have money growing in your retirement account even if you are not able to add more to it.  

 

Message 2 of 3
Anonymous
Not applicable

Re: Help - Educational Expenses and Retirement Accounts

Becoming a TA may be a good way for you to keep yourself afloat while finishing your degree. Good luck!

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