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How to i find out my pay off on 401k loan?

I have a 401 k loan and would like to know my payoff

Mar 01, 2013 by charles from Syracuse, NY in  |  Flag
3 Answers  |  5 Followers
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5 votes
Mike Fleiner Level 13

You should contact your plan administrator (record keeper) by phone. They should be able to easily tell you the payoff amount and the options for making the payment.

Comment   |  Flag   |  Mar 01, 2013 from Reno, NV

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Kevin J. McNab Level 19

As indicated in the above responses, you should contact the number on your 401(k) statements. It is important that you ask for the "payoff" amount of your loan. This can be slightly different due to interest than the loan amount that shows up on a statement or online. Typically, you will just mail a check in this amount to the plan administrator. If you are no longer with the employer, it is not uncommon to have a 60 day period after employment ends to payoff your loan. I hope this helps.

Comment   |  Flag   |  Mar 01, 2013 from Westminster, CO

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1 vote

You need to contact the plan administrator. Call HR and get their phone number. You can also get directions from the plan administrator, and possibly HR, to register and log in to their online portal, where you can view it any time.

1 Comment   |  Flag   |  Mar 01, 2013 from Delray Beach, FL

Annually, numerous people elect to take a 401(k) loan
, an earlier withdrawal from their 401(k) account, which they have to pay back. Unfortunately, an increasing share of these loans isn’t paid back, as the quantity of 401(k) loan defaults has risen in recent years.

Flag |  Jul 16, 2013 near Chicago, IL

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