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I have a loan with my plan ,how do I find out how much I owe?

Mar 09, 2013 by Mayra from New Haven, CT in  |  Flag
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Jason Hull Level 20

You can go to the home page of Brightscope, http://www.brightscope.com and type in your employer in the RIGHT HAND search box. That should pull up your administrator's information. You can then contact your administrator to find out how much you owe. Try to pay it back as quickly as possible. The whole "you're paying yourself interest" idea is misguided, so try to avoid taking out a loan in the future!

Comment   |  Flag   |  Mar 09, 2013 from Fort Worth, TX

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Hello Mayra, You can talk to your HR or payroll department and they should have a copy of your loan amortization schedule. The loan amortization schedule is a schedule of payments that will show you how much of each payment is going to principal and interest and the payoff date for your loan. Alternatively, if you have online access to your 401k, there is likely a section that you can check your loan balance and view the amortization schedule online.

Comment   |  Flag   |  Mar 09, 2013 from Medford, OR

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Call Human Resources and get the phone number of the Plan Administrator. The Plan Administrator can answer your questions and also give you directions to access the online portal, where you can review your account anytime. Also you should have a recent statement that will show your loan balance

Comment   |  Flag   |  Mar 18, 2013 from Delray Beach, FL

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