Loans
Can I take a loan from my retirement plan?
You may borrow funds from your TIAA-CREF account if your employer-sponsored retirement plan offers loans. You can log in to your account to see if you are eligible to borrow from your account, and what amount is available for a loan.
Loans are subject to and reduce the availability of funds. Please note the total collateralized amount reduces the availability of funds.
If you need assistance with your login information or would like to have the loan forms mailed to you, please call 1 800 842-2776 weekdays from 8 a.m. to 10 p.m. (ET) and Saturdays from 9 a.m. to 6 p.m. (ET).
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How much can I borrow? The minimum loan amount is $1,000. The maximum loan amount is $50,000. The amount you are eligible to borrow is determined by your account balance. 110% of the loan must be must be kept as collateral in the TIAA Traditional Annuity. Repayment must be made within five years (ten years IF the loan is used to purchase a primary residence).
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Are loans taxed? There are no taxes associated with borrowing funds from your account as long as your loan balance is repaid timely. If all or a portion of your loan is not repaid timely, the amount that is defaulted is generally considered a taxable distribution from your account. You would be subject to paying ordinary income tax on the amount defaulted and a potential 10% early withdrawal penalty if you are under age 59 ½.
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Am I penalized for repaying my loan early?
There is no pre-payment penalty for partial or full loan repayments.
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How can I make an additional payment to my loan? You can send an additional payment by mail. Be sure to include your contract number on your check and mail the payment to:
TIAA-CREF
P.O. Box 4361
Carol Stream, IL 60197-4361
Note that your regularly scheduled payments will still be due by the appropriate date.
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Can I change the frequency of my payments? You can change from quarterly to monthly. You cannot go from monthly to quarterly. If you change your repayments from quarterly to monthly, you cannot go back to quarterly in the future. Please contact us at 1 800 842-2776 to make this change.
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Why can I not have my loan check sent electronically? If your loan request is over $15,000 or if the highest outstanding balance within the past 12 months, plus your current loan request is over $15,000, you cannot receive your funds electronically. Also, if you have changed your online login information within the past 14 days, you cannot receive your funds electronically.
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How do I change the bank where my loan repayment withdrawals are taken?
You will need to log into Secure Access and select "See current loan information" from the drop-down menu located on the dashboard. On the following page select View/Modify Automatic Repayment from the left-hand column, then click on the Modify button and enter in your new bank information.
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How long after applying for a loan can I expect to receive the check? Once we receive your completed application, your loan check will be mailed to you within a few business days, provided you have the required collateral transferred to the TIAA Retirement Loan annuity to secure the requested loan amount.
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Does my TIAA collateral amount continue to earn interest while the loan is outstanding?
Yes. The amount held as collateral for your loan will earn TIAA contractual interest, and additional amounts as declared by TIAA's Board of Trustees, but is not available for transfers to the TIAA-CREF variable accounts, withdrawals, or annuity income. This is not the interest rate to pay back your loan but rather the rate TIAA-CREF will credit your loan collateral. However, as you repay the loan, the amount you need as collateral decreases, and the amount of your TIAA accumulation available for transfer, withdrawal, and annuity income increases.
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Can I get a loan if I have one outstanding?* Yes. You can have more than one loan at any one time from the same GSRA, if within the Internal Revenue Code limits. You can take out a loan for the additional funds you need and keep multiple loans outstanding.
Note: If you have an outstanding loan, the amount you're eligible to borrow is subject to TIAA-CREF and federal law maximum loan guidelines.
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