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Frequently asked questions

All FAQs about loans

  1. Log in to your account at tiaa.org.
  2. Select MY ACCOUNT (at the top of your secure account home page) then select Apply for a loan.
  3. Follow the on-screen instructions to complete your loan request.
 
Please note that you may be required to print, fill out and return additional forms to complete your request. If this applies to you, you'll see instructions before you submit your loan application.

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  1. Log in to your account at tiaa.org.
  2. Select MY ACCOUNT (at the top of your secure account home page) then select Recent Service requests to see the status of your loan request.

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Select the MY ACCOUNT menu, then Manage loans, then View details, then Make a payment (on the Quick links menu on the right of the screen).

Follow the on-screen instructions to make a payment.    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Important note about online loan repayments: If you make a loan repayment online, the funds will be removed from your bank account five business days after the day of your repayment request.
 
You cannot prepay a loan before receiving your loan statement, which is typically mailed on or around the 10th of each month. If we receive a payment before the 11th of the month, we'll process it as an additional payment, and you must still make your regular loan payment. Also, keep in mind that the last three business days of the month are considered a “blackout period” during which we cannot apply payments or payment changes to the next scheduled payment. This means that when repaying your loan, you should make your payments after the 11th and before the last three business days of the month.

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It depends on your retirement plan's rules. You can log into your account to see if you're eligible to borrow from your plan and to see the amount available.
If you need assistance with your login information or would like to have the loan forms mailed to you, please call 800-842-2252. We're here every weekday from 8 a.m. to 10 p.m. (ET) and Saturdays from 9 a.m. to 6 p.m. (ET).

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We'll do the math on your behalf. Log into your account to see exactly how much you can borrow.
There are two types of loans that might be available to borrow from: the Retirement/Supplemental Loan (RL/GS) and the Payroll Advantage Loan (PAL).

If you're eligible for a RL/GS loan
The minimum loan amount is $1,000 and the maximum loan amount is $50,000. The actual amount you are eligible to borrow is determined by many different variables such as outstanding loan balances which will reduce the loanable amount, sources available and vesting. The loan is secured by collateral which equals 110% of the outstanding loan balance. The loan collateral is kept as collateral in the TIAA Traditional Annuity. Repayment must be made monthly or quarterly within 5 years (10 years if the loan is used to purchase a primary residence).
The interest rate on RL/GS loansis variable and may fluctuate based on the Moody’s corporate bond yield.

If you're eligible for a PAL
The minimum loan amount is $1,000 and the maximum loan amount is the lesser of $50,000 (minus the highest outstanding loan balance from the last rolling 12 months) and 50% of the eligible vested balance (minus any outstanding loans from the same plan and total non-distributable defaults for all plans).
You can borrow from your own accumulation and pay yourself back through payroll deductions.
The interest rate is fixed and based on prime rate + 1.
 

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For RL/GS loans
Three months after the loan, your first payment will be due on the first business day of that calendar month. Retirement/Supplemental Loan (RL/GS) payments are due on the first day of the month in which the payment is due.
Payroll Advantage Loans (PAL)
PAL payments are automatically deducted from your payroll and sent to TIAA by your employer. The first payment is due approximately 92 days from issue date.

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No. There are no taxes associated with borrowing funds from your account as long as your loan balance is repaid on time. If all or a portion of your loan is not repaid on time, the amount of the loan that is outstanding is subject to default.
A loan default 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 59½.
Your plan's rules may not allow you to take any further loans if you have a loan that defaulted. That might also be the case if you're required to pay back the defaulted loan plus interest in after-tax dollars.

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There's no prepayment penalty for partial or full loan repayments.

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Yes. You can always pay yourself back faster. Additional payments can come from your online account or through the mail.
If you make an extra payment through the mail, include your contract number on your check and mail the payment to:
TIAA
P.O. Box 4361
Carol Stream, IL 60197-4361
Note: Your regularly scheduled payments will still be due by the appropriate date.

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That depends on the specifics of your loan. The IRS does provide a grace period before a loan will be declared in default.
Once your amount is overdue, you have until the end of the next calendar quarter (March, June, September, and December) to make a payment.
After that, the outstanding loan balance—including accrued interest until the end of the grace period—will be deemed a distribution and reported to the IRS.

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If you’re currently repaying your loan on a quarterly basis, you can change the repayment method from quarterly to monthly.
If you change your repayments from quarterly to monthly, you can’t go back to quarterly in the future.
You can’t go from monthly to quarterly payments.
Monthly payments must be made through ADT (automatic debit transfer).
You can change the frequency of your loan payments online by logging into your account or by calling us at 800-842-2776.

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If your current payment method is monthly, you can’t change it to manual. All monthly repayments are required to be made by automatic debit transfer (ADT).
Quarterly payments can be made by either ADT or manually (check or single debit). Quarterly repayments can be changed from ADT and manual anytime.
Some institutions require ADT repayments, regardless of monthly or quarterly repayment methods. ADT can’t be discontinued for these institutions.

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It might because of the amount you're requesting. 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 can't receive your funds electronically.

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Once we receive your completed application and spousal waiver (if applicable), your loan check will be mailed to you within a few business days.
That's assuming you have the collateral required to be transferred to the TIAA Retirement Loan annuity to secure the requested loan amount.

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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.
This is not the interest rate to pay back your loan, but rather the rate TIAA will credit your loan collateral.

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In most cases, more than one loan is available. Employer-sponsored plan rules or state and federal laws may limit or prohibit multiple loans under certain circumstances.
You can log into your account to see if you are eligible to borrow an additional loan from your account, and to find out what amount is available.

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ONLINE HELP

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Weekdays, 8 am-10 pm (ET)
Saturdays, 9 am-6 pm (ET)

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