Retirement plan loan calculator
Calculate the monthly payments of a retirement plan loan.
Get an understanding of what your monthly payment may be for a retirement plan loan and whether it fits in your budget.
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Estimated monthly payment
$0
* The Default Prime Rate (9%) shown is as of 2/14/25 and is subject to change. Interest rates may vary when you lock in the loan. This is for illustrative purposes only.
Already a TIAA customer? Log in to see if you can borrow from your retirement plan. Or, check in and explore your withdrawal options.
What people ask us
Loan basics & eligibility
How much can I borrow?
Log in to your account to check eligibility. Most plans offer Retirement Plan Loans with:
- Minimum: $1,000 (or plan-specified amount)
- Maximum: Lesser of 50% vested balance or $50,000 (reduced by highest loan in past 12 months)
- Interest rate: Prime + 1% (state rules may apply)
- Origination fee: $75 (general) or $125 (residential) for payroll deduction loans
Note: The fee reduces your disbursement amount (e.g., $10,000 loan with $75 fee = $9,925 received).
Can I get a loan with an outstanding loan?
Often yes, but plan rules, state laws, and IRS regulations may restrict multiple loans. Log in to check your eligibility and available amount.
Applying for a loan
How do I apply?
- Log into TIAA.org
- Select "Accounts" → "Loans & withdrawals"
- Follow on-screen instructions
You may need to print and return additional forms—instructions will appear before submission.
How do I check my application status?
Log in → "Accounts" → "View all actions" → "View available loans & payments." Check the "Pending/submitted requests" section.
How do I access additional required forms?
Log in → "Actions" → "View loan/withdrawal details" → locate your request → "Select" in Action column → "Pending actions and documentation" section.
When will I receive funds?
- Electronic transfer (EFT): ~2 business days
- Check: ~5 business days
(Timing assumes approved request with all documentation received in good order)
Loan repayment
How do I make a one-time payment online?
Log in → "Accounts" → "Make a loan payment" → "Make a payment" → "Schedule a repayment."
Important notes:
- Funds withdrawn next business day
- Cannot schedule within 3 business days of scheduled payment
- Only one one-time payment allowed at a time
- Does not replace your regular scheduled payment
How do I change my repayment bank account?
Log in → "Accounts" → "Make a loan payment" → "Loan Details" → "Schedule repayment" → "Edit" → "Add new bank account."
Can I repay early without penalty?
Yes. Retirement Plan Loans accept prepayments in increments of scheduled amounts. Collateralized Loans accept prepayments equal to or greater than scheduled amounts.
Tax implications & default
Is my loan taxed?
No, if repaid on time. Unpaid amounts default and result in:
- Taxable distribution reported to IRS
- Ordinary income tax on defaulted amount
- Potential 10% early withdrawal penalty (if under age 59½)
Defaulted loans may prevent future borrowing or require repayment with interest. Call 800-842-2776 for details.
Can I prevent a default if I miss a payment?
Yes, during the IRS grace period. You have until the end of the next calendar quarter after missing a payment to catch up (e.g., missed February payment = June 30 deadline). After that, the outstanding balance plus accrued interest becomes a taxable distribution.
This material is for informational or educational purposes only and does not constitute investment advice under ERISA, a securities recommendation under federal securities laws, or an insurance product recommendation under state insurance laws or regulations. This tool is intended to provide you with information to help you make informed decisions. You should not view or construe the availability of this tool as a suggestion that you take or refrain from taking a particular course of action, as the advice of an impartial fiduciary, as an offer to sell or a solicitation to buy or hold any securities, as a recommendation of any securities transactions or investment strategy involving securities(including account recommendations), a recommendation to rollover or transfer assets to TIAA or a recommendation to purchase an insurance product. In making this tool and information available to you, TIAA assumes that you are capable of evaluating the information and exercising independent judgment. As such, you should consider your other assets, income and investments and you should not rely on the information as the primary basis for making investment or insurance product purchase or contribution decisions. The information that you may derive from this tool is for illustrative purposes only and is not individualized or based on your particular needs. This material does not take into account your specific objectives or circumstances, or suggest any specific course of action. Investment, insurance product purchase or contribution decisions should be made based on your own objectives and circumstances. Contact your tax advisor regarding the tax implications. You should read all associated disclosures.