School bill...

[per_solo]

Ok, so the current school bill will be taken care of by the end of this week.

My financial advisor for my IRA basically advised against getting a loan, as the interest on a loan would be counterproductive. He suggested pulling the money needed out of my IRA. Basically, long story short, Educational Disbursement is one of the main ways to pull money out like that, and not pay the exorbitant fees that come with drawing money out like that.

Debated it, asked questions, and came to the conclusion that he was right, so withdrew just enough to pay off this bursar bill, and left the rest alone.

NOT horribly happy about it, but the fact that I don't get hit with the fees was enough to make me go "ok", and the fact that the hit I'll take will be for it being income made me note that, as of the end of this year, I've got no real income, so that shouldn't be too horribly bad.

Where's the net?

Comments

[echoweaver.livejournal.com]

This sounds like it was a wise decision.

Are you applying for student loans to start the rest of schooling? You really don't want bank loans for that.

[per_solo]

*nod* Student Loans at the end of the year will be the name of the beast. :-)

[echoweaver.livejournal.com]

Ya. At least you don't have to pay those back until you graduate and are hopefully making more money.

[awe-struck.livejournal.com]

Do you still pay taxes on what you withdraw? I know they waive the penalty fee, just be sure you check about taxes and put some aside if you need to...

[(Anonymous)]

Income tax, yeah..and the comment was that the worst I should see is a slight reduction in my return next year..