Quote:
Originally Posted by mulcher
Absolutely not. If or when you leave you will have to pay the loan back within 30 or 60 days. You should never get a loan or cash out a 401k . Get a low interrest credit card or ask family. An ATP is what maybe $1000. Lower spending the next few months and save the money yourself. There are always things you can do without to save the money. Debt free is a good feeling.
The cheapest place I have found for the ATP is 1895.00. However, if you leave your company the give you 30 to 60 days to pay what is left on your loan. Say I took the loan out for 2500.00 and left the company 6 months later. Paying 100.00 per month would leave me with 1900.00 left to pay. If you do not pay the remainder within the 30 or 60 days, your company simply just reports to the IRS that you were paid 1900.00 that was not yet taxed. Then at the end of the year when you do your taxes, you would settle up then.
I don't have 2500.00 on hand. I am looking at getting this ATP to hopefully move on to a fractional or other type of flying that will allow me the comfort of being able to afford such things like this certificate. If I stay where I am at(regional) and continue to live near paycheck to paycheck while not really even puting into my 401K then it seems like I am just sitting victim to this bad situation. Now on the flipside, if I take a loan out from myself to get the ATP, then hopefully I will be able to land a better job that pays a comfortable wage. Then I will even be able to put more into my 401K vs. puting nothing into it right now.
I know it's never good to take from your 401K, however life as a career regional FO doesn't allow you to even put into it.