Thinking of a TSP Shutdown Loan ?

The PDF below details information about taking out a loan from your TSP Account. The main issue is whether the TSP will let you take out a loan. Here is what they say about loans during furloughs:

Can I take a TSP loan while I am furloughed?

If the furlough is expected to last 30 days or less—yes. If the furlough will last more than 30 days—no. . . .

We are trying to find out if the TSP has determined how long they ‘expect’ this furlough to last. That answer will determine whether it’s even possible to take a loan. Whether it is a good idea to take a TSP Loan for this purpose is a separate calculation. If you’re considering this option you probably should contact TSP ASAP. The TSP is open for business during the shutdown.

YOU SHOULD ALSO CONSIDER CONTACTING YOUR CREDIT UNION- MANY HAVE LOAN PROGRAMS FOR THE SHUTDOWN

Here is the TSP’s PDF “Effect of Nonpay Status on Your TSP Account”:

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