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6 Key Rules to Borrowing from Your Thrift Savings (TSP) Account
You can borrow from your Thrfit Savings Plan (TSP) account if:
- You have at least $1,000 of your own contributions and associated earnings
in your account. Agency contributions (and earnings on that money) cannot be
borrowed.
- You are currently employed as a Federal civilian employee or member of the
uniformed services. (Separated and retired TSP participants are not eligible.)
- You are in pay status. (Loan payments are deducted from your pay.)
- You have not repaid a TSP loan (of the same type) in full within the past 60
days.
- You have not had a taxable distribution on a loan within the past 12 months,
unless the taxable distribution resulted from your separation from Federal
service.
- You can borrow from your TSP account even if you have stopped
contributing
your own money.
Source: TSPBK04 (6/06)
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