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As I struggle to find out a way to finance my coming years of medical school, given that the government loans only cover the student and not the family, I found out that our ROTH IRAs may be a lifesaver.
You can withdraw, penalty free, all of your contributions (or some of them) that you have made to your ROTH IRAs.
You can withdraw some of the returns for a first time home purchase as well. (there are certain requirements that have to be met for this)
The sweet deal about this is, IRAs don't count against you on the FAFSFA or for other types of aid as they are retirement accounts.
The downside is you are eating into your retirement funds, but so would additional private loans. So you have to weigh the cost.
Either way, I just "found" a down payment on a house when I start medical school, and that is awesome.
http://www.fairmark.com/rothira/distrib.htm
There is of course risk that goes along with investing in the stock market...
You can withdraw, penalty free, all of your contributions (or some of them) that you have made to your ROTH IRAs.
You can withdraw some of the returns for a first time home purchase as well. (there are certain requirements that have to be met for this)
The sweet deal about this is, IRAs don't count against you on the FAFSFA or for other types of aid as they are retirement accounts.
The downside is you are eating into your retirement funds, but so would additional private loans. So you have to weigh the cost.
Either way, I just "found" a down payment on a house when I start medical school, and that is awesome.
http://www.fairmark.com/rothira/distrib.htm
There is of course risk that goes along with investing in the stock market...