What to do?

[hunter1077]

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Should I roll my state retirement 25k(loose employeer contribution 25k) to an IRA and withdraw for medical school expenses (no fees but do pay taxes)?
Or should I leave in and borrow more?
Also, I have two children and knowing how expensive unexpected things arise from them, should I take out the maximum of federal loans or should I just borrow what I think will get me by?
Thanks for the advise.

 

[katiekate]

Should I roll my state retirement 25k(loose employeer contribution 25k) to an IRA and withdraw for medical school expenses (no fees but do pay taxes)?
Or should I leave in and borrow more?
Also, I have two children and knowing how expensive unexpected things arise from them, should I take out the maximum of federal loans or should I just borrow what I think will get me by?
Thanks for the advise.

Leave your retirement monies alone until you are in a desperate financial crisis. You are going to pay more in taxes when you take money out of your IRA than the federal loans will cost over the long-term. Borrow money now and budget a little extra for the kids for the year, but not the max available. If you get into a financial emergency the first resource for $$ will maybe be your family, then the financial aid dept. They have many emergency loan options for various amts ($250-$2000+) specifically for students. Fin Aid realizes #### happens and they are pretty good at helping if they can. Then, if you find you need a bigger budget, take more federal money during the next school year.