The Thrift Savings Plan (TSP) for Federal Employees increased the maximum loan amount from $50,000 to $100,000 due to the CARES Act and coronavirus crisis. The online tool for processing TSP loan applications will stop accepting submissions that exceed the usual maximum amount at noon on September 22nd. Signed loan applications will be accepted until later that same day, but at midnight. Although it was originally thought to be increased until closer to November, TSP announced earlier this week that the deadline for accepting applications would be the 22nd of September.
To review which individuals are eligible for the increased loan amount, you can read STWS Advisor Jennifer Meyer’s article here.
Instructions for accessing the online tool mentioned above can be found here.
And if you have any questions about your finances, TSP loans, or any other matter related to your Federal Benefits, you can schedule an appointment with an STWS Advisor here.
Until Next Time,
**Written by Benjamin Derge, Financial Planner. The information has been obtained from sources considered reliable but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Benjamin Derge and not necessarily those of RJFS or Raymond James. Links are being provided for information purposes only. Expressions of opinion are as of this date and are subject to change without notice. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors.