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403b Loan Default What are my options now?

#1 User is offline   Ryan 

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  • Joined: 03-March 09

Posted 03 March 2009 - 10:56 PM

Howdy,
My loan that I have through Metlife for my 403B is now in full default. I understand that this will be reported as income for 2009. Will I still have to pay back the remaining balance or will it be deducted from my account? At this point can I pay that balance back at my time or do I still need to follow Metlife's payment schedule? Am I correct to understand that the loan will need to be paid back before I turn 59.5? Until then I just need to pay back the loan at my timeline?


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