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Hopefully you won't discover the REALLY bad thing about 401k loans. If you leave your job -- quit or get laid off -- you generally have 30 days to pay off the entire loan balance, or it will be considered an early withdrawal and you'll get hit with income tax and hefty penalty.

Oh, I'm aware of that problem ... But as a tenured university professor (in his senior years), I won't be affected by it.

Saving for retirement though -- which is not that far off -- will be completely messed up :(

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