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As I recall many 401k plans will not let you make additional contributions while you have an outstanding loan and maybe even for a period of time(6 months?) after you pay it back.

Really? Because I've had 6 different 401(k) plans where I have looked at the loan provisions, and not one of them had this restriction. So either I have lived an incredibly charmed life with respect to 401(k) plans, or 'many' is more like 'some' or 'a few' or maybe even 'rarely'.

Several of my plans had restrictions like this in the case of hardship withdrawals, but never for loans. The OP would need to check their plan provisions to see if this was the case.

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