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Thread: Tsp loan

  1. #1

    Join Date
    Apr 2005
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    Default Tsp loan

    Here is a TSP Loan question- if anybody knows-

    I have an outstanding TSP Loan (to build a home) that will be paid off this month.

    I currently have $300 a month deducted from my pay- and this week's paycheck will pay off the last of it.

    My question is: Will my paycheck deduction automatically stop now that the loan is paid, or will I have to go into Employee Express and stop the deduction?

    I only ask because while I only had about $220 due in this paycheck to finish paying off the loan, I just checked, and my agency payroll deducted the full $300 this paycheck of the normal loan paycheck deduction. I am thinking now if TSP doesn't notify my payroll right away that the loan is paid off in full, my agency payroll office may KEEP doing that for a while, and I really don't want that to happen.

    Does anyone know? Does a payroll deduction for a TSP loan automatically stop with the last payment? Anyone experience this issue before?


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  3. #2

    Default Re: Tsp loan

    It should automatically stop. Any overpayment on your part should be refunded via hard check by TSP.

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  5. #3

    Join Date
    Sep 2004
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    Missouri
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    Default Re: Tsp loan

    Ditto.

    Quote Originally Posted by OBGibby View Post
    It should automatically stop. Any overpayment on your part should be refunded via hard check by TSP.

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