The quarterly maintenance fee is deducted from your account in equal amounts. The application fee may be taken directly from the participant's account at the time the loan is processed. TIAA-CREF has no fees for loans. A TIAA-CREF loan application must be signed by your spouse. Individuals who borrow against their TIAA-CREF funds must make the first payment the first day of the third month after the loan is issued.
Future payments are due every three months thereafter.
Individuals who borrow against their Fidelity Investments funds will make loan repayments by payroll deduction from their regular University paychecks. The first payroll deduction will occur beginning the first regularly scheduled payroll after Fidelity has provided the Benefits Division with written notification that the loan has been approved. Repayments must be made to TIAA-CREF on a quarterly basis. If your loan is with Fidelity Investments, the loan will be considered in default at the time of termination and the remaining amount of the loan is declared payable in full immediately. Any requested distribution of your account assets will be offset by the unpaid loan balance.