Participant Loans

Loan Terms

You will be charged a variable rate of interest on your loan; the interest rate is subject to change once a year on the first day of the month in which your loan was originally issued. You can take up to five years to repay your loan (or up to 10 years if you use the loan proceeds to purchase your principal residence). In most cases, the term of a loan cannot extend past the April 1^st of the year after the year you attain age 70½. Loans can be repaid either quarterly or monthly. Payments can be made by check sent directly to TIAA-CREF or through automatic deductions from your checking account (required for monthly billing). If you are married, your spouse must consent to the loan.

While this Summary Plan Description summarizes the major provisions of this plan, it does not provide you with every plan detail. The plan documents, which govern this plan, provide full details. If there are any discrepancies between this Summary Plan Description and the legal plan documents, the legal plan documents control.