Can I qit my job & terminate my 457 to pay for college? -This ones a challenge!

[Guest Nevada3]

My city goverment employer offers a 457 plan through Aetna. I am 25 years old and would like to defer a large portion of my income for 2-3 years, quit my job with the city and use the defered income in order to recieve a small income while I work on my masters full-time.

1) I have been told distributions will be taxed as income, will it be taxed at the regular employee FICA rate or will it be taxed at the higher self employment rate (essentially paying both the employer and employee portions)?

2)Are there any hidden problems that may arise with my plan?

Any knowledge you can pass on will be genuinely appreciated. Thanks!