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naunga · December 4th, 2003, 09:42

Okay,

I've got a Sallie Mae loan for my PPL work. Like Ready2Fly says, it's worked out well.

From what I can tell you can't get a deferral for a Career Training loan from Sallie Mae (which is what the flying stuff is). If you go to an accredited college you can get governement loans which you can deferr / forebear until the end of time.

That's kinda why I'm looking to do my Masters at someplace with a fligth program. Let Unlce Sam pay for my training.

I also agree with the comments about staying out of debt, but lets face it unless you're pullin' in 6 figures and can keep your job while you're training it's not always fesible. Esspecially if you have any kind of family you're responsible for.

But...

I will say this. Apart from a local FBO, I would never give all of my loan money to any school. If you do that you risk getting into a situation like what happened at ATA. If I were to go to like FlightSafety my loan check would come to me first and the school gets what I owe them as I owe it. The only reason I say "apart from the local FBO" is that most FBO's tend to be pretty close knit groups (at least the flight school portion). You get to know the owners pretty quickly. I will say that even at the FBO I would wait a few months before getting a loan. It'll be pretty clear if they're shady or not in that time.

Typically the problem that people have with loans is not the fact that they're in debt, but rather that they have no plan to pay the debt. I've never understood these people who go and get loans up the wazoo, get the money, and then say, "How am I going to pay this back?" Dude! You need to figure that out before you get the money. It's not a difficult task, you simply plan for the worst. Say, "Okay I've got $40K to pay back. My monthly payment is $200 (roughly 15 years to pay it back). If I work 40 hours a week a $5/hr I can make that." You know that most jobs pay more than $5/hr, but if you get into a tight spot you know that you have to make at least $5/hr to make it. And $5/hr jobs are pretty easy to come by. And when you get into a steady job you can make better plans. I mean, I know the exact date that my student loans will be paid off. Hell, I bought an Xbox on a BestBuy card and knew exactly when it would be paid off. You gotta have a plan.

Anyhow, just my thoughts on the whole debt issue.

Naunga

December 4th, 2003, 09:42	#18
naunga Senior Member Join Date: Aug 2001 Location: McDonough, GA Posts: 982	Re: Financing Training Okay, I've got a Sallie Mae loan for my PPL work. Like Ready2Fly says, it's worked out well. From what I can tell you can't get a deferral for a Career Training loan from Sallie Mae (which is what the flying stuff is). If you go to an accredited college you can get governement loans which you can deferr / forebear until the end of time. That's kinda why I'm looking to do my Masters at someplace with a fligth program. Let Unlce Sam pay for my training. I also agree with the comments about staying out of debt, but lets face it unless you're pullin' in 6 figures and can keep your job while you're training it's not always fesible. Esspecially if you have any kind of family you're responsible for. But... I will say this. Apart from a local FBO, I would never give all of my loan money to any school. If you do that you risk getting into a situation like what happened at ATA. If I were to go to like FlightSafety my loan check would come to me first and the school gets what I owe them as I owe it. The only reason I say "apart from the local FBO" is that most FBO's tend to be pretty close knit groups (at least the flight school portion). You get to know the owners pretty quickly. I will say that even at the FBO I would wait a few months before getting a loan. It'll be pretty clear if they're shady or not in that time. Typically the problem that people have with loans is not the fact that they're in debt, but rather that they have no plan to pay the debt. I've never understood these people who go and get loans up the wazoo, get the money, and then say, "How am I going to pay this back?" Dude! You need to figure that out before you get the money. It's not a difficult task, you simply plan for the worst. Say, "Okay I've got $40K to pay back. My monthly payment is $200 (roughly 15 years to pay it back). If I work 40 hours a week a $5/hr I can make that." You know that most jobs pay more than $5/hr, but if you get into a tight spot you know that you have to make at least $5/hr to make it. And $5/hr jobs are pretty easy to come by. And when you get into a steady job you can make better plans. I mean, I know the exact date that my student loans will be paid off. Hell, I bought an Xbox on a BestBuy card and knew exactly when it would be paid off. You gotta have a plan. Anyhow, just my thoughts on the whole debt issue. Naunga