student loan worries - Page 3

Customx · March 8th, 2006, 22:11

How would the program that he did be different from the one that Heath did? After reading Heath's blog, it made me a believer that is IS possible to get hired quickly, but he sure seemed to work his butt off every single day.

notawannabee · March 8th, 2006, 22:22

I don't know who Heath is.
Yes, it is possible to get hired quickly.
Yes, to do these fast paced programs...you must be completely dedicated and focused to complete in time.

BTW, what are you doing in Korea..work..school?

notawannabee · March 8th, 2006, 22:32

oh, I see, Is it the Heath listed in the member directory on jetcareers ?
Worked at ATP and then got hired at Colgan ?
If so , that post was back in September. It's been my impression that hiring has slowed down since then. It will come back, it's just a matter of finishing training at the right time. In the last month or so, A couple of companies hired too many pilots.

In other words, you could train now or start a year later and get hired at the same time either way.

Customx · March 8th, 2006, 22:39

Yes, it was Heath from this forum...

I graduated from my university in August of 2004 and have been working as an English teacher for 1 year. It's a great way to save about $12-15k a year. If you teach some private lessons on the side (maybe 8 hours a week), you can easily save about $25-30k a year. I am currently working 30 hours a week, which is the maximum allowed by law for English teachers. Maybe Ninja should move here. He will have his apartment paid for, could pay that $1000/month on the loan easily, and pay back the majority of that loan in about 3 years if he worked hard.

Hopefully I'll be back home in about 2-3 years, with enough money stocked away to pay for my training in cash (or at least most of it).

notawannabee · March 8th, 2006, 23:06

that sounds like a great idea. That's not a bad gig...all expenses paid for and making some extra on the side. I'm going to Japan in a few weeks to visit....I would love to live somewhere in Asia for awhile. My situation is married , baby, pets...it would be next to impossible.

Willdathrill · March 8th, 2006, 23:58

customx is a very smart person for the korean move. i looked at the program briefly when finishing college and could not pull the trigger. i wanted to work in europe and wasn't focusing on saving money so quickly. but we all find our ways to get in the air.

Flying Ninja · March 11th, 2006, 21:41

Quote:

Originally Posted by Customx

One question I have though.....and hopefully somoene can answer this....Why did Ninja have a bill from ATP of $100k, when they advertise the complete course for around $45-56k, depending on whether or not you have your PPL? I thought they offered a fixed cost program...am I wrong?

I went to Embry-Riddle CAPT. The program cost $65,500 when I entered it. I budgeted for 12 months and looked at my financials and figured that I can do the program with what I had in savings. The program was almost 18 months after it was said and done and after the first 12 months, I had to take out another loan to live on. I also flew on the side to try to build up hours because I didn't trust CAPT with the low hours sale. I figured if I flew above and beyond, I can at least stand out above all other cadets. So I threw all my money into flying and trying to position myself for the better. I hope this answers your question on the 100K situation.

Customx · March 12th, 2006, 01:39

Ninja, is this the same CAPT program that Riddle is no longer offering?

DE727UPS · March 12th, 2006, 01:43

Don't mean to speak for him but yes it is.

DE727UPS · March 12th, 2006, 01:45

Are you teaching english is Taiwan or China?

Oh...woooops. I read far enough back to see Korea.

How do you like it? I've been to Seoul. Personally, Taiwan rocks. If there was a place to be an expat. That would be it.

Customx · March 12th, 2006, 20:28

I'm not too fond of Chinese people, at least the ones I have met in Seattle. I wouldn't mind visiting Taiwain or Hong Kong sometime, but when I have vacation time, I would much rather go to Thailand, Japan, Philippines, or somwhere else warm and tropical.

Korea's not too bad. The only bad part for me is that I have a really high metabolism, so not matter how much I eat, I continue to lose weight. Im going back to Seattle in 6 days though, where I will make sure to eat as much fatty American food as possible in my 3 weeks of visiting =)

Airdale · March 23rd, 2006, 00:38

Quote:

Originally Posted by wheelsup

Ninja,

Check out www.aircar.com. They hire people with your time, pay for F/O's in around $20k but upgrade to CA comes quick, 12-18 months for someone with your time, and they start around $40k. It's a lot of sitting around so if you get a job at your layover city you'd be able to make significantly more $$.

I can't believe CAPT duped you like that. $100k. WOW! My bud did ATP and had a job at ExpressJet 13 months from starting at ATP and only spent $33k.

~wheelsup

Great thread, lots of good info. I'm going the ATP route, just finished my Comm. Multi. $50k financed, only spent about $42k total including Private, so I have a few grand to pay the loan back with until I start making cash. I start CFI school monday, and hopefully in a few weeks I can find a CFI job.

Wheelsup, thanks for posting that link. Didn't know that company exsisted but on their website they solicit 1200hrs TT mins for FO position. I'd like to find a nice gig for 400hrs TT.

wheelsup · March 23rd, 2006, 10:45

Quote:

Originally Posted by Airdale

Wheelsup, thanks for posting that link. Didn't know that company exsisted but on their website they solicit 1200hrs TT mins for FO position. I'd like to find a nice gig for 400hrs TT.

Keep in mind what is posted isn't always what they hire at. My current companies' mins are 1500/250 multi, and there were people in my class with 1000/100, who were CFI's (ie no "advanced" training, etc.). Check out aviationinterviews.com for some posts with peoples times. If you have an in or keep pestering they will hire you well below 1000TT.

They *used* to be PFT, and would hire guys with 250TT if they paid, however when I interviewed last year they had done away with that.

pscraig · March 23rd, 2006, 23:46

Thought I'd throw in my $0.02 since my student loan is becoming a big worry...the interest rate on my Key loan has more than DOUBLED since I got it, and the payment has gone up almost $100. Worse, my overall balance is still high because of rising interest rates. When combined with much higher costs for flight school (they say due to fuel charges, sounds semi-bogus) I'm not sure the plan that worked for so many of us would work now. The same flight school that charged me $32K is now charging $45K. For a $50K loan, you're looking at $500+ a month payment, and I can speak from experience that it's extremely hard to pay that on a first year FO salary. I am single and had a roommate and the payment was still a huge difficulty.

My point to all the potential career-changers is this: Look before you dive in, there's less water in the pool than there was before. It sucks flying jets around the continent with $50 in your checking account.

notawannabee · March 24th, 2006, 00:29

Quote:

Originally Posted by pscraig

Thought I'd throw in my $0.02 since my student loan is becoming a big worry...the interest rate on my Key loan has more than DOUBLED since I got it, and the payment has gone up almost $100. Worse, my overall balance is still high because of rising interest rates. When combined with much higher costs for flight school (they say due to fuel charges, sounds semi-bogus) I'm not sure the plan that worked for so many of us would work now. The same flight school that charged me $32K is now charging $45K. For a $50K loan, you're looking at $500+ a month payment, and I can speak from experience that it's extremely hard to pay that on a first year FO salary. I am single and had a roommate and the payment was still a huge difficulty.

My point to all the potential career-changers is this: Look before you dive in, there's less water in the pool than there was before. It sucks flying jets around the continent with $50 in your checking account.

Your the same age as myself. I did the math on 50k and found it to be 500 as well. The bad part, and it's no secret, the interest rates will continue to rise, and fuel, and everything else. Are you still a first year FO ?

stultus · March 25th, 2006, 13:38

Quote:

Originally Posted by pscraig

It sucks flying jets around the continent with $50 in your checking account.

Dude you 've got $50! I'm jealous.

Seriously, for those of you who are interested in this career and plan on taking out loans read, there's some very good advice in this thread--especially what B767 has to say.

FWIW I think I've got $23 in the bank.

blee256 · March 27th, 2006, 04:23

Quote:

Originally Posted by BobDDuck

powered by hamsters who require no rest.

No such thing, otherwise our airline management would have hired them by now.

Brazilian_Pilot · March 28th, 2006, 10:37

I'm starting to get worried about student loans myself. I already saved a little by paying for some college, and a PPL out of pocket. But no matter where I go, I will have to borrow at least 45-50k for all the training, and to finish school.

Willdathrill · March 30th, 2006, 16:36

while everyone is correct overall concerning the high prices of student loans, interest rates are going to be coming down soon. it is the overall consensus that the federal reserve raised rates for the last time on this cycle. that usually means a period of lowering rates that will effect everyone with adjustable rate loans (everyone). it won't be drastic, but maybe some people will save $100 a month.

stultus · March 30th, 2006, 17:38

Quote:

Originally Posted by Willdathrill

while everyone is correct overall concerning the high prices of student loans, interest rates are going to be coming down soon

I'm not the financial cognoscenti others on this board are, but everything I've read from the experts at WSJ and USA Today seem to indicate there'll be a few more hikes this year.

notawannabee · April 4th, 2006, 02:31

Quote:

Originally Posted by stultus

I'm not the financial cognoscenti others on this board are, but everything I've read from the experts at WSJ and USA Today seem to indicate there'll be a few more hikes this year.

I second that. There will be one more increase coming soon, and all the financial gurus I
have heard / read say there will be a couple more as well

meritflyer · April 4th, 2006, 10:46

Wow! It seemed like the ERAU CAPT program really must have sucked! A DC-9 type? What good is that to a graduate. Maybe flying DC-9s in another country that still has active passenger service on them.

The least they could have done is get you an ERJ or CRJ type. Atleast with those types you are positioned for a regional job.

wheelsup · April 4th, 2006, 11:39

Quote:

Originally Posted by meritflyer

Wow! It seemed like the ERAU CAPT program really must have sucked!

I just talked to my bud that works in the CAPT program (not an IP). He told me while the program was shut down, it has not ended (although my understanding is no new incoming students right now). It was SOLD, however there has been no disclosure as to whom the buyer is just yet. An interesting development...

greaper007 · April 4th, 2006, 16:58

Debt definitly sucks. I made it through college with only 15 large. After flight school I'm up to 55k total. Has anyone been able to consolidate their federal and keybank loans?

wheelsup · April 4th, 2006, 20:37

Quote:

Originally Posted by greaper007

Has anyone been able to consolidate their federal and keybank loans?

I consolidated my federal loan with citibank with a for-life interest rate of 3.25%, and it'll drop to 3.00% in the next few months when I get my discount for making on time payments. This was almost two years ago however.

March 8th, 2006, 23:58	#56
Willdathrill Junior Member Join Date: Jul 2005 Posts: 72	customx is a very smart person for the korean move. i looked at the program briefly when finishing college and could not pull the trigger. i wanted to work in europe and wasn't focusing on saving money so quickly. but we all find our ways to get in the air. __________________ <---------- my quail hunting trip (true)

March 30th, 2006, 16:36	#69
Willdathrill Junior Member Join Date: Jul 2005 Posts: 72	while everyone is correct overall concerning the high prices of student loans, interest rates are going to be coming down soon. it is the overall consensus that the federal reserve raised rates for the last time on this cycle. that usually means a period of lowering rates that will effect everyone with adjustable rate loans (everyone). it won't be drastic, but maybe some people will save $100 a month. __________________ <---------- my quail hunting trip (true)

April 4th, 2006, 10:46	#72
meritflyer Old Skool Join Date: Dec 2005 Location: Winchestertonfieldville Posts: 6,747	Wow! It seemed like the ERAU CAPT program really must have sucked! A DC-9 type? What good is that to a graduate. Maybe flying DC-9s in another country that still has active passenger service on them. The least they could have done is get you an ERJ or CRJ type. Atleast with those types you are positioned for a regional job. __________________ The simplest answer tends to be correct.

April 4th, 2006, 16:58	#74
greaper007 Senior Member Join Date: Oct 2004 Location: West Hartford, Ct Posts: 1,100	Debt definitly sucks. I made it through college with only 15 large. After flight school I'm up to 55k total. Has anyone been able to consolidate their federal and keybank loans? __________________ <<<<<Hunter S. Thompson extends the Gonzo concept to flying.

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March 8th, 2006, 22:11	#51
Customx Junior Member Join Date: Mar 2006 Location: Seoul Posts: 120	How would the program that he did be different from the one that Heath did? After reading Heath's blog, it made me a believer that is IS possible to get hired quickly, but he sure seemed to work his butt off every single day.

March 8th, 2006, 22:22	#52
notawannabee Junior Member Join Date: Feb 2006 Posts: 217	I don't know who Heath is. Yes, it is possible to get hired quickly. Yes, to do these fast paced programs...you must be completely dedicated and focused to complete in time. BTW, what are you doing in Korea..work..school?

March 8th, 2006, 22:32	#53
notawannabee Junior Member Join Date: Feb 2006 Posts: 217	oh, I see, Is it the Heath listed in the member directory on jetcareers ? Worked at ATP and then got hired at Colgan ? If so , that post was back in September. It's been my impression that hiring has slowed down since then. It will come back, it's just a matter of finishing training at the right time. In the last month or so, A couple of companies hired too many pilots. In other words, you could train now or start a year later and get hired at the same time either way.

March 8th, 2006, 22:39	#54
Customx Junior Member Join Date: Mar 2006 Location: Seoul Posts: 120	Yes, it was Heath from this forum... I graduated from my university in August of 2004 and have been working as an English teacher for 1 year. It's a great way to save about $12-15k a year. If you teach some private lessons on the side (maybe 8 hours a week), you can easily save about $25-30k a year. I am currently working 30 hours a week, which is the maximum allowed by law for English teachers. Maybe Ninja should move here. He will have his apartment paid for, could pay that $1000/month on the loan easily, and pay back the majority of that loan in about 3 years if he worked hard. Hopefully I'll be back home in about 2-3 years, with enough money stocked away to pay for my training in cash (or at least most of it).

March 8th, 2006, 23:06	#55
notawannabee Junior Member Join Date: Feb 2006 Posts: 217	that sounds like a great idea. That's not a bad gig...all expenses paid for and making some extra on the side. I'm going to Japan in a few weeks to visit....I would love to live somewhere in Asia for awhile. My situation is married , baby, pets...it would be next to impossible.

March 12th, 2006, 01:39	#58
Customx Junior Member Join Date: Mar 2006 Location: Seoul Posts: 120	Ninja, is this the same CAPT program that Riddle is no longer offering?

March 12th, 2006, 01:43	#59
DE727UPS Old Skool Join Date: Nov 2000 Location: Spokane, WA Posts: 6,550	Don't mean to speak for him but yes it is.

March 12th, 2006, 01:45	#60
DE727UPS Old Skool Join Date: Nov 2000 Location: Spokane, WA Posts: 6,550	Are you teaching english is Taiwan or China? Oh...woooops. I read far enough back to see Korea. How do you like it? I've been to Seoul. Personally, Taiwan rocks. If there was a place to be an expat. That would be it.

March 12th, 2006, 20:28	#61
Customx Junior Member Join Date: Mar 2006 Location: Seoul Posts: 120	I'm not too fond of Chinese people, at least the ones I have met in Seattle. I wouldn't mind visiting Taiwain or Hong Kong sometime, but when I have vacation time, I would much rather go to Thailand, Japan, Philippines, or somwhere else warm and tropical. Korea's not too bad. The only bad part for me is that I have a really high metabolism, so not matter how much I eat, I continue to lose weight. Im going back to Seattle in 6 days though, where I will make sure to eat as much fatty American food as possible in my 3 weeks of visiting =)

March 23rd, 2006, 23:46	#64
pscraig Senior Member Join Date: Jul 2001 Location: Houston, TX Posts: 1,021	Thought I'd throw in my $0.02 since my student loan is becoming a big worry...the interest rate on my Key loan has more than DOUBLED since I got it, and the payment has gone up almost $100. Worse, my overall balance is still high because of rising interest rates. When combined with much higher costs for flight school (they say due to fuel charges, sounds semi-bogus) I'm not sure the plan that worked for so many of us would work now. The same flight school that charged me $32K is now charging $45K. For a $50K loan, you're looking at $500+ a month payment, and I can speak from experience that it's extremely hard to pay that on a first year FO salary. I am single and had a roommate and the payment was still a huge difficulty. My point to all the potential career-changers is this: Look before you dive in, there's less water in the pool than there was before. It sucks flying jets around the continent with $50 in your checking account.

March 28th, 2006, 10:37	#68
Brazilian_Pilot Senior Member Join Date: Mar 2005 Location: Chicago Suburbs, IL 1C5 (Clow) Posts: 314	I'm starting to get worried about student loans myself. I already saved a little by paying for some college, and a PPL out of pocket. But no matter where I go, I will have to borrow at least 45-50k for all the training, and to finish school.