ERAU Here I Come

Wm226 · February 10th, 2004, 21:29

Well, after some serious reflection and thought... I am pretty sure that I will end up at ERAU. However, I am still somewhat uncertain regarding the financing of tuition...

I would be very happy if you guys can enlighten me about what I should look closely at when shopping for a loan. Also, any other information is welcome!

Thank You,
William

SkyyAngel · February 14th, 2004, 19:08

I had/have the Stafford Loan. And also the Parent Loan. Also Riddle had given me pretty much a grant to cover housing and about another 1000 or so just because....probably because I'm a chick. When you get there just have a talk with the fin aid counselors...they're great ladies and bent over backwards to help me out.

SkyyAngel · February 14th, 2004, 19:09

Oh yeah...and about the loans...look closely at whether it's subsidized or unsubsidized like the Stafford Loans. Also important is when you have to pay it back and at how much are you paying back? Because what you borrow is not what you owe...

Wm226 · February 14th, 2004, 20:23

Thank you for your help!

Tazman282 · February 27th, 2004, 21:26

I have been dealing with Embry Riddle and loans for the past four years and it sucks... When looking for student loans go to the Financial office and ask for info they will more than likely give you a paper that has all of the going rates and percentages.

You are almost always going to get a lower interest rate with a co-borrower, so work on that one now. Hopefully you can get your parents to co sign for you and then when you graduate just get some life insurance that will cover your loans if you were to die. I know that doesn't sound like a good idea but if you were to die your co borrower would have to pay for it. Which would suck... I currently pay 100 bucks a month for 300,000 which is a lot more than I needed but it wasn't much more.

You can get stafford loans based on your FASFA report and for the most part if your parents don't make more than like 40,000 a year or you are married you can get pell grants and other funds. If they make more than that then you are screwed unless of course you get married which I have known people to do just to get school paid for. Pretty stupid in my mind but hey it would save a whole lot of money.

I personally went with Sallie Mae and they were pretty good, but I believe this year they dropped Embry Riddle so you will have to find someone else to do it. Make sure you get your FASFA report done first then it will show how much you eligible for through financial aid.
web page

Start the process early because sometimes it takes time to get all the paperwork done. Good Luck...

David

Wm226 · February 27th, 2004, 23:41

[ QUOTE ]
I currently pay 100 bucks a month for 300,000 which is a lot more than I needed but it wasn't much more.

[/ QUOTE ]

How does that exactly work? I read from the ERAU Academic Bulletin that 4 years at ERAU is approximately $155,000. Where did $300,000 come from? Also, do those loans really only end up costing only $100 per month? If so... that is pretty decent.

If you don't mind me asking, what loan (or loan combinations) did you take out?

Thank you for your help and explanations!

EatSleepFly · February 28th, 2004, 00:39

[ QUOTE ]
Also, do those loans really only end up costing only $100 per month?

[/ QUOTE ]

I wish.

AJM · February 28th, 2004, 07:23

Dunno on the CAPT discussion board brings up a good point about regular ERAU students and possibly Alumni’s money.

http://discussions.erau.edu/cgi-bin/...act=ST;f=1;t=7

Are all ERAU students contributing to the CAPT budget with their tuition without access to the resources?

PilotGuy37 · February 28th, 2004, 08:28

I believe he was refering to the amount of life insurance he has bought.

FalconCapt · February 28th, 2004, 09:17

[ QUOTE ]
How does that exactly work? I read from the ERAU Academic Bulletin that 4 years at ERAU is approximately $155,000. Where did $300,000 come from?

[/ QUOTE ]

He was talking about the size of the life insurance policy he bought ($300,000).

Wm226 · February 28th, 2004, 10:11

Thank you for the clarification!

Doug Taylor · February 29th, 2004, 00:48

I really hate to do the 'thread creep' thing, but if you're paying $100/month for $300K of life insurance, you're paying way too much!

I've got 1/2 Mil of 30 year level term that I got at 32 for about $30/month.

ERJ-135 · March 2nd, 2004, 07:20

Save your money and go to a junior college first. What is the main reason you want to enroll at ERAU? Please don't say it is the best aviation college/university out there. You did not write what major subject you want to study.

Wm226 · March 2nd, 2004, 13:33

I have thought about attending a junior college first, however, it might mean risking the possibility of not becoming a military officer in either the Air Force or Army (haven't decided yet)… as the two year slots of ROTC are not guaranteed and as I understand it, much more competitive.

[ QUOTE ]
What is the main reason you want to enroll at ERAU?

[/ QUOTE ]

My main reasons of wanting to attend ERAU are:
1. It has a reasonable reputation in the industry.
2. I will probably feel regretful if I don't go.
3. Weather is relatively good compared to other aviation colleges.
4. It is far from home… but not too far away.

There are many other reasons that I can think of why I would want to go... much more than why I wouldn't want to go.

[ QUOTE ]
You did not write what major subject you want to study.

[/ QUOTE ]

Aeronautical Science

Any additional advice/input is welcome!

Thanks,
William

montanapilot · March 3rd, 2004, 01:03

not to bash on ERAU or your decision but..........

your gonna be 150,000 in debt. Thats OUTRAGEOUS.

for hypothetical reasons assume you dont have any interest on your debt.

that 150G's being paid off at $300 a month would take you 41 years to pay off.

going to a state school would probably set you back about 35,000 including living costs. you will save even more if you go to a community college the first couple years.

throw in all your ratings depending on the local price market and the FBO and that will be about 20,000-30,000.

now 150,000 or 55,000.

thats a mountain of debt with very little to fall back on if it doesnt pan out for you.

i got a chance to talk to our delta 737-800 crew when we arrived at Portland (coming back from the JC SLC ski trip i might add

) and got to see the cockpit and talked with them a little about the career and the many different methods to get there. and both of them echoed to get a degree in a non-related field cause it doesnt make a bit of difference.

thats just my .02 cents

keep us posted

cessna2351 · March 3rd, 2004, 08:08

here are a few things that you all seem to be overlooking.

1. Scholarships...First of all, I've decided on Embry riddle for next year and have already sent my deposit. I understand the radical costs, but don't forget that there are scores of available scholarships in the aviation field that I know I will be applying for, along with student/parent loans along with the stafford loans, etc. If you are a good student, It is extremely possible that the debt could fall. My family has done the math, and i've determined that if i stick out with the aero sci program for the next four years i'll have an approx. 80k debt, I'm hoping I'll be able to find ways to lower that as well.

2. Don't also forget that ERAU is a university, thus are more majors than aero sci. The poster here might find that meteorology is very interesting and may want to switch your major (don't lash back, i'm just being hypothetical), and maybe consider flying on the side. This possibly could land you a more profitable job too.

Mike

project7 · March 3rd, 2004, 12:31

Hold on to your wallet with both hands

Wm226 · March 3rd, 2004, 13:45

Thanks for your input thusfar. I will definately take the next few days to make sure that the decision I am going to make is the right one.

Phoenix_Son · March 10th, 2004, 02:37

"...I am pretty sure that I will end up at ERAU." is a funny way of putting it. Kinda passive-voice. It suggests (to me, anyway) you're primarily interested in attending that particular university because of its reputation, which is pretty reasonable of you. But 'strongest academic reputation' may not mean 'best situation for you' so do a little more evaluation of other options before signing up.
My first attempt at college didn't go as planned, but I was fortunate to have only taken out $1k in Stafford loans, which were quickly paid off. You'll be dealing with significantly greater loan amounts, possibly at higher interest rates, so have a realistic plan in place for repayment before committing to anything.

February 10th, 2004, 21:29	#1
Wm226 Senior Member Join Date: Jul 2002 Location: U.S Posts: 407	ERAU Here I Come Well, after some serious reflection and thought... I am pretty sure that I will end up at ERAU. However, I am still somewhat uncertain regarding the financing of tuition... I would be very happy if you guys can enlighten me about what I should look closely at when shopping for a loan. Also, any other information is welcome! Thank You, William

February 14th, 2004, 19:08	#2
SkyyAngel Junior Member Join Date: Jul 2003 Location: Kalamazoo, MI Posts: 219	Re: ERAU Here I Come I had/have the Stafford Loan. And also the Parent Loan. Also Riddle had given me pretty much a grant to cover housing and about another 1000 or so just because....probably because I'm a chick. When you get there just have a talk with the fin aid counselors...they're great ladies and bent over backwards to help me out.

February 14th, 2004, 19:09	#3
SkyyAngel Junior Member Join Date: Jul 2003 Location: Kalamazoo, MI Posts: 219	Re: ERAU Here I Come Oh yeah...and about the loans...look closely at whether it's subsidized or unsubsidized like the Stafford Loans. Also important is when you have to pay it back and at how much are you paying back? Because what you borrow is not what you owe...

February 14th, 2004, 20:23	#4
Wm226 Senior Member Join Date: Jul 2002 Location: U.S Posts: 407	Re: ERAU Here I Come Thank you for your help!

February 27th, 2004, 21:26	#5
Tazman282 Junior Member Join Date: Aug 2003 Posts: 101	Re: ERAU Here I Come I have been dealing with Embry Riddle and loans for the past four years and it sucks... When looking for student loans go to the Financial office and ask for info they will more than likely give you a paper that has all of the going rates and percentages. You are almost always going to get a lower interest rate with a co-borrower, so work on that one now. Hopefully you can get your parents to co sign for you and then when you graduate just get some life insurance that will cover your loans if you were to die. I know that doesn't sound like a good idea but if you were to die your co borrower would have to pay for it. Which would suck... I currently pay 100 bucks a month for 300,000 which is a lot more than I needed but it wasn't much more. You can get stafford loans based on your FASFA report and for the most part if your parents don't make more than like 40,000 a year or you are married you can get pell grants and other funds. If they make more than that then you are screwed unless of course you get married which I have known people to do just to get school paid for. Pretty stupid in my mind but hey it would save a whole lot of money. I personally went with Sallie Mae and they were pretty good, but I believe this year they dropped Embry Riddle so you will have to find someone else to do it. Make sure you get your FASFA report done first then it will show how much you eligible for through financial aid. web page Start the process early because sometimes it takes time to get all the paperwork done. Good Luck... David

February 27th, 2004, 23:41	#6
Wm226 Senior Member Join Date: Jul 2002 Location: U.S Posts: 407	Re: ERAU Here I Come [ QUOTE ] I currently pay 100 bucks a month for 300,000 which is a lot more than I needed but it wasn't much more. [/ QUOTE ] How does that exactly work? I read from the ERAU Academic Bulletin that 4 years at ERAU is approximately $155,000. Where did $300,000 come from? Also, do those loans really only end up costing only $100 per month? If so... that is pretty decent. If you don't mind me asking, what loan (or loan combinations) did you take out? Thank you for your help and explanations!

February 28th, 2004, 00:39	#7
EatSleepFly Old Skool Join Date: Dec 2002 Location: ?? Posts: 4,600	Re: ERAU Here I Come [ QUOTE ] Also, do those loans really only end up costing only $100 per month? [/ QUOTE ] I wish.

February 28th, 2004, 07:23	#8
AJM Newbie Join Date: Dec 2003 Posts: 29	Re: ERAU Here I Come Dunno on the CAPT discussion board brings up a good point about regular ERAU students and possibly Alumni’s money. http://discussions.erau.edu/cgi-bin/...act=ST;f=1;t=7 Are all ERAU students contributing to the CAPT budget with their tuition without access to the resources?

February 28th, 2004, 08:28	#9
PilotGuy37 Junior Member Join Date: Jan 2004 Posts: 91	Re: ERAU Here I Come I believe he was refering to the amount of life insurance he has bought.

February 28th, 2004, 09:17	#10
FalconCapt Banned Join Date: Nov 2003 Location: USA Posts: 489	Re: ERAU Here I Come [ QUOTE ] How does that exactly work? I read from the ERAU Academic Bulletin that 4 years at ERAU is approximately $155,000. Where did $300,000 come from? [/ QUOTE ] He was talking about the size of the life insurance policy he bought ($300,000).

February 28th, 2004, 10:11	#11
Wm226 Senior Member Join Date: Jul 2002 Location: U.S Posts: 407	Re: ERAU Here I Come Thank you for the clarification!

February 29th, 2004, 00:48	#12
Doug Taylor Agent Smith Join Date: Dec 1969 Location: KSDL Posts: 41,927 Blog Entries: 1	Re: ERAU Here I Come I really hate to do the 'thread creep' thing, but if you're paying $100/month for $300K of life insurance, you're paying way too much! I've got 1/2 Mil of 30 year level term that I got at 32 for about $30/month.

March 2nd, 2004, 07:20	#13
ERJ-135 Junior Member Join Date: Jul 2001 Location: USA Posts: 277	Re: ERAU Here I Come Save your money and go to a junior college first. What is the main reason you want to enroll at ERAU? Please don't say it is the best aviation college/university out there. You did not write what major subject you want to study.

March 2nd, 2004, 13:33	#14
Wm226 Senior Member Join Date: Jul 2002 Location: U.S Posts: 407	Re: ERAU Here I Come I have thought about attending a junior college first, however, it might mean risking the possibility of not becoming a military officer in either the Air Force or Army (haven't decided yet)… as the two year slots of ROTC are not guaranteed and as I understand it, much more competitive. [ QUOTE ] What is the main reason you want to enroll at ERAU? [/ QUOTE ] My main reasons of wanting to attend ERAU are: 1. It has a reasonable reputation in the industry. 2. I will probably feel regretful if I don't go. 3. Weather is relatively good compared to other aviation colleges. 4. It is far from home… but not too far away. There are many other reasons that I can think of why I would want to go... much more than why I wouldn't want to go. [ QUOTE ] You did not write what major subject you want to study. [/ QUOTE ] Aeronautical Science Any additional advice/input is welcome! Thanks, William

March 3rd, 2004, 01:03	#15
montanapilot Old Skool Join Date: May 2003 Location: Portland, Orygun Posts: 1,643	Re: ERAU Here I Come not to bash on ERAU or your decision but.......... your gonna be 150,000 in debt. Thats OUTRAGEOUS. for hypothetical reasons assume you dont have any interest on your debt. that 150G's being paid off at $300 a month would take you 41 years to pay off. going to a state school would probably set you back about 35,000 including living costs. you will save even more if you go to a community college the first couple years. throw in all your ratings depending on the local price market and the FBO and that will be about 20,000-30,000. now 150,000 or 55,000. thats a mountain of debt with very little to fall back on if it doesnt pan out for you. i got a chance to talk to our delta 737-800 crew when we arrived at Portland (coming back from the JC SLC ski trip i might add ) and got to see the cockpit and talked with them a little about the career and the many different methods to get there. and both of them echoed to get a degree in a non-related field cause it doesnt make a bit of difference. thats just my .02 cents keep us posted

March 3rd, 2004, 08:08	#16
cessna2351 Senior Member Join Date: Jan 2004 Location: Daytona Beach/Cleveland, OH Posts: 637	Re: ERAU Here I Come here are a few things that you all seem to be overlooking. 1. Scholarships...First of all, I've decided on Embry riddle for next year and have already sent my deposit. I understand the radical costs, but don't forget that there are scores of available scholarships in the aviation field that I know I will be applying for, along with student/parent loans along with the stafford loans, etc. If you are a good student, It is extremely possible that the debt could fall. My family has done the math, and i've determined that if i stick out with the aero sci program for the next four years i'll have an approx. 80k debt, I'm hoping I'll be able to find ways to lower that as well. 2. Don't also forget that ERAU is a university, thus are more majors than aero sci. The poster here might find that meteorology is very interesting and may want to switch your major (don't lash back, i'm just being hypothetical), and maybe consider flying on the side. This possibly could land you a more profitable job too. Mike

March 3rd, 2004, 12:31	#17
project7 Senior Member Join Date: Jan 2004 Posts: 430	Re: ERAU Here I Come Hold on to your wallet with both hands

March 3rd, 2004, 13:45	#18
Wm226 Senior Member Join Date: Jul 2002 Location: U.S Posts: 407	Re: ERAU Here I Come Thanks for your input thusfar. I will definately take the next few days to make sure that the decision I am going to make is the right one.

March 10th, 2004, 02:37	#19
Phoenix_Son Junior Member Join Date: Sep 2003 Location: Trying to find Terminal One Posts: 78	Re: ERAU Here I Come "...I am pretty sure that I will end up at ERAU." is a funny way of putting it. Kinda passive-voice. It suggests (to me, anyway) you're primarily interested in attending that particular university because of its reputation, which is pretty reasonable of you. But 'strongest academic reputation' may not mean 'best situation for you' so do a little more evaluation of other options before signing up. My first attempt at college didn't go as planned, but I was fortunate to have only taken out $1k in Stafford loans, which were quickly paid off. You'll be dealing with significantly greater loan amounts, possibly at higher interest rates, so have a realistic plan in place for repayment before committing to anything.

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