Goodbye Sallie Mae!! - Page 2

Matt13C · September 25th, 2009, 12:04

Quote:

Originally Posted by Stomp16

That's not the worst I've heard. I have a co-worker who went to ERAU and spent a little over 200K. His loan payments are $1700 a month.

What the? How does he live?

Congrats, smart move on saving the money.

I have Doug to thank for making this website and all the members, for saving me from from that kind of debt or going to ERAU.

BillErvin · September 25th, 2009, 12:04

Kicked the old girl out, good job.

Before you read rich dad poor dad (actually a good book), read Dave Ramseys Total Money Makeover.

Stomp16 · September 25th, 2009, 12:06

Quote:

Originally Posted by Matt13C

What the? How does he live?

His parents are paying it for him. There is no way he could ever come up with that. I'm not good with the numbers, but I think he said it is a 15 or 20 year loan as well.

I thought I had it bad, then I talked to him. Needless to say I came out of the conversation feeling pretty good about myself.

Matt13C · September 25th, 2009, 12:10

Quote:

Originally Posted by Stomp16

His parents are paying it for him. There is no way he could ever come up with that. I'm not good with the numbers, but I think he said it is a 15 or 20 year loan as well.

I thought I had it bad, then I talked to him. Needless to say I came out of the conversation feeling pretty good about myself.

Wow, at 20 years that is 408k, at 15 its 306k....I hope he has rich parents if not they might be bunking up with him since their retirement fund is going to SM.

Stomp16 · September 25th, 2009, 12:15

Quote:

Originally Posted by Matt13C

Wow, at 20 years that is 408k, at 15 its 306k....I hope he has rich parents if not they might be bunking up with him since their retirement fund is going to SM.

I can't even imagine having to pay that much. I'm glad I bucked up and am paying in 10 years. The sad thing is, he didn't even get a Bachelors or MEI out of it. He came out with everything through II and an Associates.

Bandit_Driver · September 25th, 2009, 15:06

Quote:

Originally Posted by Stomp16

That's not the worst I've heard. I have a co-worker who went to ERAU and spent a little over 200K. His loan payments are $1700 a month.

Quote:

Originally Posted by Stomp16

I can't even imagine having to pay that much. I'm glad I bucked up and am paying in 10 years. The sad thing is, he didn't even get a Bachelors or MEI out of it. He came out with everything through II and an Associates.

OMG! Either he got taken advantage or screwed off a lot and wasted a lot of flight hours. Spending that kind of cash he should have gotten a BS, CFII, MEI and have a fair amount of multi time.

surfCRQ · September 25th, 2009, 15:24

I guess the real question is if you get a good paying job.

Italianaviator · September 25th, 2009, 17:57

Yeah I just sent my final and only payment of $11,650 to nelnet the other day. Now i'm done with student loans and can work on actually getting a flying job :/

JustinA · September 25th, 2009, 20:52

Congrats man. I pay $600 a month in loans. If I would have known back then what I know now, I probably... well... yea i'd still do it. I'd take back hitting the bars up three times a week on loan money during college though. No telling how much I blew!

mattp1803 · September 26th, 2009, 02:01

Quote:

Originally Posted by BillErvin

Kicked the old girl out, good job.

Before you read rich dad poor dad (actually a good book), read Dave Ramseys Total Money Makeover.

I've read both of them, both great books!

Congrats Ryan! I'm hoping to have my 15 year SM training loan paid off in the next 2-3 years!

sixoneseven · September 26th, 2009, 23:43

Congrats man!

moxiepilot · September 27th, 2009, 03:31

yay! only another dozen year for me. (minimum payments ya'll)

wjmiller3 · September 27th, 2009, 10:53

Quote:

Originally Posted by ProudPilot

I'm at 128,428$ for 5 years of college, with everything for 3 years on loans. Flight Training Cost was about 70-80K alone.

Holy Jesus!!!

tilley_205 · October 2nd, 2009, 18:14

Not to take this thread in another direction but I cant imagine committing to that kind of debt in this day and age with the way the industry is. Work to fly, work to fly is how I am doing it. I was sooo very close about 2 years ago heading down to some accelerated school (ATP etc.) to get my ratings. But with a lot of JC members wisdom I didn't do it and am happy I didn't. I cant imagine how some of you do it coming out of school with the debt and then instructing of FO'ing at such low pay with those high loan payments.

Congrats on the loan pay-off!

deek · October 23rd, 2009, 18:14

I had 120k for my 4 year and 20k in flight training loans, of which I've spent 16k and am at 220tt, and am arguing with my flight school about the remaining 4k on file before they go bankrupt. I have a 30year loan through SM and my payments are around 1300/mo. The day I pay SM off will be the day you see me on the news in a Mylar balloon,,,with streamers.

TallFlyer · October 23rd, 2009, 20:10

In the summer of '05 my Key Alternative loan for 20K was denied because I got my application in just a few days after they stopped funding flight training. At the time I was pretty ticked but in hindsight it was one of the better things that happened to me.

The state of AK has a low interest loan program for residents that you can get about $6,500 per rating. I paid for the private out of pocket (work and savings) financed the instrument and another $6,500 for commercial (obviously didn't get me too far) and paid out of pocket for the rest.

I've got about 11 and change to pay off and then I'm done! I also just figured out the other day that when I hit around 2,000 hours my income from flying will have matched my total investment.

Ian J · October 23rd, 2009, 20:33

Quote:

Originally Posted by deek

I had 120k for my 4 year and 20k in flight training loans, of which I've spent 16k and am at 220tt, and am arguing with my flight school about the remaining 4k on file before they go bankrupt. I have a 30year loan through SM and my payments are around 1300/mo. The day I pay SM off will be the day you see me on the news in a Mylar balloon,,,with streamers.

Best of luck to you Deek... that's a rough payment and I feel for you.

Your post made me think of something though. A student/training laon isn't something you can get out of... ever. Sure you can do a one-time consolidation... and you can get some hardship deferrals... but that sucker isn't going away.

Buy too much house or car on credit and you can sell them. Rack up credit card purchases you can't afford and you can sell stuff, consolidate, default, settle, or discharge through bankruptcy. But those student loans never go away.

Something to think about.

dasleben · October 23rd, 2009, 21:27

Quote:

Originally Posted by Ian J

Best of luck to you Deek... that's a rough payment and I feel for you.

Your post made me think of something though. A student/training laon isn't something you can get out of... ever. Sure you can do a one-time consolidation... and you can get some hardship deferrals... but that sucker isn't going away.

Buy too much house or car on credit and you can sell them. Rack up credit card purchases you can't afford and you can sell stuff, consolidate, default, settle, or discharge through bankruptcy. But those student loans never go away.

Something to think about.

Think about what? He's already signed on the dotted line. All you're going to do with this post is cause him (and a lot of us) to lose more sleep. :P

Ian J · October 23rd, 2009, 21:29

Quote:

Originally Posted by dasleben

Think about what? He's already signed on the dotted line. All you're going to do with this post is cause him (and a lot of us) to lose more sleep. :P

Sorry... something to think about (for those considering a student loan.)

Was thinking of this as a "teachable moment."

HeyEng · October 23rd, 2009, 21:57

Quote:

Originally Posted by Ian J

Sorry... something to think about (for those considering a student loan.)

Was thinking of this as a "teachable moment."

Again, this should be a sticky. To see how many people get into exorbitant debt "for the dream" is scary. I know lots of people say "I had no other choice". That is a cop out. I have completed 2 AS degrees, 1 BS degree and 1 MS degree without ANY LOANS OR PARENTAL HELP at all. You can add on the private pilot cert and enough cash in the bank to "buy" the rest if and when I see fit. And I am just as middle class as they come. So...there ARE alternatives to taking a loan that cost more than a lot of mortgages. Just saying...

TallFlyer · October 24th, 2009, 15:18

Quote:

Originally Posted by HeyEng

So...there ARE alternatives to taking a loan that cost more than a lot of mortgages. Just saying...

BLASPHEMY!

pilot4500 · October 24th, 2009, 15:26

I just can't imagine making a student loan payment that costs more than my mortgage and car payment combined.

aorta · October 25th, 2009, 20:16

man I can only dream about having my SM loan paid off...
Congrats...

September 25th, 2009, 12:04	#27
BillErvin Senior Member Join Date: Dec 2007 Location: Midlothian TX Temporary abode in Ft. Pierce FL Posts: 867 Blog Entries: 9	Re: Goodbye Sallie Mae!! Kicked the old girl out, good job. Before you read rich dad poor dad (actually a good book), read Dave Ramseys Total Money Makeover. __________________ \_____@(")@_____/ Every day I remind myself that my inner & outer life is based on the labor of Patriots, living & dead, and I strive to live up to that sacrifice.

September 25th, 2009, 15:24	#32
surfCRQ Junior Member Join Date: Aug 2007 Location: CRQ Posts: 74	Re: Goodbye Sallie Mae!! I guess the real question is if you get a good paying job.

September 25th, 2009, 17:57	#33
Italianaviator Junior Member Join Date: Jun 2006 Location: Charlotte, NC Posts: 243	Re: Goodbye Sallie Mae!! Yeah I just sent my final and only payment of $11,650 to nelnet the other day. Now i'm done with student loans and can work on actually getting a flying job :/

September 25th, 2009, 20:52	#34
JustinA Junior Member Join Date: Aug 2008 Location: Melbourne, FL Posts: 229	Re: Goodbye Sallie Mae!! Congrats man. I pay $600 a month in loans. If I would have known back then what I know now, I probably... well... yea i'd still do it. I'd take back hitting the bars up three times a week on loan money during college though. No telling how much I blew!

September 26th, 2009, 23:43	#36
sixoneseven Junior Member Join Date: Aug 2007 Location: W-MA Posts: 120	Re: Goodbye Sallie Mae!! Congrats man!

September 27th, 2009, 03:31	#37
moxiepilot Old Skool Join Date: Aug 2004 Location: CFI / CFII in PA Posts: 4,054	Re: Goodbye Sallie Mae!! yay! only another dozen year for me. (minimum payments ya'll) __________________ http://www.yinglingjewelry.com - help support a flight instructor Try? No, there is only do...or do not. There is no try.

October 2nd, 2009, 18:14	#39
tilley_205 Junior Member Join Date: Feb 2008 Location: Stillwater, MN Posts: 36	Re: Goodbye Sallie Mae!! Not to take this thread in another direction but I cant imagine committing to that kind of debt in this day and age with the way the industry is. Work to fly, work to fly is how I am doing it. I was sooo very close about 2 years ago heading down to some accelerated school (ATP etc.) to get my ratings. But with a lot of JC members wisdom I didn't do it and am happy I didn't. I cant imagine how some of you do it coming out of school with the debt and then instructing of FO'ing at such low pay with those high loan payments. Congrats on the loan pay-off! __________________ ASEL Instrument Finishing Commercial 260+ Hours "Many Questions are Answerable, Many Answers are Questionable" - Fortune Cookie

October 23rd, 2009, 18:14	#40
deek Junior Member Join Date: Jan 2007 Location: Houston, TX Posts: 287	Re: Goodbye Sallie Mae!! I had 120k for my 4 year and 20k in flight training loans, of which I've spent 16k and am at 220tt, and am arguing with my flight school about the remaining 4k on file before they go bankrupt. I have a 30year loan through SM and my payments are around 1300/mo. The day I pay SM off will be the day you see me on the news in a Mylar balloon,,,with streamers. __________________ Remember, Tuesday is Soylent Green Day!

October 23rd, 2009, 20:10	#41
TallFlyer Senior Member Join Date: Jul 2003 Location: PAJN Posts: 924	Re: Goodbye Sallie Mae!! In the summer of '05 my Key Alternative loan for 20K was denied because I got my application in just a few days after they stopped funding flight training. At the time I was pretty ticked but in hindsight it was one of the better things that happened to me. The state of AK has a low interest loan program for residents that you can get about $6,500 per rating. I paid for the private out of pocket (work and savings) financed the instrument and another $6,500 for commercial (obviously didn't get me too far) and paid out of pocket for the rest. I've got about 11 and change to pay off and then I'm done! I also just figured out the other day that when I hit around 2,000 hours my income from flying will have matched my total investment. __________________ www.cjlacour.com PPL 12/16/04 Inst. 5/30/05 CSEL 9/6/07 CMEL 9/6/08

October 24th, 2009, 15:26	#47
pilot4500 Senior Member Join Date: Oct 2006 Location: Albemarle, NC Posts: 699	Re: Goodbye Sallie Mae!! I just can't imagine making a student loan payment that costs more than my mortgage and car payment combined. __________________ Commercial Pilot ASEL, AMEL, Instrument Airplane CFI, CFI-I 4,715 TT 1,350 ME 640 Actual Instrument 1,862 Dual Given Good judgement comes from experience. Experience comes from bad judgement.

October 25th, 2009, 20:16	#48
aorta Junior Member Join Date: Apr 2009 Location: Fairfield, Ca Posts: 56	Re: Goodbye Sallie Mae!! man I can only dream about having my SM loan paid off... Congrats...

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