Loan payments...

JDean3204

Well-Known Member
#1
I was talking to a friend today who just got on at one of the better paying regionals. I asked him if he was excited to finally make a decent income so he can quit working two jobs. He laughed then said due to his 1100 dollar student loan payment he needs to. Apparently that is the total of two loans, he was previously making less money and deferred the higher loan. I still cannot get over that rediculous amount of money he has to fork over every month, 1100 dollars!!? That has to be way higher than normal right?

That got me thinking, I wonder what’s the percentage of regional pilots that are making high payments and on multiple loans due to money available for funding at the time of training. I’ve heard upwards of 500 and even one that had 700, but 1100 seems like a serious rip off even if it is the combination of two loans. His debt was greater than 100k so I’m assuming most kids coming from similar places like UND or Riddle have that amount to pay back if Mom and Dad didn’t pay for it.

Are these loans pretty long term? I know the program I went to worked with Wells Fargo and if the students qualified for government loans they would mix the two in order to cover 80k worth of training and education. So I’m guessing you can only defer the government loans, or does Wells Fargo allow deferment due to low income?
 
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#3
Mine will be about $500-550 a month, when I'm done. Not bad, but it could be much worse. Your friend should quickly look into refiing that loan, if possible. Places like SoFi might be able to help. I'm probably gonna look into it myself too after awhile.
 

GypsyPilot

Well-Known Member
#5
Well I read the article about food stamps for some. It is so wrong. Flying happy passengers over 500 mph deserves more pay.
Who is dealing with food stamps these days? Regional pay is actually decent now. Combined with quick upgrades, guys now have it WAY better than we did several years ago. This is a good thing!
 
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Inverted25

Well-Known Member
#6
$1000 a month is pretty common with the guys coming out of school now. At least with some the younger guys we have hired lately. They all have 100k+ loans from flight training


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Fearless

Dash Dominatrix
#9
I recently flew with a guy that was on the hook for $800 / month, so $1100 doesn't sound too far off base. I'm not exactly sure how you manage that on FO pay.

You'll know that the pilot shortage has really hit when one of the regionals offers to pay off all student loans in exchange for a two-year commitment. They'd be flooded with applications!
 

JDean3204

Well-Known Member
#13
Who is dealing with food stamps these days? Regional pay is actually decent now. Combined with quick upgrades, guys now have it WAY better than we did several years ago. This is a good thing!
I will say it is heading the right direction that’s for sure but hopefully it will continue to grow. I feel that the regionals have mostly taken the foot off the gas pedal lately in terms of increasing pay. Endeavor is in a league of its own and republic a distant second. Everyone else just has the rediculous marketing flow to spirit or 300k first 3 years after 16 different bonus installments...
 
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JDean3204

Well-Known Member
#14
I got a friend that went to SIU thats said he pays close to 1500 a month. Colleges and universities are disgustingly overpriced because they know they have an unlimited supply of loans coming their way.
Insanity... These schools make me sick how they get away with charging students that much, putting them in an absolute financial sh@t sandwich for the next 15 years..
 

srn121

Well-Known Member
#15
Insanity... These schools make me sick how they get away with charging students that much, putting them in an absolute financial sh@t sandwich for the next 15 years..
Yep and with this pilot market there's no reason to pay that kind of money as an expensive degree and fancy glass cockpit time builders aren't going to open doors for you. It is absolutely insane that schools were ok with their students taking on that kind of debt when the kids were enrolling and regional pay was in the 20s to start and even now tough to justify.
 

future pilot

Well-Known Member
#17
The problem with loans for aviation training is they are not federally subsidized unless you go to an aviation university for your training. Because of this you get high interest rates and shorter repayment terms, thus high monthly payments. A buddy of mine who paid six figures for law school pays less than half of what I will be paying for my flight training loan and my loan is about half what he paid. If the government really wanted to fix the "Pilot Shortage" they would subsidize flight training loans.
 

skypilot6

Well-Known Member
#19
This is why is it very important to read the terms of the loan carefully and research the lender you are requesting a loan with. I had a few options when I went to flight school, I chose loan option A, guys I went to school with that took out the same exact amount went for loan option B, different lenders similar terms. Once the loans hit repayment my option A monthly payment was HALF what the guys that went for option B. My loan was recently sold to another lender my payment and rate has increased significantly since that happened.
 

mshunter

Well-Known Member
#20
Who is dealing with food stamps these days? Regional pay is actually decent now. Combined with quick upgrades, guys now have it WAY better than we did several years ago. This is a good thing!
No it's not. It's better, but still not where it should be. Better doesn't always mean good.
 
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