Loan payments...

mshunter

Well-Known Member
#21
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.
Mine too. Looking to refi it, even if it means longer terms and when the money is there, paying it off early. Screw Sallie and her little Navient friends!
 

mshunter

Well-Known Member
#25
Unfortunately yours is one of the loans I was talking about.
I've been searching lenders to refi that aren't part if Navient. They are awful to deal with. My father co-signed for me, I meet all the requirements to release him, and have been back and forth for months trying to get him off the loan. They keep screwing things up on their end. They also have a class action suit that will help all of their federally backed loans. But of course, because mine isn't federally backed....
 

USMCmech

Well-Known Member
#26
Yup... I know some guys with $1500-$2500/mo loans.
I was talking with one of our assistant chiefs about how many students were going well over budget in their flight courses. He didn't see a problem as long as they were skilled pilots at the end. I replied that for every 10 hours of flight time beyond the syllabus that student would have to work an extra year to pay off their student loan. He looked completely bewildered and had obviously never considered the financial cost before.
 

SquatThrust

Well-Known Member
#27
If the government really wanted to fix the "Pilot Shortage" they would subsidize flight training loans.
That might help get lower monthly payments but not without other consequences. One of the reasons for sky-rocketing college tuition over the last several years is the abundance of readily available government subsidized student loans. I have no reason to believe the same wouldn’t happen in other avenues of education.
 

cezzna

Well-Known Member
#32
The workaround is credit cards. I knew of at least a couple of guys who financed a string of ratings on credit cards, proceed to starvation regional wages, then declared bankruptcy. It was the plan from day one. Then reboot your credit and move on down the road. This was circa 1993 when PFT came out. It's not ethical but what is anymore?
 

EAD

Well-Known Member
#33
I've been searching lenders to refi that aren't part if Navient. They are awful to deal with. My father co-signed for me, I meet all the requirements to release him, and have been back and forth for months trying to get him off the loan. They keep screwing things up on their end. They also have a class action suit that will help all of their federally backed loans. But of course, because mine isn't federally backed....
I refinanced my loans through Citizen's Bank with a fixed rate loan. The interest rate is higher than I would have preferred but still far less than it was when it was variable. Interest rate aside, my main goal when refinancing was to get my brother off the old loans.

Might be worth checking them out if you haven't yet
 
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GypsyPilot

Well-Known Member
#34
The workaround is credit cards. I knew of at least a couple of guys who financed a string of ratings on credit cards, proceed to starvation regional wages, then declared bankruptcy. It was the plan from day one. Then reboot your credit and move on down the road. This was circa 1993 when PFT came out. It's not ethical but what is anymore?
That would be pretty dumb to do. Most of the legacies/UPS/FDX run very thorough background checks, including credit checks.
 
#35
The workaround is credit cards. I knew of at least a couple of guys who financed a string of ratings on credit cards, proceed to starvation regional wages, then declared bankruptcy. It was the plan from day one. Then reboot your credit and move on down the road. This was circa 1993 when PFT came out. It's not ethical but what is anymore?
It's also fraud, and at that level probably a felony. Not a great career step.
 

USMCmech

Well-Known Member
#40
It's also fraud, and at that level probably a felony. Not a great career step.
I doubt you would get caught, but I still wouldn't risk it.

Is a banckruptcy disqualifying? Never said it was smart, but I think it worked for them, lost touch many years ago.
I don’t know. But if you have bad credit without a good explanation, I wouldn’t be surprised if it was an issue.
A low credit score without any bad debts or bankruptcies wouldn't be disqualifying for most jobs, and an old bankruptcy from several years ago probably wouldn't be either.

Now, recent bad debt would likely get your application tossed, but Ch13 a decade ago won't be a red flag these days.
 
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