Loan payments...

BigZ

Well-Known Member
#63
I wonder how many people who talk about the virtues of rural areas have ever actually lived in one.
There are rural areas, and then there are rural areas.
I'm game for the (some) smaller towns (within reasonable driving distance of stuff). Matter of fact prefer them to the large metro areas (definitely Chicago. For the most part Miami and Orlando. Haven't tried the rest, but none look appealing).
Wouldn't live in a complete middle of nowhere where the amazon prime doesn't deliver though.
 

srn121

Well-Known Member
#64
I wonder how many people who talk about the virtues of rural areas have ever actually lived in one.
I've lived all over and you can't beat the value of the Midwest, a lot of overlooked cities and small towns. On the west coast in any big city I could never afford a nice spot downtown where you never need to drive and in the last decade across America so many towns and cities have been restoring their downtowns that there's no shortage of really nice places to stay. Meanwhile some of the once small towns and smaller cities that are booming are becoming horrible places to live, because the infrastructure always lags so that traffic becomes awful and property prices that skyrocket due to a shortage of supply.
 

A80TRACON

I do the best imitation of myself
#67
My little corner of heaven here in 2016 was population 1694. Except during leaf peeping time, then it seems like a bazillion.
 
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jtrain609

I'm a carnal, organic anagram.
#68
I think my happy place is a town with between 10-100k.
That's not small, nor rural.

I grew up in a place with a COUNTY population of 55,000, and we were almost a half hour from the closest four lane road.

There was very little charm about the place unless you were into violent revolution against the federal government or meth mouth.
 

U_of_I_Tweak

Well-Known Member
#69
Hard to feel sorry for him. I read the story a month or two ago. His loans are all post grad related. His parents paid for his undergrad degree.

I'm lucky, somehow I got a 4(+) year degree in aviation, with minimal help from my family, and I left with around $16,000 in loan debt.

Part of my situation was luck, as I had very little counseling with regards to taking on debt. Luckily, in hindsight, my dad refused to co-sign on a loan, which probably saved me a ton in the long run.

Basically, I worked, and lived in shoddy apartments, while driving a POS. University housing (and the associated meal plans) were hugely expensive compared to doing it on my own.

I wish I had had better guidance as I began my college journey, but as I look back having just paid off my loans, I'm thankful to have avoided many of the horror stories and crippling debt of others.

I can only hope that the system changes in the next 16 years before my first born is college age!
WSJ story about an ortho with $1m in student loans, which will become $2m because he’s only making the minimum payment of $1.6k per month.

Mike Meru Has $1 Million in Student Loans. How Did That Happen?
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#70
That's not small, nor rural.

I grew up in a place with a COUNTY population of 55,000, and we were almost a half hour from the closest four lane road.

There was very little charm about the place unless you were into violent revolution against the federal government or meth mouth.
I as a black guy, want to move there, with my gay white lover!
 
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DogwoodLynx

Well-Known Member
#74
I've lived all over and you can't beat the value of the Midwest, a lot of overlooked cities and small towns. On the west coast in any big city I could never afford a nice spot downtown where you never need to drive and in the last decade across America so many towns and cities have been restoring their downtowns that there's no shortage of really nice places to stay. Meanwhile some of the once small towns and smaller cities that are booming are becoming horrible places to live, because the infrastructure always lags so that traffic becomes awful and property prices that skyrocket due to a shortage of supply.
You are right but the Midwest just does nothing for me. I’m still hoping to live in one of the mid Atlantic states up in the mountains
 

bLizZuE

Fly airplanes, drink beer, never at the same time.
#75
My original flight school tuition was 45k from FlightSafety in 2005. Well, 42k and my loan was 45k. In the year I got my ratings it accrued 5k in interest.

When I started making payments in early 2007 the balance was just over 50k and my payments were just shy of 500 a month. It’s now 11 years later and I am starting to make triple payments and I’m at just shy of 10k to go.

This loan was variable interest and during the recession in/following 2008 the interest rate was up to 10% or so I think. It’s currently climbing up from 4.5 (where it stayed for quite a while) to now about 5.75%

In 2012 I went back to school for my bachelors degree and that ended up at 23k out the door. WHICH, at the time, was almost EXACTLY how much I had paid down my flight school debt.

The difference is my education loans are almost all subsidized and nothing is above 4% interest. The payments are much lower (although I chose the graduated payment schedule as I was an RJ FO when payments started coming due).

In addition to these loans, a portion of my CFI was financed on a credit card at 12-15% interest. That was circa 2007 and that credit card was paid off late last year. Yea.

Conclusion: don’t borrow more than you need. Expect to go over budget by at least 10% and plan accordingly. Get fixed rate loans. Don’t use a credit card if you can help it. In the end it’s all worth the time and money and stress.
 
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