To those thinking of getting out a big private loan

Champcar

Well-Known Member
Don't do it, listen. I wish I did.

These massive private loans will turn any good job into a worthless one. You can not afford them in the regional's. I can't afford them in the IT world. My flight loan is 1,100 a month. Thats 550 less then what I take home a month, just for ONE loan.

You can not get rid of them, you have 2 options, pay it off or die. There is a legal way for bankruptcy with student loans but its a difficult process and takes a long time.

I thought it was only money at the time and I'd be able to take care of it, well there goes a house, and new car, life pretty much out the window. All cause I wanted to fly a damn airplane and I fell for a sale's man's pitch.
 

Sprint100

Well-Known Member
Good food for thought, but who will listen since it blocks "the dream". Just to put it in perspective, there is alot of bashing about airline management because of irresponsible financial decisions so I'd put this on the list right next to that one.
 

Matt13C

Well-Known Member
Geez man...how much was that loan for and where did you do flight training at??
:yeahthat: I was contemplating a 30k loan and it was no where near that high.


side note: Excellent avatar! Kristen Kruek is HOT. used to watch Smallville just to see her. :nana2:
 

Champcar

Well-Known Member
Geez man...how much was that loan for and where did you do flight training at??
It was for 62K. Which after fees and a double digit Interest rate it's blown up.

Went to ASFA (which I was warned) Had a great time, great airplanes. But no one got done on time or on budget, not all of which was the schools fault.

I will never ever regret getting my ratings, it was amazing experience and I proved to myself and everyone that I could do it. Just wish I had made better financial decisions.
 

wheelsup

Well-Known Member
If you go to another country can they still follow you? What if you go to Canada? And then commute? Just kinda "disappear" for a while. That's a lot of money. And one hell of a payment.
 

Champcar

Well-Known Member
If you go to another country can they still follow you? What if you go to Canada? And then commute? Just kinda "disappear" for a while. That's a lot of money. And one hell of a payment.
With every thing being electronic now a days I think it all fallows you where ever you go.
 
Don't do it, listen. I wish I did.

These massive private loans will turn any good job into a worthless one. You can not afford them in the regional's. I can't afford them in the IT world. My flight loan is 1,100 a month. Thats 550 less then what I take home a month, just for ONE loan.

You can not get rid of them, you have 2 options, pay it off or die. There is a legal way for bankruptcy with student loans but its a difficult process and takes a long time.

I thought it was only money at the time and I'd be able to take care of it, well there goes a house, and new car, life pretty much out the window. All cause I wanted to fly a damn airplane and I fell for a sale's man's pitch.
Good food for thought, but who will listen since it blocks "the dream". Just to put it in perspective, there is alot of bashing about airline management because of irresponsible financial decisions so I'd put this on the list right next to that one.
...I'm right there with you both in terms of the though process. But, no loans equals no career.

Kinda a catch 22 for most, so what do ya do?
 

Patrick

Well-Known Member
Interesting question. Canada is not far enough, as the two countries financial systems are very inter-twined. However, if you never want to come back to the US (and I mean NEVER), you could disappear to Europe or Asia and never look back. The credit ratings systems are completely different, with no reciprocity. Essentially, you would be starting with a "clean slate," with no credit history.

However, that being the case, I would never condone running away from your obligations. You made your bed, now sleep in it. We've all made poor decisions in life- its how you learn and grow from them that makes you a better person.
 

Champcar

Well-Known Member
Interesting question. Canada is not far enough, as the two countries financial systems are very inter-twined. However, if you never want to come back to the US (and I mean NEVER), you could disappear to Europe or Asia and never look back. The credit ratings systems are completely different, with no reciprocity. Essentially, you would be starting with a "clean slate," with no credit history.

However, that being the case, I would never condone running away from your obligations. You made your bed, now sleep in it. We've all made poor decisions in life- its how you learn and grow from them that makes you a better person.
I have no intentions of running away. I'm dealing with it one step at a time.

More of a cautionary tail then anything.
 

tonyw

Well-Known Member
...I'm right there with you both in terms of the though process. But, no loans equals no career.

Kinda a catch 22 for most, so what do ya do?
Is any career worth bankruptcy?

Tell me how you intend to pay a $50K loan with interest when your gross is $20K a year.

Ain't happening.

Besides, what is the rush? What's going on at the airlines right now? Furloughs. As in people losing jobs. Where are you going to get a job if people are laying people off?

Take your time, do it debt free, and hopefully the cycle will have turned around by the time you're ready.
 

Trip7

Well-Known Member
Captain pay pretty much puts a huge dent in those loans....especially if you're single
 

PGT

Well-Known Member
I'll be about ~40-45,000 in debt but that includes 4 year degree & all the ratings.

monthly payment around 500 i think, not too bad.
 

thepedroid

Well-Known Member
Is any career worth bankruptcy?

Tell me how you intend to pay a $50K loan with interest when your gross is $20K a year.
<snip>

I love how everyone looks at first year pay as the end all pay bracket. So you make 20k the first year, then 25 the second....it keeps going up doesn't it? You are looking at maybe 2 years of hardship, hardly seems like that much of a sacrifice (if you're single and live alone that is).
 

Berkut

Well-Known Member
So you make 20k the first year, then 25 the second....it keeps going up doesn't it? You are looking at maybe 2 years of hardship
I guess that depends on how many "first years" you end up having in your career. I was pleased to get a decent raise after being at a regional for two years. Then they went out of business.
 

Sprint100

Well-Known Member
...I'm right there with you both in terms of the though process. But, no loans equals no career.

Kinda a catch 22 for most, so what do ya do?
I feel ya. I love to fly as much as the next guy, but I would say pay as you go. As long as I'm taking to get my stuff, I can say that if you don't start it you'll never start it. Even if you can only fly a few hours a month, I'd say do it as long as retention isn't a problem. There will always be something holding you back, just when you're past one hurdle another one pops up. Just get back up there brah.
Never rule out GA to get your kicks too. You could pass up an opportunity that can make you even happier if you go at any career with blinders on.
 

Trip7

Well-Known Member
I feel ya. I love to fly as much as the next guy, but I would say pay as you go. As long as I'm taking to get my stuff, I can say that if you don't start it you'll never start it. Even if you can only fly a few hours a month, I'd say do it as long as retention isn't a problem. There will always be something holding you back, just when you're past one hurdle another one pops up. Just get back up there brah.
Never rule out GA to get your kicks too. You could pass up an opportunity that can make you even happier if you go at any career with blinders on.
My options were take out the loan and get to a regional at 22 or pay as I go and get to a regional at 25 or 26 IF I got a high paying job straight outta college. I'm happy with the decision I made:)
 

thepedroid

Well-Known Member
I guess that depends on how many "first years" you end up having in your career. I was pleased to get a decent raise after being at a regional for two years. Then they went out of business.
You're right. You never know how many first years you will have because of how the industry is. You also never know if you will only have one first year. That still doesn't mean that it cannot be managed if planned out well. lucky for me my plan involves a suga momma :D.
 
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