jspeed87
Well-Known Member
Nope. First off I don't plan on going to the regionals until I have payed off my loans. $1350 a month as a CFI? Maybe entry level but their are better jobs in Arizona and Florida.
Bad Credit and Loans
- Thread starter jspeed87
- Start date
Nope. First off I don't plan on going to the regionals until I have payed off my loans. $1350 a month as a CFI? Maybe entry level but their are better jobs in Arizona and Florida.
BillErvin
Peddling as fast as I can
Another thing to think about... your 80K 20% interest student loan can not be put into bankruptcy. They will haunt you for the rest of your life!
Also at 20% you would accrue $16K in first year in interest charges alone. Thats $1300. per month in interest payment before your money is applied to principle.
If your payment is reasonable enough for you to eat, say $1500.00 that's only $200 per month going to principle. It would take roughly 15 years to payoff 80K.
That would be about 200K in interest to SM
Now, here is the caveat, this is all based on straight numbers, not using a financial calculator. There is compounding up and down and other considerations. The numbers would be quite a bit different, But you get my drift
Dump the car and payoff the credit cards, get a better job, or more jobs. Save your money and pay for It as you go.
Also at 20% you would accrue $16K in first year in interest charges alone. Thats $1300. per month in interest payment before your money is applied to principle.
If your payment is reasonable enough for you to eat, say $1500.00 that's only $200 per month going to principle. It would take roughly 15 years to payoff 80K.
That would be about 200K in interest to SM
Now, here is the caveat, this is all based on straight numbers, not using a financial calculator. There is compounding up and down and other considerations. The numbers would be quite a bit different, But you get my drift
Dump the car and payoff the credit cards, get a better job, or more jobs. Save your money and pay for It as you go.
surreal1221
Well-Known Member
Jesus Christ. . .
Is this a fair analogy?
Some guy who wants to drive off of a cliff in his speedster comes and asks a group collectively - hey, can someone recommend a place to get gas so I can drive over that cliff?
The collective group says "Uh. . .yes. . .but. . .you really don't want to do that."
"Just tell me where I can get some gas damn it. . .I wanna DRIVE OFF THE CLIFF NOW!!"
Is this a fair analogy?
Some guy who wants to drive off of a cliff in his speedster comes and asks a group collectively - hey, can someone recommend a place to get gas so I can drive over that cliff?
The collective group says "Uh. . .yes. . .but. . .you really don't want to do that."
"Just tell me where I can get some gas damn it. . .I wanna DRIVE OFF THE CLIFF NOW!!"
Michael95U
Well-Known Member
Unfortunately, you are not going to find one company out there that is going to loan to someone with poor credit for flight training. I have advised some of our prospective students with GOOD credit who got loans with SLM at 18% to cancel their loans. It is just is not worth it.
Everyone that has replied to your thread is trying to help you out. We have all been there and done it. Listen to the experience on this board and you will be able to get into the field of aviation eventually. Refuse to listen and you will get into this field and exit it pretty quickly as you will find that you won't be able to pay back your loan(s).
Michael
jspeed87
Well-Known Member
Another thing to think about... your 80K 20% interest student loan can not be put into bankruptcy. They will haunt you for the rest of your life!
Also at 20% you would accrue $16K a year in interest charges alone. Thats $1300. per month in interest payment before your money is applied to principle.
If your payment is reasonable enough for you to eat, say $1500.00 that's only $200 per month going to principle. It would take roughly 350 to 400 years to payoff 80K.
That would be about 5 Million in interest to SM
Now, here is the caveat, this is all based on straight numbers, not using a financial calculator. There is compounding up and down and other considerations. But you get my drift
Dump the car and payoff the credit cards, get a better job, or more jobs. Save your money and pay for It as you go.
wow thats crazy!
Michael95U
Well-Known Member
Nice.
jspeed87
Well-Known Member
So your saying that eventually someone will lend me the money?
surreal1221
Well-Known Member
This is beyond comical.
When this thread is said and done, any way we can have it moved directly to the archive?
When this thread is said and done, any way we can have it moved directly to the archive?
Michael95U
Well-Known Member
I highly doubt it. But there are suckers out there......
Michael95U
Well-Known Member
I second that motion. I am not sure if I should laugh or just put my head through the wall in my office. :banghead:
You're right Surreal... and this comment proves we're being messed with.
I can't believe I actually took time out of my day and cells out of my brain to try and help someone out.
CoffeeIcePapers
Well-Hung Member
There are hardly any CFI jobs out there. Freight dog jobs are scarce this is not something you want to do right now with the economy in the tank. Your $10/hr job pays more than an average CFI job at 40 hours a week. You will never do 40 hours a week as a CFI.
jspeed87
Well-Known Member
But if I get my ratings now I will be in a better position when the economy gets better.
darrenf
resident denizen
Chris Ford strikes again! :laff:
jspeed87
Well-Known Member
I'm not messing around I'm just trying to see if their is any chance for this dream of mine. But all I get are responses like "fix your credit or else"
moxiepilot
Well-Known Member
You wont be making that for many years. Take it from those who have been there, $1350 as a CFI is not a bad month, and that is at the good places.
Loisten to those who are talking to you from experience. Sounds like you're going to do what you want; it should be eye-opening fer ya.
Sound advice. Sounds like you haven't learned your lesson yet. Talk to yer dad.
CoffeeIcePapers
Well-Hung Member
The average freight job pays less than 2k a month for entry level, which is a minimum of 1200 hours. I get paid well as a CFI and I grossed 35k, which is on the very high end.
No one is saying to abandon the dream. We're just suggesting that given your specific situation, you probably can't realistically "live the dream" right now.
I'm assuming you're a young guy. You have plenty of time. Get your affairs in order, and then go for it.
tpaRob
Well-Known Member
Well, since you asked...
Even for someone with good credit the lending market is drying up.
jspeed87,
Have you started flying at all? You don't have to do it all at once. Tighten your belt and cut up those credit cards and fly a couple hours a month for a while. Use your downtime to study for the writtens. The writtens are good for two years.
jspeed87
Well-Known Member
Well, since you asked...
Even for someone with good credit the lending market is drying up.
jspeed87,
Have you started flying at all? You don't have to do it all at once. Tighten your belt and cut up those credit cards and fly a couple hours a month for a while. Use your downtime to study for the writtens. The writtens are good for two years.
Yes I have taken introductory flights at every FBO in my area. Thats the thing I don't want to fly because then I'll get the urge to go up again! But I was thinking of paying as you go. 160.00 is the hourly rate for a C172 at my local school. I need 20 hours of dual so that's 3200. I make roughly about 1200 per month. Is it ok to get 5 hours of dual per month? That would be around 800. 5 hours of ground at 52.00 around 260. So total is around 1060. I can't make it.