"Borrowing" Your Flight Training

Borrowed: waaaaayyyy to much
Payments: $480/month
I don't regret the loan at all. Pay as you go for some of us is completely unrealistic. I had my loans deferred for close to two years but I'll have the loan payed off in about 5-7 years.
If you need the loans take them. Be responsible. Get your CFI/CFI/MEI and you'll find work.
 
Bank of America: $11,000 ~$85 @ 5.55%

Key Bank 36,000 ~$421 @ 4.83%

These are just rough estimate at the current interest rates. Still finishing up my school so I have them just accruing interest :(

Anyone know if I will most likely get hit with fee if I try to start paying off the Bank of America loan early? I don't feel like reading the loan stuff at this moment :p

As far as regretting it. I don;t know yet as I haven't had to pay them yet, but that is a good thing as the winter here in Ohio was terrible.
 
Maurus said:
Anyone know if I will most likely get hit with fee if I try to start paying off the Bank of America loan early? I don't feel like reading the loan stuff at this moment :p
Click to expand...

Not sure about your BoA loan. But you may want to pay off that accrued (accursed?) interest before it capitalizes. Otherwise you'll be paying interest on interest. :panic:
 
matt152 said:
I am looking to refinance at a fixed rate (especially since rates are real low right now), but I have not been able to find a lender that will refi a private loan.
Click to expand...

You might consider going to a credit union as opposed to a traditional bank. I've had good luck with that.
 
$47,500 from Key Bank
15 year
$500/month
ATP

It sucks, but I can afford to make the payments while living cheap.
 
I borrowed about 40k for school and pay 330/month. There's no way I'm borrowing anything for my ratings. Pay as you go, that's what I'm doing.
 
I got a line of credit from my local bank I've banked at for years (LIBOR+1% I think). Spent $50,000 adding around 260TT with 50 being ME to my log book and that got me through both my Commercials. Trained at Falcon for my Instrument and Commercials (took the Commercial rides at Europe-American in Naples though). I attempted to go Key or Wachovia, but they were around 13% a year and a half ago when I started. So there was no way.

But like someone else said, $50,000 for flying was just for fun compared to what I spent for my "Plan B" of obtaining Finance and Economics degrees at SMU in Dallas. Given the current state of the economy, it was a worse idea than $50,000 to get my Commercials.
 
You must log in or register to reply here.
Back
Top