Sallie Mae not going to loan for aviation career training

Re: Sallie Mae not going to loan for aviation career trainin

Murdoughnut said:
Home ownership isn't a dream - not for those of us who spend within our means and save. It should be a dream for those who cannot sacrifice and work towards it.
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Yup, there it is.

Such can be said for anything people "Dream" of.

Finally it seems my whole dream vs. reality paradigm is gathering some steam.
 
Re: Sallie Mae not going to loan for aviation career trainin

We're in a recession. The pendulum will swing the other way eventually.
 
Re: Sallie Mae not going to loan for aviation career trainin

Plus, why on earth would someone want to spend 80K+ on flight training? Because of the fancy adds and the false promises of sitting right seat in an RJ after only 250 hours. And hey, most of that will be multi time.... So yeah, you get the interview and maybe the job, and then the furlough. And 800 plus a month in loan payments.... Hell in my prior life, when I was making about 80K a year that would have been tough with a house, car, wife, life..... (oh how I miss the past sometimes...like now)...To make in the 20's and try to pay back those huge loans... just isn't realistic.. But like we were taught in school.... Buyer Beware... "Caveat emptor".

But seriously, think about getting any loans... Then think again, and again.... Realize what you are getting yourself into, in an industry that is fickle at best. I mean, I love aviation and am happy in it. But it aint easy and not without costs.... Just don't let it be a bankruptsy.
 
Re: Sallie Mae not going to loan for aviation career trainin

wrxpilot said:
Pay as you go? You mean to say instant gratification isn't the only way to get into flight training? Wow, what a concept!

Seriously, I think this will be good for people financially. I can't even imagine having a $800-$1,000/mo loan to pay off right now... How guys in the regionals do it I will never know. It is completely impossible on paper.
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:yeahthat:

Taking out an $80k training loan is just stupid. People now forced to pay as they go will be much better off for not having had the option to take out a huge loan.

In other words, it's one of those "you'll thank me later" situations.

Moreover, it'll be good for the profession as it will tend to weed out those who can't afford it or don't have the patience to pay-as-they-go. Demand will eventually catch up to and maybe even exceed supply, and wages may increase as a result. And there was much rejoicing.
 
Re: Sallie Mae not going to loan for aviation career trainin

surreal1221 said:
Bingo.

People don't like it, but I don't really care what they don't like.

Some things just were not meant to be, and we shouldn't be fudging the numbers and information on loan applications to make the "dream" a reality. Only to see the reality come back and bite them in the arse.

Honestly though, I hate it. I wish everyone the best of luck in chasing down their "dreams." But not at the overall expense of the health of our financial markets.

People need to realize that you can have your cake and eat it too, it just might mean taking a little bit longer to achieve the cake. And, I'd be willing to bet, that if they take their damn time they might actually learn how to manage some money. Who'da'thunk it?



I must have missed this.

Where did Velo say everyone should join the military, fly for the military, and then come out?

Although, there are many benefits to public service. One of which is money for education. Just a thought. And, it only requires four years.

Otherwise, yes, hopefully people will realize that large loans are not going to help you out. Regrettably, I don't have enough faith in individual's rational judgment. Just walk around any college campus the first week of a new fall semester. Banks and credit card companies out handing mythical little plastic thingys with "money" on them. High school graduates, largely, lack the financial education to realize the disasters that can come from credit cards and large loans. They end up spending four years in a higher education institution, living off of federal subsidized loans, and then they want to get another huge ass loan from SLM or someone to pay for flight training that is realistically valued around the 10-15 grand range.

*Bonk* Shouda had a V8!
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I am referring to how he seems to have a hatred towards GA and people who come up through the airlines. If you didn't fly military before you start flying for airlines then you shouldn't be flying. That's just the way I take the overwhelming majority of his posts.

And yes having 60% cost covered isn't a bad trade off for 5 years of my life. :bandit:
 
Re: Sallie Mae not going to loan for aviation career trainin

jspeed87 said:
damn I feel so heartbroken. I just recently applied thru sallie mae. Not good news.
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Don't you already have enough financial problems? Good grief...

Some of you guys need a reality check. Just because you don't get an $80k loan doesn't mean you have no hope of every flying professionally. Yes, the 9 month (or even 90 day) zero to hero may not be an option. Consider yourself lucky. Take a couple of years to get yourself seasoned and get into this crazy profession with low financial overhead. You'll be doing yourselves and the entire industry a huge favor.
 
Re: Sallie Mae not going to loan for aviation career trainin

wrxpilot said:
Don't you already have enough financial problems? Good grief...

Some of you guys need a reality check. Just because you don't get an $80k loan doesn't mean you have no hope of every flying professionally. Yes, the 9 month (or even 90 day) zero to hero may not be an option. Consider yourself lucky. Take a couple of years to get yourself seasoned and get into this crazy profession with low financial overhead. You'll be doing yourselves and the entire industry a huge favor.
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Car's been paid. :D I just have a few credit cards open.
 
Re: Sallie Mae not going to loan for aviation career trainin

Firebird2XC said:
Somebody told me that a nurse aenesthetist makes serious bank for a fairly small amount of work hours.
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http://www.payscale.com/research/US/Job=Nurse_Anesthetist_(CRNA)/Salary/by_City

Median-Salary-by-City---Job-Nurse-Anesthetist-CRNA-United-States_USD_20090302083857-v1.0.jpg


Yea..they do! However, I'm getting into clinical psychology/nursing not necessarily for the income, but because I really enjoy helping people.

My entire family is in the service industry. So, I'm just really getting in the family business so to speak.

And, no there is no gay joke in there..:D
 
Re: Sallie Mae not going to loan for aviation career trainin

Wow, Im in the wrong line of work. I wish I hated airplanes. ;)
 
Re: Sallie Mae not going to loan for aviation career trainin

I don't think people should be taking out loans to pay for aviation training anyway. Pay as you go.
 
Re: Sallie Mae not going to loan for aviation career trainin

tonyw said:
I don't think people should be taking out loans to pay for aviation training anyway. Pay as you go.
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:yeahthat:
Seriously, why the hurry to get all the tickets just to find yourself without a job and neck deep in debt? :banghead:
 
Re: Sallie Mae not going to loan for aviation career trainin

charlie1017 said:
:yeahthat:
Seriously, why the hurry to get all the tickets just to find yourself without a job and neck deep in debt? :banghead:
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Because I want to fly a plane at FL370 now, not in 4-5 yrs post college!

I say that from past personal experience..:panic:
 
Re: Sallie Mae not going to loan for aviation career trainin

Maximillian_Jenius said:
Because I want to fly a plane at FL370 now, not in 4-5 yrs post college!

I say that from past personal experience..:panic:
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It's kinda cool the first time you check in with, "Center Jetlink 2940 level three-seven-oh smooth how ya doin'," but about 5 seconds later you go back to your book.
 
Re: Sallie Mae not going to loan for aviation career trainin

Why don't you just save up 50,000 dollars before you buy a house?
Because a loan makes sense, financially.
 
Re: Sallie Mae not going to loan for aviation career trainin

Douglas said:
Why don't you just save up 50,000 dollars before you buy a house?
Because a loan makes sense, financially.
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That's what you're supposed to do. The fact that people didn't do that (and banks didn't require it) is what has us in the mess we're in.
 
Re: Sallie Mae not going to loan for aviation career trainin

It seems as if everytime i come to these boards there is always news about a plane crash killing everyone on board and about how much worse this aviation field is getting in terms of future job prospects for pilots. I am currently at a Commercial level and paying out of pockets for my CFI/II and MEI. I am now strongly considering to just take that money instead and go back to school and major in a career related to the medical field or something of that sort that has great job security and always in demand. My older brother is a Physician Assistant and is already making over 100K per year and it's his first year on the job. He is almost done paying off all his student loans and about to purchase a house in a few months. Being a pilot, i guess you won't see 100K a year until about 15 to 20+ years with the company if it's a major airlines.

For me, it's not all about the money. I am not a monk and money is important to me because let's face it, we need it to live. I think it is ridiculous that we are getting crapped upon by society and this cripple economy that we are in, yet this isn't an eye-opener for many others, including myself, that perhaps being an Airline Pilot is no longer a prestegious job that it used to be and maybe it's not such a great idea to pursue this as a career anymore. I've met many airline captains who've said that the industry isn't what it used to be and many seem miserable and wish they can get out but i guess age have caught up to them and they figured its too late to change careers.

I believe all of us have one thing in common on this site and that is our passion for aviation. Some people do whatever it takes to "live the dream" even if it means biting the bullet and taking out a 80K loan to finance their training and others who bust their balls working long hours and emptying out their bank accounts on flight training by paying as they go and taking rougly over 7+ years to get all their ratings just to keep reading in the news about how many pilots are being furloughed each day from different air carriers. Flight instructors are now going to be laid off as well, flight schools will continue to go out of business. People keep telling themselves that there is a so-called "big hiring boom" that will take place in the near future for emotional comfort and hope that their hard work and money didn't all went down the drain, will there be such a thing? I know there is always going to be a need for pilots because the world cannot operate without air travel and newer airplanes are coming in the future but are people really going to wait that long?

Anyways, enough of my rant. Like others have mentioned, this will certainly weed out a lot of prospective pilots and maybe make it easier to get a job, if/when airlines do start hiring again. Sallie Mae not going to loan money for aviation may enable more disciplined and responsibility for future students since they will know the meaning of hard work and being more smart with their money, good saving habits etc. We just gotta wait and see!
 
Re: Sallie Mae not going to loan for aviation career trainin

One other thing:

Flight Schools and Aviation Colleges should really stop feeding it's customers with BS and be straight forward with them. I am the kind of customer that will take my business elsewehere if i realize that instructors and owners are sugar-coating everything to put my money in their pockets. It has happend in the past and as a result, i have switched flight schools just for that same reason. I don't think people are that oblivious, well most anyways, that they will listen and believe everything as to what the owners of flight schools will tell them.
 
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