Living the Dream Paying back the loan

jspeed87

jspeed87

Well-Known Member
I would like to know what CFI's are doing to pay back their flight training loans? I'd like to hear from ATP or big academy grads who have 45k+ in student loans. What kind of jobs do you work to supplement CFI pay? Newspaper delivery, bar tending? How do you manage a 500+ per month payment, rent, gas, and food. I just want to get some ideas because my time to repay is coming soon. :eek:
 
jspeed87 said:
I would like to know what CFI's are doing to pay back there flight training loans? I'd like to hear from ATP or big academy grads who have 45k+ in student loans. What kind of jobs do you work to supplement CFI pay? Newspaper delivery, bar tending? How do you manage a 500+ per month payment, rent, gas, and food. I just want to get some ideas because my time to repay is coming soon. :eek:
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Live at home.
 
Deferred for a year, lost my CFI job, now my active guard check pays for it. Unless you are at one busy a** school and live in a slum you're not going to be able to afford it. Luckily that's why Sallie Mae has economic hardship deferments.
 
cmcvic said:
Deferred for a year, lost my CFI job, now my active guard check pays for it. Unless you are at one busy a** school and live in a slum you're not going to be able to afford it. Luckily that's why Sallie Mae has economic hardship deferments.
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So why is it they'll only let me do it for three months after I make two consecutive payments. Screw SLM!
 
I feel very fortunately that I was able to pay for the vast majority of my training out of pocket. There's something to be said for having the patience to do that.

All that said I have an acquaintance who went to a brand name 4 year aviation school, financed everything and came out 200 large in the hole. I can't even imagine how to survive like that....
 
TallFlyer said:
I feel very fortunately that I was able to pay for the vast majority of my training out of pocket. There's something to be said for having the patience to do that.

All that said I have an acquaintance who went to a brand name 4 year aviation school, financed everything and came out 200 large in the hole. I can't even imagine how to survive like that....
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I'm not quite $200,000, but I have more than most people think...

I've been taking online classes part-time to work toward another degree while keeping the loans in deferment. If I can't pay it, well, I might as well do something productive. The classes are paid out of pocket, so I'm not adding more debt except for the interest accruing (d'oh!). I've calculated that I can continue living at my same standard of living (i.e., able to put money away, live on my own and otherwise not be a complete bum) and pay the loans if I make $60,000/year. That's doable as a pilot; you just have to put your time in and work your way up. I'm slowly getting my way up to that point.
 
I did some numbers myself and I would need to make about 2000 clean per month to live on my own. lol Would need to work two good paying jobs and no social life. :dunno:
 
FlySooner9 said:
govt school loans. Grace period as well as income based payments.
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I have a federal loan but still, the monthly payments are high. lol

Edit: Good news, I just found out that I can pay interest only for 2-3 years. That makes it doable now lol
 
Live at home, work line service, and flight instruct aren't doing it. Looking for a full time job, hopefully aviation related. Had a few interviews, otherwise the loan is still being deferred.
 
I deferred for 2 years. By that time I was a Lear Capt. at Airnet making close to 6 figures. All told it's just over a grand per month for me. Nothing terrible. I just eat out a little less and drink at home.
 
defer, or just leave the country and tell creditors to F off.

why can you invest in a business and well, if you lose your money...too bad...

why is it different if a business invests in you and they lose their money?

i have no sympathy for businesses who are legally able to enslave their bets.

feel free to tell me how i am a horrible person and not doing what is "morally correct"

i sleep fine at night.

note: i have put on my flamesuit and am interested to hear all opinions.
 
TXaviator said:
note: i have put on my flamesuit and am interested to hear all opinions.
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That last sentence tells me that you already know that you're wrong, and your only purpose in posting that weak attempt at justifying your position is to try to garner some support and sympathy for backing out on your word.
 
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