Student loan options

ftyflyboy said:
Those of us 30 somethings that have spent enough time screwing around in various sales jobs and are ready to make this next step in life happen just that much quicker.

That's who needs loans.
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I'm one of those 30 somethings that have done exactly that in sales jobs. I'm here to tell you that I ran the numbers, weighed the options, and decided that I didn't need the loan. Your mileage may vary, but in my own little personal book, cash is king for at least the first and second certificates and the ensuing ratings to get to CSEL.
 
Murdoughnut said:
Do you have to get loans? What's wrong with pay as you go?
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Well I can think of a thing or two. I used to pay as I went through training and the training just stretched far too long (6 mo.), at the end I had to take out a small loan to finish it up. I am not supporter of any big loans, but it is a good idea to keep the training in some reasonable time frame. I know if I trained at least 3-4 times a week I would have had my license in maybe 2-3 months, I wouldn't be able to afford that by paying cash.
I say, if you can afford it pay as you go, if not try to split or get a loan and get it done.
 
ftyflyboy said:
Hi guys,

On Thursday I will begin my student loan search to fund training at ATP. I currently know of Nextstudent, SLM, and myrichuncle. If you have any other suggestions please let me know.

Please try and avoid the “don’t take out a loan” discussions. I’ve been through the numbers a thousand times and this is the way I am going to do it.

Thanks in advance,

Eric
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I hate to say it, but if you get a loan, try to get a private loan instead of a government loan even though the interest is usually higher and not deferrable. That way if you have to go bankrupt the loans are dischargable as opposed to gov't loans which are not.
 
Noone really NEEDS a loan, but is getting a loan the end of the earth? Is it a worse path? For me, yes. For others, perhaps not. Often, jumping head first into things is thought of as risky and careless, but I think many people do well with this option; it forces them to succeed no matter what. Meanwhile, guys like me sit back and "pay as they go" still working their miserable jobs, but having the safety and comfort of significant salaries to take their time and live the same lifestyle. I do often believe a shock to the system is not a bad way to go....
 
its true that noone really NEEDS a loan. I guess the reason why I am getting a loan is because otherwise, I wont be able to fly more than a few times a month. I'm not trying to get it done super fast or anything, I just dont think that I can become a proficient pilot training only 2-3 times a month.

I have already put this off for 6 years and If I dont just jump in and do it, life will grab me by the @$$ and I might end up putting it off again for who knows how long. By the time I finish all my ratings the girlfriend will be back at work and the kid will be in school, I'll be done with my associates degree. I'll still be working full time the whole time. Im considering it my school loans since my job is paying for my associates degree. When this is the only profession that gets you motivated to get ahead in life then sometimes there are just certain things you just have to do.
 
LoadMasterC141 said:
Noone really NEEDS a loan, but is getting a loan the end of the earth? Is it a worse path? For me, yes. For others, perhaps not. Often, jumping head first into things is thought of as risky and careless, but I think many people do well with this option; it forces them to succeed no matter what. Meanwhile, guys like me sit back and "pay as they go" still working their miserable jobs, but having the safety and comfort of significant salaries to take their time and live the same lifestyle. I do often believe a shock to the system is not a bad way to go....
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wow...I totally could have just :yeahthat:
 
pedex said:
I have already put this off for 6 years and If I dont just jump in and do it, life will grab me by the @$$ and I might end up putting it off again for who knows how long. By the time I finish all my ratings the girlfriend will be back at work and the kid will be in school, I'll be done with my associates degree. I'll still be working full time the whole time. Im considering it my school loans since my job is paying for my associates degree. When this is the only profession that gets you motivated to get ahead in life then sometimes there are just certain things you just have to do.
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Pedex - I hear ya - this was the major impetus toward me getting a loan. And sometimes the thought still crosses my mind, but I keep resisting and remembering the numbers I put together.

I used to be in fairly heavy debt when I was in my early 20s, making less than 1/3 what I make now, and I remember how painful it was to write checks to the banks every month when I needed and couldn't afford certain things. I guess the scar tissue imprints somewhat and now that I'm fundamentally debt-free (mortgage only) with a good credit score which is improving steadily, I feel like I'm in control and have options. Debt frightens me at the core level, I guess.

That said, I fell in love with a Bellanca on Aero Trader, and the thing would have only cost me $700-900 a month for 15-20 years....:D

Must resist. Must resist.
 
to quote a quote in your sig.....

"Life is full of hard choices. Some of them hurt." - NJA Capt
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I really appreciate your advice. hopefully my choice wont "hurt" too bad but seeing both ends of the story on this site has def helped me come to an educated decision. I fully know what I am getting into. For some people it has worked out well, and for some it has been disastrous...I'll share my results once they come in.
 
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