VATechPilot
Well-Known Member
How terrible is 12% on a $50k+ student loan? Is it worth waiting until rates go back down?
12% interest
- Thread starter VATechPilot
- Start date
darrenf
resident denizen
anic:
Murdoughnut
Well sized member
That type of interest will enslave you - don't do it man - a 2nd or third job would be far, far better
Scandinavian13
New Member
Yeaaaah. That would be the interest rate offered to me on my loan to attend PanAm. I should've started a month ago, but SLM delayed the loan (they said they'd have it ready in 24 hours, which ended up being 2 weeks), then once they finally approved it, they gave me 12% interest, and that's with good credit and a cosigner with good credit and monetary assets.
Crap, if you ask me.
Instead of becoming a slave to SLM, I've decided I'll get a job for a while and try again in a few months. Maybe this bailout will help them be a bit more reasonable. We'll see.
-- EDIT: --
N826AW:
The paperwork SLM gave me claims $158,502.69 over 15 years.
Even worse.
Crap, if you ask me.
Instead of becoming a slave to SLM, I've decided I'll get a job for a while and try again in a few months. Maybe this bailout will help them be a bit more reasonable. We'll see.
-- EDIT: --
N826AW:
The paperwork SLM gave me claims $158,502.69 over 15 years.
Even worse.
VATechPilot
Well-Known Member
Hey man, I'm trying to be somewhat optimistic...haha
As some would say on here (and I'd be forced to agree) debt free is a great way to go. I actually did a combination of the two and at the moment I'm sitting on about 12K at 3% or so. I wish it was a lot less.....
In this current job market it makes absolutely no sense to go into huge amounts of debt to pay for some fast track academy. Just take your time.....
In this current job market it makes absolutely no sense to go into huge amounts of debt to pay for some fast track academy. Just take your time.....
surreal1221
Well-Known Member
Don't do it.
Unless you really like pain and punishment.
Unless you really like pain and punishment.
When I started training, I took a $30K loan out at 6.5% adjustable (good credit and no co-signor even) and am beating myself up over it. Just saying in hindsight, it would have been better to have a second job to pay for the training. It would be one thing if you'd get a $60K/yr salary upon completion but that's not going to happen. No need to rush through it in this market, maybe even any market.
And think about it this way, do you want to pay $550+/month for 20 years (or whatever your terms are)?
And think about it this way, do you want to pay $550+/month for 20 years (or whatever your terms are)?
slushie
F2TH C56X C500
I was thinking how it would actually be good for me if this "bailout" caused a steady inflation. Thinking about how my skills and pilot certificates would draw a higher pay rate in relation to the $65k I have in school debt. Yeah, that $65k was invested in things that will follow inflation, while the loans are stuck in 2002-2006 dollars! wooh! but then I read this:
And thus remembered that at least $10k is at an adjustable rate....crap.
Exactly...once the Fed starts raising those rates again, costs even more. IT was nice when it was down to 4%, then it shot it up to 8% I think. Now its just under 6 again. Certainly a roller coaster over a 15-20 year term.
Champcar
Well-Known Member
550? try doubling it.