Be very careful if you plan to fund everything through loans.
I wish I would have found JC before my Junior year in college. I’d like to think that it would have convinced me to find other ways to finance/go about getting to where I’m at now.
For what it’s worth, I paid for my first year of college, all of Avit 102 and half of 221 out of pocket. The rest of it I took out in loans. Six months after graduation those loans started being paid back to the tune of $1,100 a month. I took out the maximum that I could in Stafford loans, and the rest of it was private at a smaller interest rate.
Let me tell you, as a first year FO I was bringing in just about $1,400 a month (NET). It was very rough. Without savings that I had, and help from the family, I wouldn’t have been able to make it that first year.
Now, after refinancing/restructuring my debt, and having developed a solid plan “B” I’m starting to feel like my head’s coming above water. I could have went way overboard here, and maybe not even be completely applicable to you per say, but I’m writing what I wish I could have seen before I signed the dotted line on the loan paperwork…. For those that may be lurking the forum.
Here's what I thought at the time before/during training:
(Looking at pay scales for the jobs that I’d like to get after schooling, and the amount of debt that I was coming out with made it look pretty scary. But, I thought to myself that wouldn’t be me, and I’d work hard and get lucky. Second year pay would come, and upgrade would come shortly, and then it would be easy to pay off those loan payments).
Well, as it turns out, I’m at a year in the right seat of a regional and staring a furlough in the face. This wasn’t in my plan, and it doesn’t look like I’m going to be that lucky. Good thing for that plan “B” that I’ve got.
Sorry for the quasi-rant towards the end… just something that I wish to share with others that are possibly looking to finance this huge cost all through loans. Anyways, food for thought...