ERAU Here I Come


New Member
Well, after some serious reflection and thought... I am pretty sure that I will end up at ERAU. However, I am still somewhat uncertain regarding the financing of tuition...

I would be very happy if you guys can enlighten me about what I should look closely at when shopping for a loan. Also, any other information is welcome!

Thank You,
I had/have the Stafford Loan. And also the Parent Loan. Also Riddle had given me pretty much a grant to cover housing and about another 1000 or so just because....probably because I'm a chick. When you get there just have a talk with the fin aid counselors...they're great ladies and bent over backwards to help me out.
Oh yeah...and about the loans...look closely at whether it's subsidized or unsubsidized like the Stafford Loans. Also important is when you have to pay it back and at how much are you paying back? Because what you borrow is not what you owe...
Thank you for your help!
I have been dealing with Embry Riddle and loans for the past four years and it sucks... When looking for student loans go to the Financial office and ask for info they will more than likely give you a paper that has all of the going rates and percentages.

You are almost always going to get a lower interest rate with a co-borrower, so work on that one now. Hopefully you can get your parents to co sign for you and then when you graduate just get some life insurance that will cover your loans if you were to die. I know that doesn't sound like a good idea but if you were to die your co borrower would have to pay for it. Which would suck... I currently pay 100 bucks a month for 300,000 which is a lot more than I needed but it wasn't much more.

You can get stafford loans based on your FASFA report and for the most part if your parents don't make more than like 40,000 a year or you are married you can get pell grants and other funds. If they make more than that then you are screwed unless of course you get married which I have known people to do just to get school paid for. Pretty stupid in my mind but hey it would save a whole lot of money.

I personally went with Sallie Mae and they were pretty good, but I believe this year they dropped Embry Riddle so you will have to find someone else to do it. Make sure you get your FASFA report done first then it will show how much you eligible for through financial aid.
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Start the process early because sometimes it takes time to get all the paperwork done. Good Luck...

I currently pay 100 bucks a month for 300,000 which is a lot more than I needed but it wasn't much more.

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How does that exactly work? I read from the ERAU Academic Bulletin that 4 years at ERAU is approximately $155,000. Where did $300,000 come from? Also, do those loans really only end up costing only $100 per month? If so... that is pretty decent.

If you don't mind me asking, what loan (or loan combinations) did you take out?

Thank you for your help and explanations!
How does that exactly work? I read from the ERAU Academic Bulletin that 4 years at ERAU is approximately $155,000. Where did $300,000 come from?

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He was talking about the size of the life insurance policy he bought ($300,000).
I really hate to do the 'thread creep' thing, but if you're paying $100/month for $300K of life insurance, you're paying way too much!

I've got 1/2 Mil of 30 year level term that I got at 32 for about $30/month.
Save your money and go to a junior college first. What is the main reason you want to enroll at ERAU? Please don't say it is the best aviation college/university out there. You did not write what major subject you want to study.
I have thought about attending a junior college first, however, it might mean risking the possibility of not becoming a military officer in either the Air Force or Army (haven't decided yet)… as the two year slots of ROTC are not guaranteed and as I understand it, much more competitive.

What is the main reason you want to enroll at ERAU?

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My main reasons of wanting to attend ERAU are:
1. It has a reasonable reputation in the industry.
2. I will probably feel regretful if I don't go.
3. Weather is relatively good compared to other aviation colleges.
4. It is far from home… but not too far away.

There are many other reasons that I can think of why I would want to go... much more than why I wouldn't want to go.

You did not write what major subject you want to study.

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Aeronautical Science

Any additional advice/input is welcome!

not to bash on ERAU or your decision but..........

your gonna be 150,000 in debt. Thats OUTRAGEOUS.

for hypothetical reasons assume you dont have any interest on your debt.

that 150G's being paid off at $300 a month would take you 41 years to pay off.

going to a state school would probably set you back about 35,000 including living costs. you will save even more if you go to a community college the first couple years.

throw in all your ratings depending on the local price market and the FBO and that will be about 20,000-30,000.

now 150,000 or 55,000.

thats a mountain of debt with very little to fall back on if it doesnt pan out for you.

i got a chance to talk to our delta 737-800 crew when we arrived at Portland (coming back from the JC SLC ski trip i might add
) and got to see the cockpit and talked with them a little about the career and the many different methods to get there. and both of them echoed to get a degree in a non-related field cause it doesnt make a bit of difference.

thats just my .02 cents

keep us posted
here are a few things that you all seem to be overlooking.

1. Scholarships...First of all, I've decided on Embry riddle for next year and have already sent my deposit. I understand the radical costs, but don't forget that there are scores of available scholarships in the aviation field that I know I will be applying for, along with student/parent loans along with the stafford loans, etc. If you are a good student, It is extremely possible that the debt could fall. My family has done the math, and i've determined that if i stick out with the aero sci program for the next four years i'll have an approx. 80k debt, I'm hoping I'll be able to find ways to lower that as well.

2. Don't also forget that ERAU is a university, thus are more majors than aero sci. The poster here might find that meteorology is very interesting and may want to switch your major (don't lash back, i'm just being hypothetical), and maybe consider flying on the side. This possibly could land you a more profitable job too.

Thanks for your input thusfar. I will definately take the next few days to make sure that the decision I am going to make is the right one.
"...I am pretty sure that I will end up at ERAU." is a funny way of putting it. Kinda passive-voice. It suggests (to me, anyway) you're primarily interested in attending that particular university because of its reputation, which is pretty reasonable of you. But 'strongest academic reputation' may not mean 'best situation for you' so do a little more evaluation of other options before signing up.
My first attempt at college didn't go as planned, but I was fortunate to have only taken out $1k in Stafford loans, which were quickly paid off. You'll be dealing with significantly greater loan amounts, possibly at higher interest rates, so have a realistic plan in place for repayment before committing to anything.