Financing Training

[naunga]

Dude! How much do you have in loans?

A $40K loan for 15 years works out to a little over $250 when you add interest.

I have a $63K 30 year mortgage that I pay a little over $600/month on.

My $10K flight training loan at 8.5% and 4 years is only $98 a month.

You either have a huge loan principle, a very high interest rate, or a very short term.

If you've got a high interest rate you might look at refinancing some of the debt before it kills you.

Naunga

 

[EatSleepFly]

My loan for all of my flight training, plus a few Riddle classes (shh, don't tell Key) was for $57k, and its $384/mo.

Throw in another loan for $24k (Riddle), and a third loan for $11,500 (Riddle)...and viola.

But I'm not too bad off. The deal my parents made was if I paid for my college, car, apartment, and everything- they would pay for my flight training.

I was just pointing out that $500/mo. loan is not out of the question...especially if you go to Riddle.

 

[StevenL]

[ QUOTE ]
Dude! How much do you have in loans?

A $40K loan for 15 years works out to a little over $250 when you add interest.

[/ QUOTE ]

[ QUOTE ]
My $10K flight training loan at 8.5% and 4 years is only $98 a month.

[/ QUOTE ]

My math's not the best, but these numbers don't make sense to me. 40k for 15 years would have to be in the $300+/mo range, unless you get a really low rate. And a 10k loan for 4 years only $98/mo. Maybe a typo.

 

[JEP]

40,000
15 yrs
7.5%
$370.81/month
----------------------
10,000
4 yrs
8.5%
$246.48/month

 

[naunga]

Yeah the $40K loan for 15 would come out around $300 when you add interest on to it. I didn't do that when in my first example, because it wasn't needed to prove the point (man talkin' to you guys makes me feel like I'm back in school defending proofs.)

The Sallie Mae loan was a mistake on my part. It's 15 years at 7.5%. My bad.

Anyhow, $500/month for school loans, which traditionally are low interest / long term loans seems a bit steep to me.

The amount of money spent must've been staggering, and it might be worth while to get with someone to take a look at the finances.

I don't mean anything by it EatSleepFly...although I'm sure you didn't take any offense.

Naunga

 

[naunga]

No doubt it's possible.

In looking at that though I wonder how much savings you might get if you consolidated all those into one loan with a low interest rate.

Remember too that you can write off every penny of interest you pay on student loans (although you probably won't get every penny back).

Naunga

 

[EatSleepFly]

[ QUOTE ]
In looking at that though I wonder how much savings you might get if you consolidated all those into one loan with a low interest rate.


[/ QUOTE ]

Oh, no offense taken at all!

I am looking into consolidating either all into one, or 3 into 2. I'll probably do it here in the next few months.

 

[JDMcFly]

"especially if you go to Riddle."

Now I understand the 500/mo

Edit: It should be illegal for Riddle to charge what they do for flying these days!


Sorry to bring up a touchy thing

 

[mtsu_av8er]

It should be illegal for Riddle to charge what they do for flying these days!

[/ QUOTE ]

But it's Riddle!!!

 

[cointyro]

[ QUOTE ]
My $10K flight training loan at 8.5% and 4 years is only $98 a month.

[/ QUOTE ]

LMAO - You pay $100 a month ($1,200 a year) for four years (so $4,800) - how does that pay off a $10,000 loan??? Damn, you're good!!