Goodbye Sallie Mae!!

In the summer of '05 my Key Alternative loan for 20K was denied because I got my application in just a few days after they stopped funding flight training. At the time I was pretty ticked but in hindsight it was one of the better things that happened to me.

The state of AK has a low interest loan program for residents that you can get about $6,500 per rating. I paid for the private out of pocket (work and savings) financed the instrument and another $6,500 for commercial (obviously didn't get me too far) and paid out of pocket for the rest.

I've got about 11 and change to pay off and then I'm done! I also just figured out the other day that when I hit around 2,000 hours my income from flying will have matched my total investment.
 
deek said:
I had 120k for my 4 year and 20k in flight training loans, of which I've spent 16k and am at 220tt, and am arguing with my flight school about the remaining 4k on file before they go bankrupt. I have a 30year loan through SM and my payments are around 1300/mo. The day I pay SM off will be the day you see me on the news in a Mylar balloon,,,with streamers.
Click to expand...

Best of luck to you Deek... that's a rough payment and I feel for you.

Your post made me think of something though. A student/training laon isn't something you can get out of... ever. Sure you can do a one-time consolidation... and you can get some hardship deferrals... but that sucker isn't going away.

Buy too much house or car on credit and you can sell them. Rack up credit card purchases you can't afford and you can sell stuff, consolidate, default, settle, or discharge through bankruptcy. But those student loans never go away.

Something to think about.
 
Ian J said:
Best of luck to you Deek... that's a rough payment and I feel for you.

Your post made me think of something though. A student/training laon isn't something you can get out of... ever. Sure you can do a one-time consolidation... and you can get some hardship deferrals... but that sucker isn't going away.

Buy too much house or car on credit and you can sell them. Rack up credit card purchases you can't afford and you can sell stuff, consolidate, default, settle, or discharge through bankruptcy. But those student loans never go away.

Something to think about.
Click to expand...

Think about what? He's already signed on the dotted line. All you're going to do with this post is cause him (and a lot of us) to lose more sleep. :P
 
dasleben said:
Think about what? He's already signed on the dotted line. All you're going to do with this post is cause him (and a lot of us) to lose more sleep. :P
Click to expand...

Sorry... something to think about (for those considering a student loan.)

Was thinking of this as a "teachable moment."
 
Ian J said:
Sorry... something to think about (for those considering a student loan.)

Was thinking of this as a "teachable moment."
Click to expand...

Again, this should be a sticky. To see how many people get into exorbitant debt "for the dream" is scary. I know lots of people say "I had no other choice". That is a cop out. I have completed 2 AS degrees, 1 BS degree and 1 MS degree without ANY LOANS OR PARENTAL HELP at all. You can add on the private pilot cert and enough cash in the bank to "buy" the rest if and when I see fit. And I am just as middle class as they come. So...there ARE alternatives to taking a loan that cost more than a lot of mortgages. Just saying...
 
I just can't imagine making a student loan payment that costs more than my mortgage and car payment combined.
 
You must log in or register to reply here.
Back
Top