Goodbye Sallie Mae!!

meyers9163 said:
Congrats Ryan! :) I know what you mean about the 27k being a lot back then. I was lucky to only spend about 33k three years ago! And I cannot wait for the day I can kiss it good bye!
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33k sounds like a low price almost these days. How much is that loan payment?
 
Bandit_Driver said:
Congrats on paying yours off. I can't wait to get mine paid off.

I came out of owing about 24 in 99. I am down to about 15 now.



Holy Cow :eek: That sounds like an ERAU number.
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That's not the worst I've heard. I have a co-worker who went to ERAU and spent a little over 200K. His loan payments are $1700 a month. :eek:
 
Stomp16 said:
That's not the worst I've heard. I have a co-worker who went to ERAU and spent a little over 200K. His loan payments are $1700 a month. :eek:
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That person would have been better off being a real estate agent buying houses! You would get a better return back without the education. How bad does this person want to be happy?
 
flyingmaniac said:
That person would have been better off being a real estate agent buying houses! You would get a better return back without the education. How bad does this person want to be happy?
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He had no idea what he was getting into. "Blinded By The Light" would be an understatement.
 
Stomp16 said:
That's not the worst I've heard. I have a co-worker who went to ERAU and spent a little over 200K. His loan payments are $1700 a month. :eek:
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What the? How does he live?


Congrats, smart move on saving the money.

I have Doug to thank for making this website and all the members, for saving me from from that kind of debt or going to ERAU.
 
Kicked the old girl out, good job.

Before you read rich dad poor dad (actually a good book), read Dave Ramseys Total Money Makeover.
 
Matt13C said:
What the? How does he live?
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His parents are paying it for him. There is no way he could ever come up with that. I'm not good with the numbers, but I think he said it is a 15 or 20 year loan as well. :confused:

I thought I had it bad, then I talked to him. Needless to say I came out of the conversation feeling pretty good about myself. :D
 
Stomp16 said:
His parents are paying it for him. There is no way he could ever come up with that. I'm not good with the numbers, but I think he said it is a 15 or 20 year loan as well. :confused:

I thought I had it bad, then I talked to him. Needless to say I came out of the conversation feeling pretty good about myself. :D
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Wow, at 20 years that is 408k, at 15 its 306k....I hope he has rich parents if not they might be bunking up with him since their retirement fund is going to SM.
 
Matt13C said:
Wow, at 20 years that is 408k, at 15 its 306k....I hope he has rich parents if not they might be bunking up with him since their retirement fund is going to SM.
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I can't even imagine having to pay that much. I'm glad I bucked up and am paying in 10 years. The sad thing is, he didn't even get a Bachelors or MEI out of it. He came out with everything through II and an Associates.
 
Stomp16 said:
That's not the worst I've heard. I have a co-worker who went to ERAU and spent a little over 200K. His loan payments are $1700 a month. :eek:
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:eek::eek:

Stomp16 said:
I can't even imagine having to pay that much. I'm glad I bucked up and am paying in 10 years. The sad thing is, he didn't even get a Bachelors or MEI out of it. He came out with everything through II and an Associates.
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:eek::eek:

OMG! Either he got taken advantage or screwed off a lot and wasted a lot of flight hours. Spending that kind of cash he should have gotten a BS, CFII, MEI and have a fair amount of multi time.
 
Yeah I just sent my final and only payment of $11,650 to nelnet the other day. Now i'm done with student loans and can work on actually getting a flying job :/
 
Congrats man. I pay $600 a month in loans. If I would have known back then what I know now, I probably... well... yea i'd still do it. I'd take back hitting the bars up three times a week on loan money during college though. No telling how much I blew!
 
BillErvin said:
Kicked the old girl out, good job.

Before you read rich dad poor dad (actually a good book), read Dave Ramseys Total Money Makeover.
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:yeahthat: I've read both of them, both great books!

Congrats Ryan! I'm hoping to have my 15 year SM training loan paid off in the next 2-3 years!
 
Not to take this thread in another direction but I cant imagine committing to that kind of debt in this day and age with the way the industry is. Work to fly, work to fly is how I am doing it. I was sooo very close about 2 years ago heading down to some accelerated school (ATP etc.) to get my ratings. But with a lot of JC members wisdom I didn't do it and am happy I didn't. I cant imagine how some of you do it coming out of school with the debt and then instructing of FO'ing at such low pay with those high loan payments.

Congrats on the loan pay-off!
 
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.
 
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