Snickersnwa
Well-Known Member
Thanks guys.
Now, for those of you that say taking out loans is a bad thing; mokulele said earlier that loans don't have to get paid back until six months, or so, after graduation.
So...
1. Aren't six months enough time to find a job as a flight instructor and start paying back the loans?
2. What is the usual monthly payment for paying back loans? Does it depend on the number of years in which you choose to pay the loans back? Interest fees? etc.
Six months grace after graduation (or withdraw from school) is pretty common.
Sure, you could find a job within six months of graduating; but, if you take *everything* out in loans your monthly payments (depending on how many years you have to repay them back ~ 15 years is about the longest that I've found) will be somewhere around $1200 a month at today's going rate of things. (Only to get more expensive as time continues and costs increase).
The tough part will be paying that back on what limited income you'll most likely be getting at a first year flying gig. When you net only $1600 a month that makes things pretty interesting...
Keep in mind what you'll be making that first year or so.
PS. You most likely can refinance your loan into different kinds of payment plans. (standard, Income sensitive, two tier, three tier loans, etc.) But, if you do other than the standard repayment plan you're tacking on to the end of your loan, and paying a lot more in the end.