How much are you paying on student loans?

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Lava_Lamp_Freak

New Member
I am a freshmen in school. I've not started flight training yet, but will next summer. Right now its looking like the total cost over four years will be at least $30k. My tuition is already taken care of by grants, I'm only paying for my flight training. I was told by the bank that at today's interest rate that would be around $300 a month after school. Knowing what I'll be making out of school worries me about that. I'm currently paying $390 a month for my car, which will be paid off before I graduate. So what are you paying on your student loans? Is $300 a month about right for a $30k loan?
 
I am in a similar boat as your are. I don't have to pay for any of my college undergraduate, so most of my finances are going to pay for flight training. DON'T take out the $30,000 in one lump sum. I would take the amount out over time. I paid for my Private up front but I am taking out loans to pay for my Instrument Ticket, Commercial, CFI and CFII. I took out an $8000 Sallie Mae loan for my Instrument and I am paying about 90.00 a month back. My Commercial and CFII stuff will be a little more so I will probably be paying back around 200.00 a month back. This is with a repayment time of 10 years. Get a part time job if you can to help with the $$$ as you are instructing as well.
 
Why not get Federal Stafford loans and pay your flight training with those? It'll be cheaper with regards to the interest rate....
 
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I will be using the stafford, but I was only awarded $769 a semester for my freshmen year.

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Forgot - you're a youngster...lol.
 
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Forgot - you're a youngster...lol.

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More like a dependant than a youngster. Two different things. The former being the important one w/ regards to the Staffords...
 
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Forgot - you're a youngster...lol.

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More like a dependant than a youngster. Two different things. The former being the important one w/ regards to the Staffords...

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Most folks are dependant because they're young. Since most folks don't have kids when they're in school, age is what makes them independant. Military service? Usually, you're not 18 or 19 when you get an honorable discharge...;)
 
Even if you are claimed as an independent on taxes, but your under 24 and your parents are still alive, in the eyes of government fin aid, you are still a dependent. Your parents have to be dead if you are under 24 to get a lot of government aid. (some other circumstances qualify you too).
 
Nah. Just get married. That qualified my wife and I as independent for Staffords!
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Your parents have to be dead if you are under 24 to get a lot of government aid. (some other circumstances qualify you too).

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Well, being a veteran, being married or having dependants....
 
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