JDMcFly
New Member
I believe that Stafford loans do not pass on to your estate. If you die the Government pays off the loan and that's that.
Key Loan and Bankruptcy
- Thread starter dakovich
- Start date
I believe that Stafford loans do not pass on to your estate. If you die the Government pays off the loan and that's that.
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Homewrecker
dakovich
Well-Known Member
$80k Key loan
$18k Sallie Mae college loan
$118k mortgage
$3k private loan (new furnaces)
only thing I would take into BK would be the $80k Key loan. The others would not be brought into the BK (if I do it). Discharge of the Key loan is the only thing in question. I have no credit cards. had one and used it for my CFI training and then paid it off. Then I canceled it.
as for my flying days being over...well, I've come to my senses. This was a fun ride but I'm done sacrificing and mortgaging my future on a dream. In my eyes the career is a gamble and the odds aren't great. I've spent the last 7 years getting here. two years as CRJ FO, the rest bumming around as a CFI and charter FO and never made over $15k until this year($29k). Got furloughed, and IF I get a call-back I don't see the progression to CA and on up the ladder happening for many many years. If that all worked out I'd move onto the bottom of someone elses seniorty list and the anxiety starts over again. When will the other shoe fall kind of thing. Thats all part of the game though. What ya gonna do? I just want a normal life with my wife and future kids (hopefully soon!). So its off to school for nursing starting tomorrow. It was a great ride, but for what I want in my life it doesn't fit. Was it all a big mistake? Nah. Was it a big mistake to take out such a huge loan? Hell yes. I was a stupid kid. My irresponsibilty in taking out that loan was only matched by Key's irresponsibilty in giving it to me, and that was only matched by the academy's (Panam) irresponsibilty in their propaganda toward starry eyed kids.
$18k Sallie Mae college loan
$118k mortgage
$3k private loan (new furnaces)
only thing I would take into BK would be the $80k Key loan. The others would not be brought into the BK (if I do it). Discharge of the Key loan is the only thing in question. I have no credit cards. had one and used it for my CFI training and then paid it off. Then I canceled it.
as for my flying days being over...well, I've come to my senses. This was a fun ride but I'm done sacrificing and mortgaging my future on a dream. In my eyes the career is a gamble and the odds aren't great. I've spent the last 7 years getting here. two years as CRJ FO, the rest bumming around as a CFI and charter FO and never made over $15k until this year($29k). Got furloughed, and IF I get a call-back I don't see the progression to CA and on up the ladder happening for many many years. If that all worked out I'd move onto the bottom of someone elses seniorty list and the anxiety starts over again. When will the other shoe fall kind of thing. Thats all part of the game though. What ya gonna do? I just want a normal life with my wife and future kids (hopefully soon!). So its off to school for nursing starting tomorrow. It was a great ride, but for what I want in my life it doesn't fit. Was it all a big mistake? Nah. Was it a big mistake to take out such a huge loan? Hell yes. I was a stupid kid. My irresponsibilty in taking out that loan was only matched by Key's irresponsibilty in giving it to me, and that was only matched by the academy's (Panam) irresponsibilty in their propaganda toward starry eyed kids.
I admire your attitude towards things. When money is tough you really just gotta focus on the good. The stress was driving me mad, I had trouble sleeping. I am beginning to think this industry is just a good old boys club. Unless you have rich parents or your daddy works for a major airline and has an airplane you can fly, it is very difficult to make it. Even best case scenario flying for a regional airline as an FO for 5-10 years is financial suicide. My best advice is to make a clean split and go full bore into whatever you pursue next.
Money will come and go but don't let it affect you on a day to day basis. I sometimes have to keep telling myself that. I still get up enjoy my time with my girlfriend, enjoy a beer or going for a run the same as that rich guy. Life is good! I really hope that you are able to let that loan go in BK. Even if it took 10 years for it to come of your record. Having 100k in debt relieved would allow you to focus positively on your financial future instead of dreading it. I also know that even with an educational loan if you can prove that it will be detrimental to your finances there different avenues that can be taken. I would also be interested on how the new administration may change the face of the game. Probably worth waiting a few months to see what happens.
Timing and luck have a lot to do with peoples success in this industry. I know some that got hired at a major airline at the age of 25 and those just a few years younger are just now trying to make that move. A difference of 10 years seniority and 100s of thousands of dollars.
Money will come and go but don't let it affect you on a day to day basis. I sometimes have to keep telling myself that. I still get up enjoy my time with my girlfriend, enjoy a beer or going for a run the same as that rich guy. Life is good! I really hope that you are able to let that loan go in BK. Even if it took 10 years for it to come of your record. Having 100k in debt relieved would allow you to focus positively on your financial future instead of dreading it. I also know that even with an educational loan if you can prove that it will be detrimental to your finances there different avenues that can be taken. I would also be interested on how the new administration may change the face of the game. Probably worth waiting a few months to see what happens.
Timing and luck have a lot to do with peoples success in this industry. I know some that got hired at a major airline at the age of 25 and those just a few years younger are just now trying to make that move. A difference of 10 years seniority and 100s of thousands of dollars.
