Living the Dream Paying back the loan

cmsuav8r said:
I'm not a CFI, but I use to make bank on the weekends being a soccer ref.
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I'm in the process of going back to refereeing. When I was in 6th grade I was working weekends and pulling $50-$60 a day ($10/hr cash). Pretty good for a 12 year old. I moved up to making $34/90min (cash on the field before the game), by the time I was 16. Again, pretty good for a kid with no expenses. Tournaments were where the money is. I'd come home with $200 a day, easy, all you had to do was run around a little bit. It's good for ya! :)

Hopefully that could help me out with rent/what few loan payments I have.
 
mikecweb said:
I deferred for 2 years. By that time I was a Lear Capt. at Airnet making close to 6 figures. All told it's just over a grand per month for me. Nothing terrible. I just eat out a little less and drink at home.
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I wish it was quite that easy. ;)
 
Next time don`t take a loan! pay as you go! it will take you longer but it will pay off.

or do like me:
It took me 4 years to make enough to pay for PPL ME IR CPL and CFI, I decided to work first and then have the money saved up.
 
I had a real job for a # of years and paid back most of my loans that way, when I was a captain for a short time I was able to pay back the rest. No more school loan.
 
SteveC said:
That last sentence tells me that you already know that you're wrong, and your only purpose in posting that weak attempt at justifying your position is to try to garner some support and sympathy for backing out on your word.
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Well said! :clap:
 
TXaviator said:
defer, or just leave the country and tell creditors to F off.

why can you invest in a business and well, if you lose your money...too bad...

why is it different if a business invests in you and they lose their money?

i have no sympathy for businesses who are legally able to enslave their bets.

feel free to tell me how i am a horrible person and not doing what is "morally correct"

i sleep fine at night.

note: i have put on my flamesuit and am interested to hear all opinions.
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While that works I wouldn't call that a viable option for 95% of the population
 
jspeed87 said:
I have a federal loan but still, the monthly payments are high. lol

Edit: Good news, I just found out that I can pay interest only for 2-3 years. That makes it doable now lol
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Isn't there a law with federal loans that they can only require to pay a certain percentage of your income per month?
 
Full time CFI making over 40k a year, wasn't too strenuous paying the loan.

Now I'm an FO that will likely make less than 25k a year. Bring on the suck.
 
Niuflyer22 said:
Isn't there a law with federal loans that they can only require to pay a certain percentage of your income per month?
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Yeah but you have to fit into a certain sized box. If fiscally screwed they'll cut back your loans. The new law caps student loans, based on one's adjusted gross income.
 
TXaviator said:
defer, or just leave the country and tell creditors to F off.

why can you invest in a business and well, if you lose your money...too bad...

why is it different if a business invests in you and they lose their money?

i have no sympathy for businesses who are legally able to enslave their bets.

feel free to tell me how i am a horrible person and not doing what is "morally correct"

i sleep fine at night.

note: i have put on my flamesuit and am interested to hear all opinions.
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Txaviator your a cool dude! You say it like it is. "I like that in a pilot." I would buy you a beer if I ever go to texas. No one wants to repay their student loan, but I have to be responsible lol. Are you ever getting your ATP? One of the prerequisites is be of good moral standing.. lmaO!! :cwm27:
 
SteveC said:
That last sentence tells me that you already know that you're wrong, and your only purpose in posting that weak attempt at justifying your position is to try to garner some support and sympathy for backing out on your word.
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Well I take it as he's saying his point of view isnt exactly popular.

Enforcing debt contracts through whatever means necassary (morally, community policing etc.) keeps the whole system propped up. Just like any law, made to serve the whole even though it might not be good for the individual, has worked out fairly decent for us.

I'm not exactly disagreeing with him either. While I still believe one should pay back their obligations, Im not a fan of usery. They have their way of manipulating the rules for their intrest, there should be outlets for the small guy too.

And dont be too nieve to think that each one of us isnt anymore than a 'cashflow' to some bank (And I'm not trying to sound like a consipiracy theorist or anything). Money is business. It is to them and it should be to you too. If you keep it that way you sleep a little bit better at night.
 
jspeed87 said:
I did some numbers myself and I would need to make about 2000 clean per month to live on my own. lol Would need to work two good paying jobs and no social life. :dunno:
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Lets see... assume you need to gross 2600-ish to net 2000-ish... 2600/4 weeks=about 650/week. 650/40 hours=16.25 an hour. Or alternatively, working as a CFI making $25/hour for flight AND ground, you'd need to bill 104 hours a month. Not at ALL unrealistic.
 
Roger said:
Lets see... assume you need to gross 2600-ish to net 2000-ish... 2600/4 weeks=about 650/week. 650/40 hours=16.25 an hour. Or alternatively, working as a CFI making $25/hour for flight AND ground, you'd need to bill 104 hours a month. Not at ALL unrealistic.
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Not at all. But he needs to hussle, big time. That 104 billable equals about 200 total hours available for instruction-that there is the hard part about instructing. Either you're not gonna hit it some times or get burned out pretty fast.

2000 a month for a single filer is somewhere around 35k a year. Not too hard after a few years.
 
TXaviator said:
defer, or just leave the country and tell creditors to F off.

why can you invest in a business and well, if you lose your money...too bad...

why is it different if a business invests in you and they lose their money?

i have no sympathy for businesses who are legally able to enslave their bets.

feel free to tell me how i am a horrible person and not doing what is "morally correct"

i sleep fine at night.

note: i have put on my flamesuit and am interested to hear all opinions.
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Gee, nevermind the fact you signed a contract saying you'd pay back the money, and if you were smart you knew the terms of the contract going in, and actually thought about what the payment would be where you were done.

News flash: If you have integrity, nothing else matters. If you don't have integrity, nothing else matters.

Add me to your list of people who will never personally hand your resume to my employer.
 
TallFlyer said:
Gee, nevermind the fact you signed a contract saying you'd pay back the money, and if you were smart you knew the terms of the contract going in, and actually thought about what the payment would be where you were done.

News flash: If you have integrity, nothing else matters. If you don't have integrity, nothing else matters.

Add me to your list of people who will never personally hand your resume to my employer.
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So, the guy who's $150,000+ in debt because he (mistakenly) thought he'd be in the left seat at a regional by now should eat dog food every night living with mom because he's an indentured servant to Sallie Mae?

Nah man, you've got one life to live, and that's no way to live it. I'm not going to default or go into bankruptcy to get rid of my loans...I'm at about the point I can pay them comfortably. But, don't expect that people are going to trash their own lives because Sallie Mae needs their cash and the industry took a crap.

EDIT: I've noticed that most people who slam other people's integrity in terms of paying off debt are the ones with little to no debt of their own. Walk a mile in another man's shoes before you spit poison at him.
 
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