Loan and FO pay
- Thread starter ALPHA
- Start date
frog_flyer
FredFlyer
one word. cocaine.
sell it. lots of it.
sell it. lots of it.
Maximilian_Jenius
Super User
Toonces said:
But only if he is cute!!!
wheelsup
Well-Known Member
ALPHA said:
two words: per diem
a former private student of mine did atp, and it cost him around $35k or so 2 years ago...I read in another forum someone paid $60k (for the stadard program, not including the time building program) now!
figure around $100 per $10,000 loaned
for $50,000 loan it would cost around $500/month I would guess
wheelsup said:two words: per diem
a former private student of mine did atp, and it cost him around $35k or so 2 years ago...I read in another forum someone paid $60k (for the stadard program, not including the time building program) now!
figure around $100 per $10,000 loaned
for $50,000 loan it would cost around $500/month I would guess
Whats the average amount (monthly) that you could get paid from per diem? at skywest,expressjet or any other airlines. Would it really help pay off that loan payment?
SkyHawg
Well-Known Member
I heard it comes about to about $3-5K a year and it's tax free. The best thing that is going to help you pay your loan payment is a not taking out more than you absolutely have to, get a good credit co-signer to lower your interest rate and origination fee, have a plan how you are going to pay the loan off, get a part time job while you are an FO, setup a budget and still to it, and hold onto your dream everyday.
LoadMasterC141
Well-Known Member
If you can walk in the door with no debt to begin with, I think you can do it. Your standard of living will suck until you start to see 20-40k figures at the regional, but you will survive. Keep in mind you can defer the loan for 18 months with interset only payments if needed.
As a married guy with no kids, I am thinking I can afford it if I pay off all my other debt except our house.
Some things I am doing:
1) Sold my $40k vehicle and got a used Honda Accord.
2) Consolidated student college loans.
3) Selling EVERYTHING that I don't need (XBOX, Riding Mower, Saxophone, old computers, Some Furniture, Sports equipment, Aquariums, etc)
4) Turning off cable and internet. We both have it at work if needed. Gonna keep very basic cable. Oh, We also own NO cell phones now (Ouch)
5) Turning off A/C during the day. Run around like my father used to turning everything that is powered off.
6) After my PPL is complete next month, I will reduce fling hours to 5-7 per month to save more money.
7) Considering an extra job driving a tractor trailer on the weekends (Always knew keeping that license would come in handy). I can feasibly make $400-500 a weekend, and everyone is always looking ofr weekend help.
8) Live cheap! We havent been out to eat in two months. Our cost for food (groceries and eating out) has gone from $1500/Month to 451.97 last month! We don't buy alcohol. I quit golf. She goes to the library for books instead of buying them.
Ok A long list, but it shows how much sacrifice it takes to get what you want. The question is always how bad do you want it? I want it BAD.
I just keep telling myself, in the long run, it will be worth it; I'll have the job of my dreams and down the road, the money to get back to where I was. And hey, what a great challenge!
As a married guy with no kids, I am thinking I can afford it if I pay off all my other debt except our house.
Some things I am doing:
1) Sold my $40k vehicle and got a used Honda Accord.
2) Consolidated student college loans.
3) Selling EVERYTHING that I don't need (XBOX, Riding Mower, Saxophone, old computers, Some Furniture, Sports equipment, Aquariums, etc)
4) Turning off cable and internet. We both have it at work if needed. Gonna keep very basic cable. Oh, We also own NO cell phones now (Ouch)
5) Turning off A/C during the day. Run around like my father used to turning everything that is powered off.
6) After my PPL is complete next month, I will reduce fling hours to 5-7 per month to save more money.
7) Considering an extra job driving a tractor trailer on the weekends (Always knew keeping that license would come in handy). I can feasibly make $400-500 a weekend, and everyone is always looking ofr weekend help.
8) Live cheap! We havent been out to eat in two months. Our cost for food (groceries and eating out) has gone from $1500/Month to 451.97 last month! We don't buy alcohol. I quit golf. She goes to the library for books instead of buying them.
Ok A long list, but it shows how much sacrifice it takes to get what you want. The question is always how bad do you want it? I want it BAD.
I just keep telling myself, in the long run, it will be worth it; I'll have the job of my dreams and down the road, the money to get back to where I was. And hey, what a great challenge!
GaTechKid
Well-Known Member
So you're single with no kids? That gives you a great chance. I hope you don't have any outside debt from college or a vehicle. I'd guess that the highest monthly payment you could afford on a first year FO salary would be $500. That's assuming you live in a crashpad and have to only pay rent for it. Also assuming you are either on reserve making little per diem or, like myself, only get to fly day trips which means you make no per diem. I tend to skimp a little on food in order to save more, i.e. I usually eat spaghetti for dinner half the week. I'll give you my monthly costs and an average pay for the month.
Costs:
$230 rent/cable/utilities (3 of us in a 2 bedroom house - no internet)
$200 food
$50 auto insurance
$440 loan payment YIKES
$38 gasoline (I live 5 miles from the airport)
$25 auto maintenance (oil changes/had to get the struts replaced)
$983 Total
After medical/dental/vision deductions and taxes I bring home on average around $1300. That's crediting about 85 hours. So you see I have a little more than $300 left over each month. I use that money to put into my ROTH IRA, go out, or purchase gifts. Going out usually doesn't mean blowing $60 on liquor at the bar. I'd suggest $5 margarita pitcher night at your local mexican place instead. Having a supportive family is a great asset to have. I'm still on the family cell phone plan so they take care of that for me. 2nd year FO pay on the jet makes this situation easy to live with. If you're on a prop like me then hope you upgrade soon. Cheers!
Costs:
$230 rent/cable/utilities (3 of us in a 2 bedroom house - no internet)
$200 food
$50 auto insurance
$440 loan payment YIKES
$38 gasoline (I live 5 miles from the airport)
$25 auto maintenance (oil changes/had to get the struts replaced)
$983 Total
After medical/dental/vision deductions and taxes I bring home on average around $1300. That's crediting about 85 hours. So you see I have a little more than $300 left over each month. I use that money to put into my ROTH IRA, go out, or purchase gifts. Going out usually doesn't mean blowing $60 on liquor at the bar. I'd suggest $5 margarita pitcher night at your local mexican place instead. Having a supportive family is a great asset to have. I'm still on the family cell phone plan so they take care of that for me. 2nd year FO pay on the jet makes this situation easy to live with. If you're on a prop like me then hope you upgrade soon. Cheers!
Adam2006
Well-Known Member
Part of my "master plan" is to save $6,000 before my 1st freight or regional job. This route will give you $500 a month on top of your 1st year pay, and most likely cover your loan payment. It may take a little while to save this, but then you can work on those 135 mins(instead of sending in apps @ 600/100).
GA TechKid-thanks for the breakdown on cost. Do many people live solely in crashpads? Is this or would it be frowned upon?
Alpha- Have you applied yet? If not, when you do, could you give a write-up on your experience(your credit score, at time of approval or denial) This would be helpful for myself and others. If you do not wish to share publicly, you can PM me. If you don't want to share at all, no worries. Either way, I will post a write-up on my experience(good or bad). I'm waiting for my equifax score to hit the 700 club before applying. Good luck all.
GA TechKid-thanks for the breakdown on cost. Do many people live solely in crashpads? Is this or would it be frowned upon?
Alpha- Have you applied yet? If not, when you do, could you give a write-up on your experience(your credit score, at time of approval or denial) This would be helpful for myself and others. If you do not wish to share publicly, you can PM me. If you don't want to share at all, no worries. Either way, I will post a write-up on my experience(good or bad). I'm waiting for my equifax score to hit the 700 club before applying. Good luck all.
wheelsup
Well-Known Member
ALPHA said:
I make $400-$450/month in per diem.
I'll be honest, I had a lot of help from the 'rents on this. I have always split an apartment with the girlfriend, have lived very thriftly (old free car, minimal "extra-curricular" activites, $175/month or so for food for two people) and I even have a tough time making ends meet.
The thing is, if you start living like you make more money when you make more money, you'll never get ahead.
It's doable, but tough at first. If you have to switch companies it's even harder. There is an ex-PanAm 747 FE cum ex-indyair airbus CA cum RJ FO at my company on first year FO pay ($23.81/hr...). 58 1/2 years old. OUCH!!!!!
