Loan Payment

While we're (kinda) on the topic of loans, I was wonderin.....
when does the re-payment begin?

I mean I know they say most begin six months after "graduation", but is that simply after you got your ratings? i.e. after completion of training.

So is that after you get your CFI's and begin teaching? If we're barely getting by on .50 cent noodles, how can we do all this while making loan payments?

Or is it once you hit the regionals? (does it count as continuing your education because you're still working towards your ATP rating
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) ...... that is of course if you do make it that far.

So I guess the question is, when does it begin? Who tips off the bank that training is "over"?
 
If you can afford noodles then you can afford the butter to add with the spice packet that came with it which means you have too much money to be a CFI.

I buy rice by the 100lb bag. Over a 1.5 billion Chinese can’t be wrong. Much cheaper and the folks next door at Pan Am get a special shipment every two weeks.
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to try to answer dailo on the question of loan repayment technically the training ends once you finish you instructor ratings since that is what you are on contract with the school for. so technically youve finished training. with say key loan the repayment starts 6 months later. however there is a way around it, if you can get the school to tell them that you are still training working for your atp. now i havent done that and am only passing on what i have been told by those who have done it so dont take it as gospel truth. it is however worth looking into.

there were some posts there that got a little nasty about loans. now ill try to offer some wisdom on the matter however if you disagree that is not my problem. everyone is entitled to an opinion and this is simply mine trying to be of help.
both sides have valid points. for smittey being young as he is can actually work to his advantage. there might not be as much holding him back. whereas for john it sounds like he has a girl and even a college degree, so dropping everything to concentrate only on training may not be an option. its not a matter of how you get to your goal but that you do eventually make it. i applaud both of you for your effort to become pilots however remember that just because one person isnt doing it the same way you are doesnt mean either one is wrong. it is however important that you present those differing opinions for others coming behind you just please remember we are adults and dont need to talk crap about the other guys views just cause we dont see it the same way.
 
I know this was A LONG TIME AGO.... but, I just have to post this.

I just found out that you dont have to pay Key Bank until the loan payment (per month) is greater than 20% of your total income for that month. So, if your loan is $500 per month and you dont make $2500, then you can fill out a "Forbearance" form for your hardship. You just fill out the form and send in some financial information they require, and your out of paying that large some of money until you can offord it.

Granted yes, obviously it sucks that your intrest just keeps adding on. But, if you need to make ends meet; Im just telling you what Ive been told by Key Bank. They sometimes neglect to tell you this.
 
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