student loan worries

I'm not too fond of Chinese people, at least the ones I have met in Seattle. I wouldn't mind visiting Taiwain or Hong Kong sometime, but when I have vacation time, I would much rather go to Thailand, Japan, Philippines, or somwhere else warm and tropical.

Korea's not too bad. The only bad part for me is that I have a really high metabolism, so not matter how much I eat, I continue to lose weight. Im going back to Seattle in 6 days though, where I will make sure to eat as much fatty American food as possible in my 3 weeks of visiting =)
 
wheelsup said:
Ninja,

Check out www.aircar.com. They hire people with your time, pay for F/O's in around $20k but upgrade to CA comes quick, 12-18 months for someone with your time, and they start around $40k. It's a lot of sitting around so if you get a job at your layover city you'd be able to make significantly more $$.

I can't believe CAPT duped you like that. $100k. WOW! My bud did ATP and had a job at ExpressJet 13 months from starting at ATP and only spent $33k.

~wheelsup
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Great thread, lots of good info. I'm going the ATP route, just finished my Comm. Multi. $50k financed, only spent about $42k total including Private, so I have a few grand to pay the loan back with until I start making cash. I start CFI school monday, and hopefully in a few weeks I can find a CFI job.

Wheelsup, thanks for posting that link. Didn't know that company exsisted but on their website they solicit 1200hrs TT mins for FO position. I'd like to find a nice gig for 400hrs TT.
 
Airdale said:
Wheelsup, thanks for posting that link. Didn't know that company exsisted but on their website they solicit 1200hrs TT mins for FO position. I'd like to find a nice gig for 400hrs TT.
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Keep in mind what is posted isn't always what they hire at. My current companies' mins are 1500/250 multi, and there were people in my class with 1000/100, who were CFI's (ie no "advanced" training, etc.). Check out aviationinterviews.com for some posts with peoples times. If you have an in or keep pestering they will hire you well below 1000TT.

They *used* to be PFT, and would hire guys with 250TT if they paid, however when I interviewed last year they had done away with that.
 
Thought I'd throw in my $0.02 since my student loan is becoming a big worry...the interest rate on my Key loan has more than DOUBLED since I got it, and the payment has gone up almost $100. Worse, my overall balance is still high because of rising interest rates. When combined with much higher costs for flight school (they say due to fuel charges, sounds semi-bogus) I'm not sure the plan that worked for so many of us would work now. The same flight school that charged me $32K is now charging $45K. For a $50K loan, you're looking at $500+ a month payment, and I can speak from experience that it's extremely hard to pay that on a first year FO salary. I am single and had a roommate and the payment was still a huge difficulty.

My point to all the potential career-changers is this: Look before you dive in, there's less water in the pool than there was before. It sucks flying jets around the continent with $50 in your checking account.
 
pscraig said:
Thought I'd throw in my $0.02 since my student loan is becoming a big worry...the interest rate on my Key loan has more than DOUBLED since I got it, and the payment has gone up almost $100. Worse, my overall balance is still high because of rising interest rates. When combined with much higher costs for flight school (they say due to fuel charges, sounds semi-bogus) I'm not sure the plan that worked for so many of us would work now. The same flight school that charged me $32K is now charging $45K. For a $50K loan, you're looking at $500+ a month payment, and I can speak from experience that it's extremely hard to pay that on a first year FO salary. I am single and had a roommate and the payment was still a huge difficulty.

My point to all the potential career-changers is this: Look before you dive in, there's less water in the pool than there was before. It sucks flying jets around the continent with $50 in your checking account.
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Your the same age as myself. I did the math on 50k and found it to be 500 as well. The bad part, and it's no secret, the interest rates will continue to rise, and fuel, and everything else. Are you still a first year FO ?
 
pscraig said:
It sucks flying jets around the continent with $50 in your checking account.
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Dude you 've got $50! I'm jealous.

Seriously, for those of you who are interested in this career and plan on taking out loans read, there's some very good advice in this thread--especially what B767 has to say.

FWIW I think I've got $23 in the bank. :D
 
I'm starting to get worried about student loans myself. I already saved a little by paying for some college, and a PPL out of pocket. But no matter where I go, I will have to borrow at least 45-50k for all the training, and to finish school.
 
while everyone is correct overall concerning the high prices of student loans, interest rates are going to be coming down soon. it is the overall consensus that the federal reserve raised rates for the last time on this cycle. that usually means a period of lowering rates that will effect everyone with adjustable rate loans (everyone). it won't be drastic, but maybe some people will save $100 a month.
 
Willdathrill said:
while everyone is correct overall concerning the high prices of student loans, interest rates are going to be coming down soon
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I'm not the financial cognoscenti others on this board are, but everything I've read from the experts at WSJ and USA Today seem to indicate there'll be a few more hikes this year.
 
stultus said:
I'm not the financial cognoscenti others on this board are, but everything I've read from the experts at WSJ and USA Today seem to indicate there'll be a few more hikes this year.
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I second that. There will be one more increase coming soon, and all the financial gurus I
have heard / read say there will be a couple more as well
 
Wow! It seemed like the ERAU CAPT program really must have sucked! A DC-9 type? What good is that to a graduate. Maybe flying DC-9s in another country that still has active passenger service on them.

The least they could have done is get you an ERJ or CRJ type. Atleast with those types you are positioned for a regional job.
 
meritflyer said:
Wow! It seemed like the ERAU CAPT program really must have sucked!
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I just talked to my bud that works in the CAPT program (not an IP). He told me while the program was shut down, it has not ended (although my understanding is no new incoming students right now). It was SOLD, however there has been no disclosure as to whom the buyer is just yet. An interesting development...
 
Debt definitly sucks. I made it through college with only 15 large. After flight school I'm up to 55k total. Has anyone been able to consolidate their federal and keybank loans?
 
greaper007 said:
Has anyone been able to consolidate their federal and keybank loans?
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I consolidated my federal loan with citibank with a for-life interest rate of 3.25%, and it'll drop to 3.00% in the next few months when I get my discount for making on time payments. This was almost two years ago however.
 
wheelsup said:
I consolidated my federal loan with citibank with a for-life interest rate of 3.25%, and it'll drop to 3.00% in the next few months when I get my discount for making on time payments. This was almost two years ago however.
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That sounds like an even better plan than saving completely for your training. I don't think financing is a bad option if you have some means of paying the monthly bill in the near future, and the interest rate is reasonable.
 
Consolodating Key Bank Loans

I'm curious......

Has anyone had luck w/ Federal loan consolodation and Key Bank loans. It would be great to get rid of the "variable" rate of the Key loan. To see the Key loan up to 7.5% and climbing is very scary indeed.
 
Since we're in the subjet, can you guys tell me what you think about my plan"

Join the Navy on 4yr Contract, Save all of the money i make on the Navy, spend only 10% of it. This will add up to around 30K after the 4 years, and use that money with the GI Bill to get flight training. What do you guys think?


The Airlines are my dream, but i'm not willing to go broke over them, which is why i developed this little plan.
 
NW004 said:
Since we're in the subjet, can you guys tell me what you think about my plan"

Join the Navy on 4yr Contract, Save all of the money i make on the Navy, spend only 10% of it. This will add up to around 30K after the 4 years, and use that money with the GI Bill to get flight training. What do you guys think?


The Airlines are my dream, but i'm not willing to go broke over them, which is why i developed this little plan.
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You'd only be able to save $30k in 4 years while saving 90% of your post-tax salary? It has to be more than that. I live in Virginia Beach and there are sailors all over my apartment complex driving BRAND NEW Mercedes, BMW's, Audi's, Navigators, etc. They're young too.

$30k/4 years = $7500/year
Spending 10%, that means you're brining in only $8333 after tax/year. At that tax bracket, you're looking at $12,000/yr gross pay. That seems low, even for the enlisted military.
 
wheelsup said:
You'd only be able to save $30k in 4 years while saving 90% of your post-tax salary? It has to be more than that. I live in Virginia Beach and there are sailors all over my apartment complex driving BRAND NEW Mercedes, BMW's, Audi's, Navigators, etc. They're young too.

$30k/4 years = $7500/year
Spending 10%, that means you're brining in only $8333 after tax/year. At that tax bracket, you're looking at $12,000/yr gross pay. That seems low, even for the enlisted military.
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I think he's about right. During my short stint in the Marines, we were payed as Sgt's while in OCS. We got about 1400 a month. The military doesn't really pay well, you just don't have to pay for much. However, I'm sure that you can lease a 30,000 car on 1400 a month if you don't have any other expenses.
 
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