Sallie Mae
08-10-2007, 06:42 PM
#1
Gets Weekends Off
Thread Starter
Joined APC: Jan 2007
Position: Chair Flying
Posts: 257
Sallie Mae
For those of you who decided to take the loan and pay for your training. How is paying the loan back turning out? Has it been hard to make ends meet working for a regional and paying back a $50,000 loan?
08-10-2007, 07:31 PM
#2
Big Poppa
Joined APC: Apr 2006
Posts: 613
it's 50k BEFORE interest. and since you won't be making enough to pay more than the minimum for a while, get ready to live off of ramen for a while. after interest the loan is $121,000.00. in a few years you should be making enough to pay more than the minimum if you balance your budget good, so you shouldn't have to pay the whole $121k, but you can expect to pay way more than just $50k.
08-14-2007, 07:45 AM
#5
Line Holder
Joined APC: Oct 2006
Posts: 85
And a batchers degree?
What Rateings?
Are you including your rental coasts for time buliding towards your com?
If you got all of that for 20k congrats!
08-14-2007, 07:52 AM
#6
Gets Weekends Off
Joined APC: Sep 2006
Position: Captain
Posts: 310
SLM rates are alot higher than federal loan rates. Unfortunately unless your going through an aviation program at a college SLM is the only real loan option. My current rate is 8.25%, it varies from year to year. I took out $28K my total pay off if I pay the min for the full 15 years is some where around $55K. So right now my monthly min payment is $293. So yeah it might be alittle hard to pay on regional pilot pay, but if the alternative is taking 10 years to get your ratings as you pay as you go, then you'll figure out a way to make ends meet.
08-14-2007, 08:16 AM
#7
Prime Minister/Moderator
Joined APC: Jan 2006
Position: Engines Turn Or People Swim
Posts: 40,057
SLM rates are alot higher than federal loan rates. Unfortunately unless your going through an aviation program at a college SLM is the only real loan option. My current rate is 8.25%, it varies from year to year. I took out $28K my total pay off if I pay the min for the full 15 years is some where around $55K. So right now my monthly min payment is $293. So yeah it might be alittle hard to pay on regional pilot pay, but if the alternative is taking 10 years to get your ratings as you pay as you go, then you'll figure out a way to make ends meet.
Actually, since real jobs (even entry level) pay so much more than aviation these days you would probably be better off keeping your day job and doing pay-as-you-go. If you are really committed to aviation, you could save money by cutting out social activities and spending all your free time training. That way you'll be debt-free when you get that regional job and will be able to afford 2 packs of top-ramen each day instead of just one.
08-14-2007, 08:24 AM
#8
Gets Weekends Off
Joined APC: Feb 2007
Position: Lav
Posts: 992
If you are really committed to aviation, you could save money by cutting out social activities and spending all your free time training. That way you'll be debt-free when you get that regional job and will be able to afford 2 packs of top-ramen each day instead of just one.
08-14-2007, 08:36 AM
#9
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Joined APC: Jan 2006
Position: Spartan
Posts: 3,652
08-14-2007, 09:03 AM
#10
Line Holder
Joined APC: Oct 2006
Posts: 85
