Go Back  Airline Pilot Central Forums > Pilot Lounge > Money Talk
Fly more or pay loans >

Fly more or pay loans

Search

Notices
Money Talk Your hard-earned money

Fly more or pay loans

Thread Tools
 
Search this Thread
 
Old 03-10-2009, 08:40 AM
  #1  
Gets Weekends Off
Thread Starter
 
PearlPilot's Avatar
 
Joined APC: Mar 2006
Position: DHC-8 SIC
Posts: 634
Default Fly more or pay loans

Recently, I switched flight schools from a school that costs $135 an hour for a 172 for $94. I used to make more than the minimum payments on my 2 credit cards. I actually paid off one of my credit cards and I have 1 and a student loan that has around $5300 remaining. I am so tempted to make large payments so I can get it done soon. At the same time, I am thinking, now I could fly more often, like 2 or 3 times a week. Before I could only go once a week. So what do you think the best plan here is? Pay the minimum payment on my loans and fly often or fly less and pay off large amounts on the loan? I am thinking about paying minimums and fly more. Any advice is appreciated. Thanks.
-Pearl.
PearlPilot is offline  
Old 03-10-2009, 08:52 AM
  #2  
Gets Weekends Off
 
Joined APC: Dec 2007
Posts: 216
Default

I'd split the difference. Fly maybe once more per week, and pay off a little bit more than the mins. I personally wouldn't go to either end of the spectrum, since both could end up costing you more money [i.e additional flight training or more in loan payments]

Just my thoughts.
lifter123 is offline  
Old 03-10-2009, 09:12 AM
  #3  
Blue Light Special
 
mcartier713's Avatar
 
Joined APC: Jan 2007
Position: Learjet 45 & G-IV
Posts: 637
Default

Originally Posted by lifter123
I'd split the difference. Fly maybe once more per week, and pay off a little bit more than the mins. I personally wouldn't go to either end of the spectrum, since both could end up costing you more money [i.e additional flight training or more in loan payments]

Just my thoughts.
ditto... this is probably what I would do too.
mcartier713 is offline  
Old 03-10-2009, 10:03 AM
  #4  
DisplAAced
 
coldpilot's Avatar
 
Joined APC: Mar 2006
Position: EMB-145 FO
Posts: 638
Default

PAY OFF THAT DEBT! You're already only flying once a week so just keep doing that while you pay the debt. Cut the fat out of your monthly budget, things like eating out add up really quick, and throw that extra money at the debt.

If you are planning on making this a career it's best to start on first year pay without any debt, it will help you in the long run. Think long term, by flying 2-3 times a week you are essentially financing your flight training in the form of the interest you pay on your debt. Flying once a week is a small sacrifice to make in the long term to pay off this debt. Once the debt is gone you will be amazed at how much more freedom you have with your personal finances and you can probably fly 3-4 times a week. Just my $0.02, probably worth more than the $0.02 in your pocket right now
coldpilot is offline  
Old 03-10-2009, 12:51 PM
  #5  
Gets Weekends Off
 
Joined APC: Jul 2008
Posts: 864
Default

Pay off the debt.
Larry in TN is offline  
Old 03-11-2009, 08:55 AM
  #6  
Gets Weekends Off
 
FighterHayabusa's Avatar
 
Joined APC: Jan 2007
Position: 150 left seat if I'm lucky
Posts: 172
Default

Stop flying for now and pay off the debt like a madman. Deliver pizzas, park cars, whatever it takes to get it done fast (this will tame your spending too because you won't have any time for it).

When you've got the debt out of the way you can apply those payments to more flying.
FighterHayabusa is offline  
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
Overnitefr8
Cargo
125
12-23-2008 09:40 AM
B1900YX
Regional
116
12-22-2008 02:50 PM
ryan1234
Hangar Talk
13
12-17-2008 06:49 PM
vagabond
Hangar Talk
22
10-11-2008 01:20 PM
RockBottom
Major
0
02-26-2005 09:46 AM

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



Your Privacy Choices