Loan Forgiveness
#51
Gets Weekends Off
Joined APC: Feb 2013
Posts: 2,998
Just don't pay it. It has worked well for me.
My loans quickly got out of control because I was an idiot at the age of 19 when I signed them. My first year at the regional I owed over $200,000.
It started as a $65,000 loan. While instructing for 3 years I couldn't make any payments so they gave me penalties and my interest rates went way up. By the time I finally got to a regional it was out of control and I would owe more a month than what I was making.
I would of picked a different profession if I knew this one payed so little. My credit suffered for years but it has gotten better. Somehow the loans just disappeared and don't even show up on my credit report anymore. I'm sure the tax payer somehow payed for my training because I never did.
My loans quickly got out of control because I was an idiot at the age of 19 when I signed them. My first year at the regional I owed over $200,000.
It started as a $65,000 loan. While instructing for 3 years I couldn't make any payments so they gave me penalties and my interest rates went way up. By the time I finally got to a regional it was out of control and I would owe more a month than what I was making.
I would of picked a different profession if I knew this one payed so little. My credit suffered for years but it has gotten better. Somehow the loans just disappeared and don't even show up on my credit report anymore. I'm sure the tax payer somehow payed for my training because I never did.
Airlines file bankruptcy all the time like its written into their business plan , in fact I'm convinced that bankruptcy is in their 5-10 year long term planning to shed debt, contracts, etc.. In a way they are now too big to fail just like the banks and auto companies. This is one of the dangers of less competition.
#53
On Reserve
Joined APC: Feb 2008
Posts: 18
Just don't pay it. It has worked well for me.
My loans quickly got out of control because I was an idiot at the age of 19 when I signed them. My first year at the regional I owed over $200,000.
It started as a $65,000 loan. While instructing for 3 years I couldn't make any payments so they gave me penalties and my interest rates went way up. By the time I finally got to a regional it was out of control and I would owe more a month than what I was making.
I would of picked a different profession if I knew this one payed so little. My credit suffered for years but it has gotten better. Somehow the loans just disappeared and don't even show up on my credit report anymore. I'm sure the tax payer somehow payed for my training because I never did.
My loans quickly got out of control because I was an idiot at the age of 19 when I signed them. My first year at the regional I owed over $200,000.
It started as a $65,000 loan. While instructing for 3 years I couldn't make any payments so they gave me penalties and my interest rates went way up. By the time I finally got to a regional it was out of control and I would owe more a month than what I was making.
I would of picked a different profession if I knew this one payed so little. My credit suffered for years but it has gotten better. Somehow the loans just disappeared and don't even show up on my credit report anymore. I'm sure the tax payer somehow payed for my training because I never did.
Don't blame the career path, you didn't sign the loan contingent on "proper career progression". You signed for funds to pay for education expenses. They lived up to their end, and you should do the same. I understand that personal responsibility is on a rapid decline, but why the seemingly proud attitude on how you "got away with it"? I am glad it worked out for you.
#54
Gets Weekends Off
Joined APC: Jan 2009
Position: Airbus 319/320 Captain
Posts: 880
Right. When the government stops taking, I'll stop *****ing. Where should we begin on the government "taking" part? The top dog, 17 Trillion in U.S. debt when we can supposedly print our own money. Now, I ask the more enlightened of you out there, why would we BORROW money/incur debt when we can PRINT OUR OWN MONEY. Oh, that's right, the traitorous Federal Reserve does that with interest! I guess we can't print OUR OWN money after all and the U.S. Constitution certainly doesn't address that statement, does it? Every dollar printed with interest incurs debt, why oh why do we put up with this Federal Reserve scam? Enlighten me oh sage one's.
#55
Gets Weekends Off
Joined APC: Sep 2009
Position: Jets and Props
Posts: 188
Just don't pay it. It has worked well for me.
My loans quickly got out of control because I was an idiot at the age of 19 when I signed them. My first year at the regional I owed over $200,000.
It started as a $65,000 loan. While instructing for 3 years I couldn't make any payments so they gave me penalties and my interest rates went way up. By the time I finally got to a regional it was out of control and I would owe more a month than what I was making.
I would of picked a different profession if I knew this one payed so little. My credit suffered for years but it has gotten better. Somehow the loans just disappeared and don't even show up on my credit report anymore. I'm sure the tax payer somehow payed for my training because I never did.
My loans quickly got out of control because I was an idiot at the age of 19 when I signed them. My first year at the regional I owed over $200,000.
It started as a $65,000 loan. While instructing for 3 years I couldn't make any payments so they gave me penalties and my interest rates went way up. By the time I finally got to a regional it was out of control and I would owe more a month than what I was making.
I would of picked a different profession if I knew this one payed so little. My credit suffered for years but it has gotten better. Somehow the loans just disappeared and don't even show up on my credit report anymore. I'm sure the tax payer somehow payed for my training because I never did.
#56
Gets Weekends Off
Joined APC: Aug 2011
Posts: 166
He already got one of those "mortgages" in 2008. He was 27 when he bought the place so he had no idea what was going on, turns out houses are expensive and he stopped paying. Eventually the sheriff showed up and asked him to leave. Like ***? After declaring bankruptcy, he got this so called "credit card".. maybe you've heard of it...he maxed it out. Turns out the payments became more than he could pay so he stopped...............
#57
Just don't pay it. It has worked well for me.
My loans quickly got out of control because I was an idiot at the age of 19 when I signed them. My first year at the regional I owed over $200,000.
It started as a $65,000 loan. While instructing for 3 years I couldn't make any payments so they gave me penalties and my interest rates went way up. By the time I finally got to a regional it was out of control and I would owe more a month than what I was making.
I would of picked a different profession if I knew this one payed so little. My credit suffered for years but it has gotten better. Somehow the loans just disappeared and don't even show up on my credit report anymore. I'm sure the tax payer somehow payed for my training because I never did.
My loans quickly got out of control because I was an idiot at the age of 19 when I signed them. My first year at the regional I owed over $200,000.
It started as a $65,000 loan. While instructing for 3 years I couldn't make any payments so they gave me penalties and my interest rates went way up. By the time I finally got to a regional it was out of control and I would owe more a month than what I was making.
I would of picked a different profession if I knew this one payed so little. My credit suffered for years but it has gotten better. Somehow the loans just disappeared and don't even show up on my credit report anymore. I'm sure the tax payer somehow payed for my training because I never did.
#58
Actually, with certain types of loans and in certain juristictions, there is a statute of limitations and if you know how the collections process works, one can eventually make it disappear. At what cost is what one must ask himself. Surely your credit is abhorent during this window, but in some instances, it will disappear.
#59
If your employer makes it part of the compensation package, great! But, I don't see why people who made the decisions they made should be forgiven of the debt they have, especially with the proliferation of the internet....i.e., you had the knowledge and information available. And yes, where does that money come from? Is it fair to saddle the taxpayer with that? Should we encourage prospective pilots to take on massive debt because there are little to no consequences? I think this is a bad idea.
#60
Why did you take a $65,000 loan, with I am assuming limited to no income in the first place? I know 19 is young and we all make bad decisions, but why the flippant attitude now? You entered into a legal contract, defaulted, and now apparently have no regrets.
Don't blame the career path, you didn't sign the loan contingent on "proper career progression". You signed for funds to pay for education expenses. They lived up to their end, and you should do the same. I understand that personal responsibility is on a rapid decline, but why the seemingly proud attitude on how you "got away with it"? I am glad it worked out for you.
Don't blame the career path, you didn't sign the loan contingent on "proper career progression". You signed for funds to pay for education expenses. They lived up to their end, and you should do the same. I understand that personal responsibility is on a rapid decline, but why the seemingly proud attitude on how you "got away with it"? I am glad it worked out for you.
They are not gone but they are paid. Somewhere down the line in the last ten years of not paying them the balance owed on them is zero. I never did any investigating on why this is the case. I know the loans were sold to multiple different companies. In fact if I had to pay them, I wouldn't even know who to pay now.
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EMmariano
Flight Schools and Training
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03-06-2009 05:24 PM