Originally Posted by
RedGuy
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.