ORDCRJ

Here is my sad story. I have been in aviaiton for almost 10 years. In that time I accumulated over 130k in student loan debt which is a payment of almost $850 a month. Now, I was "lucky" and advanced quickly. I had the chance to flight instruct or go and fly for a small regional. I chose the small regional to build time, from there i went to a larger regional, then finally my "dream" of flying a Boeing for a charter airline. Now, on the way I took up a few management positions (sim instructor, ground instructor, first officer checkairman, etc) and to date I do not have 1500 hours although I have been on almost every continent (except Austrailia) with an airplane. Now, my latest company has furloughed me and I am on the street with less than 1500 hours and not enough PIC time to get at ATP without investing an additional 10k to get the PIC time then start all over again at a regional making $18 an hour.

So, its obvious that a career change is in store for me. But, the problem is now I am loaded with all these student loans and no clue how to pay for them. I want to pay what is fair but I feel mislead but my training school that "trained me" correctly so I could make enough money to pay these loans off. There is no way that I will ever be able to pay these loans off withoug moving back in with my parents, riding a bike, and eating ramen noodles for the next 30 years.

Does anyone know of a lawyer or had any luck getting the amount of their student loan reduced? These are private loans and the answer the loan company gives me is basically "good luck" and you owe this money. I am not trying to get out of what is fair but I do not think it was fair to sell me a bill of goods that they knew wouldnt amount to anything.

Any help would be greatly appreciated

ClickClickBoom

Sorry to hear! You just got a very expensive lesson, life isn't always fair. You are lucky, for more than unfortunate few, this career has cost them their lives. If the loans are federally underwritten, you are stuck, consult a good contract attorney, you might be able to get the terms renegotiated. Coming into this industry without good council and a very good poo detector is perilous at best. the aviation industry is very good at exploiting the dreams of the willing, and for that I hate it.

ClickClickBoom

After a reread a BK attorney will be your best choice. The companies that sold many, a bill of goods, were at best deceptive, and as such, I would have no hesitation walking away via BK. Anybody who said you could repay 130K in student loans on regional pay was dishonest at best.

pnwchief22

Just had a doctor on her show with double the student loan debt you mentioned. The advice she gave to the doctor may be useful in your case.

Suze Orman Resource Center : Personal Financial Guru : Can I Afford it : The Approved Card : Suze Show

I don't face the situations she hears on the show, but I learn something new every week by just listening.

galaxy flyer

BK won't work, student loans cannot be discharged thru it. Well, not "cannot" but very nearly so, permanent disability or proven "undue hardship" which is in many courts hard to win on. Congress specifically made these rules for student loans.

GF

clipperskipper

There are a couple of new options for repaying student loans currently. The first, and most popular, is you pay 10% of your pay per annum for 10 years, and you're done. In round numbers, at 30K per year position, you are forgiven 90% of a 300K loan.

Second, I would go talk to a recruiter. Although the Air Guard is effectively shrinking, guys are getting out, and there are dozens of IP positions currently available. Uncle Sam will pick up $50K of earlier student debt, while you actually get paid well to go to work. Most IP positions are GS-13, which is nice paper.

JohnBurke

Who pays a hundred thirty thousand dollars to get basic pilot certification?

You describe a course of training in which you hoped to jump to the head of the line. You wanted to run before you could walk. You did that, and tripped. Here you are.

You say your career is over, and that it would cost you ten thousand dollars to get to the magic 1,500 hours. Say what???

Your'e not seriously thinking that to get your flight time you'd go out and buy it, are you?

Go instruct, go take a job flying night freight. Go hire on with flight express or ameriflight. Go pick up some charter. There are a lot of ways you can continue to fly, gain experience, and continue to pay your loans.

Your answer at this point is to bail out of aviation, throw in the towel, and hope to be forgiven of the debt? Talk about entitlement and wanting it all now. All or nothing, is that it?

Get up, get out, and go get work, and get flying. Take a second job if you must; I very often had a second job (still do), and am much farther into my career than you. Get used to it. Welcome to life.

Your debts are considerably lower than many college graduates, who find themselves several hundred thousand dollars in debt.

While you're doing that, stop blaming others for misleading you. You're sounding like the patron saint of personal martyrdom on this site, Sky High. Don't be "that guy." Nobody mislead you. You made your choices, and if you did so without due diligence and research, then that's on you, of course. Don't play the blame game. It's your bed; make it, lie in it, or do as you will, but own it all the same. Stop the pity party, get out there and get flying, and move along with your career.

It ain't over yet.

galaxy flyer

To take an ANG/Reserve GS13 position, he'd have to to be ex-Mil, I didn't see that in his original post.

GF

ORDCRJ

Mr. Burke,

I know of many pilots who have paid well over 250k for "basic pilot" certificates.

I did not describe any course which I was "jumped to the head of the line" I simply had an opportunity (not a pay to get the the head of the line program as you seem to have suggested) to go and fly for a 121 carrier and not pay an additional 30k to get my cfi and cfii. What would you have done?

Now, the school I went to all paints a rosy picture of being able to pay back your student loans after paying a god awful amount of money for the training. To me that is misleading.

I need an additional 100 plus hours of PIC time to qualify for my ATP before anybody will touch me. Your solution is to instruct but I do not have a CFI and the other solution is to go and fly freight which I cant because I have below 1500 hours although I have great experience.

I was furloughed from a job whree I was paid $64 an hour and now if I chose to go and get my PIC time id have to start over at a regional making $25 - 28 an hour starting out and putting myself further in debt and chances are getting divorced and paying alimony.

By no means am I entitled. I want to pay what I feel is fair but I feel that being sold a bill of goods that you could pay off your student loans at a clip of $800 plus a month is not reasonable and furthermore I left the school not fully trained and able to earn a living thus my lack of PIC time.

I am well aware that you have to pay your dues in this business. I have been in for 10 years pre flighting 19 seat planes at 4 am in minues 10 degree weather to flying heads of state to forigen countries. Aviation is not what it used to be and if you call it throwing in the towel so be it. I call it waking up and realizing that after 10 years its going to be 20 more years of the same ol same ol.

Congrats on being futher into your career than me. Perhaps one day we can compare resumes. I am happy for you and I wish you the best of luck in my situation. There is an empty right seat in a 767 that I have left vacant. Maybe you can have mine?

Thanks to the other posters for the IP suggestion. I do love being an IP but I am not past military.

If anyone else has any other constructive suggestions I welcome them. Thank you.

galaxy flyer

If you don't yet have your quals for an ATP, it's way too early to leave flying. You're just starting despite your timeline. Get the ATP, then look around. How did you get into a B767 with so little experience? If you did it then, good chance of repeating.

Second, some basic research should have shown both the expected loan payment schedule AND expected job prospects. Did you really take the loan and start training without ANY idea of career prospects?

Life Lesson One: anyone trying to sell you something has NO reason to disclose any of the downsides of the product. In Latin, caveat emptor.

GF