Student Loans
 

The topic of student loans has come up recently in conversation and also in the evening news in regards to the occupy Wall Street protests. I thought I’d use this platform as a very unscientific forum to see what my fellow and vocal pilots have in regards to student loan debt.

I know pilots from diverse backgrounds but a common theme has been student loans. I myself have a fair amount of debt to pay back too. The ironic thing was that I looked at staying in my state school and flying on the side but realized that it would take a long time, years, to pay for the training and college simultaneously. And as naïve as I was back then regarding the industry, the one thing I knew was that seniority was paramount. I knew in my gut that the faster I charged though school, and flight instructing, the soonest I would be on a list accruing seniority and on to better pay and schedule. The only way I could afford to finish college and pay for flight training at the same time in any reasonable time was to attend a university with an accredited flight program that I could finance with student loans. So then I found myself in the middle of an aviation college on my way to an airline career.

One afternoon I did spend some time in a career center office at the university and looked at the expected salaries of airline pilots, and this was from the late 90’s and what I found justified the student loans I was taking on. Just like a close friend who is a Dr. of Pharmacy, he also took out massive student loans, but is also making over $150,000 a year four years after graduation. I’m not there yet but it does look like I am tracking the right direction.

In a way, I do feel a little slighted in that I did do everything right, but am still in a stituation where supporting my family and paying those student loans can be pretty tight. I rolled the dice and take the consequences and responsibility for my decisions, but it doesn’t take away the frustrations when I dwell on it.

I also wonder if it is even possible to finance the amount of college and flight training I did a decade ago? The dream of being an airline pilot may well be out of reach for the kid now, who is in the position now, that I was in then. That is sad.

So what are your student loans?

-Yes, I should have probably put a poll option for a "0" only. Oh well.

The OWS retards are advocating exactly what they're ****ed off about... Bailouts. Guess who would be on the hook for a trillion dollars of federal student loans if "forgiven?". The federal tax payer. Their stupidity is maddening.

What about all of us that have paid our loans back, like we agreed to?

You borrowed the money, you pay it back. If you borrowed $50k for an art history major and are ****ed you're working at Starbucks, thats your own damn fault. Conversely if you borrowed $150k to get a job flying shiny new RJ's for $23/hour... You didn't do your homework. You want your loans paid off... The US Army is more than willing to help.

+1. The US Army National Guard is paying back my student loans. These idiots want a bailout? Pick up an M-4 and EARN IT.

Or don't get into any debt for anything. My one and only debt is my house. Never borrowed money for school or a car, and I don't even have a credit card.

On the flipside to Red's theory...If you use a credit card, pay off the balance every month. No minimum payment BS, or anything that envokes interest. Get the goodies associated with points, cash, or miles or whatever, but do not give them a dime more than what you owe.

Spend less than what you make, plain and simple.

For some, as with previous comments posted, it worked out for them. I'm happy for you; for others, it didn't.

There's really no telling what the circumstances or issues were that caused a borrower to default. Bailout for student loans....I dunno! Maybe. Hell, nations and big businesses are being "given a leg up". Why not those with student loans? They could forgive some or all of the interest and rework a payment schedule for the principal or principal + whatever interest they rework. It's a complicated, controversial, and divisive issue.

Sometimes, you just gotta cut your losses and move on. JMO.



atp

[QUOTE=atpwannabe;1071765]For some, as with previous comments posted, it worked out for them. I'm happy for you; for others, it didn't.

There's really no telling what the circumstances or issues were that caused a borrower to default. Bailout for student loans....I dunno! Maybe. Hell, nations and big businesses are being "given a leg up". Why not those with student loans? They could forgive some or all of the interest and rework a payment schedule for the principal or principal + whatever interest they rework. It's a complicated, controversial, and divisive issue.

Sometimes, you just gotta cut your losses and move on. JMO.

So punish those of us who worked their thru college and flight training or as the other poster said and paid back their loans? You borrowed money so you pay it back it is as simple as that, remember the buyout money would have to come from the tax payers. Nobody held a gun to your head and made you take the money.

With your reasoning, I should be given a "bailout" from the bank for my mortgage. I mean that thing is expensive so why should I honor that legal contract I signed with the bank? Or for those with car payments, bail them out too because why should they have to pay for their cool car, I mean everyone is entitled to a nice vehicle right? What is wrong with people? If you want a good or service you PAY for it either up front or through a loan. Just because you have buyers remorse for something you have payed for or are paying for doesn't make it my problem or anybody else's problem.

Ah yes, the entitlement generation is here. Its not what can I do for my country, rather what can my country give me. The future keeps getting scarier.
I paid for my training piece be piece ending up with 0 debt. It took a while, but living without huge debts hanging over my head (besides a mortgage) has always been important to me.
On a side note for those in high school or kids in school look into the running start program if offered. It allows juniors and seniors to take college courses and receive college and high school credits (depends on the schools)
My brothers kid will have 2 years of college when she graduates high school next year.

You trippin!

How you "read" that into my post....I dunno. I guess you're using the word "you" and "your" as a noun and not a pronoun. At any rate, I do agree with you; if a person borrows money for whatever reason...then that person should be responsible and accountable in terms of repaying what they borrowed.

You damn shold trippin!

There is so much more to this issue, that I would be typing for the next two weeks to cover all the facts and mis-information about the subject. The ideal situation would be that, whoever borrows, pays back what they borrowed. That's not always the case. For example, in steps the collection agency to make the deal. The creditor believes that is better to get something, than nothing at all. An elementary analogy, but, still. You have your take on it and I have mine. Not a matter of whose right or wrong...they're just a difference of opinion.

Your comment appears inflammatory! I was about to respond using the vernacular, however....I know the MODS would have dinged me for it...not gonna take the bait...:confused: At any rate.....

Good for you.

My training will be paid for as I progress as well. I make no apologies for having that type of financial security. I, too, will have zero debt when I'm finished.




atp