fjetter

I know the consolidation rates for federal loans are updated every year in July. That's what I'm waiting on to consolidate all of my federal loans.

Jeffdh17

Here's one more suggestion.....Although you cannot file a chapter 7 to wipe out any student loans, you can file chapter 13. This will not erase the debt, but it will keep the creditor from being able to garnish your wages or tap into any of your bank accounts. The judge will take your debts add them up and you will pay a ridulously small amount of that total monthly debt to a trustee each month. I think it last like 5 years at which time you start paying the money back in full.

So let's say the 5 years is up and now you are still broke and can't pay the full amount......You can file another chapter 13 bankruptcy. You can file them over and over and over. There is no limit.

If you are seriously going to do this, I'd file a chapter 7, get rid of everything else (credit cards), and then file the chapter 13 to get the student loan creditors off your back.

A couple of things to keep in mind and this is obvious but I'll say it anyway. Your credit will be ruined (which it probably already is). Interest may be added during the bankruptcy period increasing the total debt. Check with an attny about this.

And finally, I feel your pain. You are not alone my friends......

tprangner

Holy smokes Aloha! You have a a $224000 in flight training loans? How on earth did you rack up so much debt? Is anyone else in the $100K+ club?

crewdawg

This thread should be required reading for everyone looking at going to college to be an airline pilot.

Where did you all go to school that racked up this much debt? I wish you all the best on working this out....Goodluck!


This is a great program if you can get it to work! But you would have to stay in 8 years to get the full use of it. It pays 15% or 500 dollars on a loan up to 2500/year if my memory serves me correctly. It's a great deal but I'm not sure it would be worth enlisting after college.

Anyone considering enlisting and have any questions send me a pm, I did it and it was the best think I have ever done.

cessnapilot

There is no statute of limitations on federal student loans. If it is a private loan, it can be discharged in bankruptcy. If it is a federal loan, it can still be discharged if "undue hardship" is shown. Very possible for a regional pilot in this industry. Otherwise, if you just stop paying, it will eventually drop off your credit report in 7 years, even though they can still try and collect the debt.