cant pay off flight school debt
#21
Gets Weekends Off
Joined APC: May 2006
Position: Jet Pilot
Posts: 797
After you write a great book get on Oprah and become the poster child for all that is wrong with this profession.
Don't write the book, purchase it - the Total Money Makeover by Dave Ramsey as others have already mentioned. Read it, obey it, and live it. Then instead of being Oprah's guest you can be Dave's guest as you scream "I'M DEBT FREE!!!!!!!!"
#22
Did your roommate know that $50,000 in debt relief is usually considered taxable income? He'll probably have to write the IRS a check for twelve grand next April. But I'm sure the bank told him that, right?
Disclaimer - Not a tax professional.
Disclaimer - Not a tax professional.
#23
Line Holder
Joined APC: Jun 2009
Posts: 49
Joker
#24
The Profession
Aviation generally does not pay enough to be worthy of the investment it takes in time and money to get there. Currently we have a situation where new pilots are willingly entering the career knowing that they will never be able to earn their initial investment back.
I believe that these results are the product of people from middle and upper middle class families who have never had to consider the realities of making a living. Those from the working class realize the value and difficulties of earning a good income and would never enter into a situation that demands so much of an investment for such a slim chance at recovery.
If one were to compute the opportunity cost of the career it is staggering. Tuition and flight training is going up across the country. Currently I have read that it is common for a new college grad to have invested 200K in their education and flight training by graduation day. Add to that the possibility of spending most of another decade of working dangerous low wage jobs prior to even reaching a regional and you can see how the number keep rapidly rising.
Taking out a flight training loan is like asking a loan shark for an advance for the casino. Unless a new pilot can expect to get hired by SWA within a year or two after graduation it is a foolish prospect. I realize that this information is of no value to those who are already in debt. Others read this who are considering getting into the same situation and need to know.
Skyhigh
I believe that these results are the product of people from middle and upper middle class families who have never had to consider the realities of making a living. Those from the working class realize the value and difficulties of earning a good income and would never enter into a situation that demands so much of an investment for such a slim chance at recovery.
If one were to compute the opportunity cost of the career it is staggering. Tuition and flight training is going up across the country. Currently I have read that it is common for a new college grad to have invested 200K in their education and flight training by graduation day. Add to that the possibility of spending most of another decade of working dangerous low wage jobs prior to even reaching a regional and you can see how the number keep rapidly rising.
Taking out a flight training loan is like asking a loan shark for an advance for the casino. Unless a new pilot can expect to get hired by SWA within a year or two after graduation it is a foolish prospect. I realize that this information is of no value to those who are already in debt. Others read this who are considering getting into the same situation and need to know.
Skyhigh
Last edited by SkyHigh; 05-20-2010 at 07:58 AM.
#25
On Reserve
Joined APC: May 2010
Position: ERJ-175 Captain
Posts: 12
A First Officer that I work with just recently filed bankruptcy. He is married and has two twins still under a year old. At first, his bankruptcy attorney tried to tell him that he could not get rid of his student loans however, his loan was not a federally backed student loan. He did his own research and showed his attorney that his loan from Key Bank was just a personal loan for flight training. A lot of the loans Key Bank has given in the past are this way. Especially if you went to one of the pilot factories like Delta Academy. Good Luck.
#27
Gets Weekends Off
Joined APC: Dec 2005
Posts: 233
#28
Gets Weekends Off
Joined APC: Jul 2007
Position: 744 CA
Posts: 4,772
BK should be the last resort for people who perhaps lost everything in a natural disaster or Medical situation which has left them with mucho debt. People who spend themselves silly, even if on education, and then decide they don't want to pay the bill, taking the easy way out.
#29
Gets Weekends Off
Joined APC: Sep 2008
Position: B767
Posts: 1,901
i have finally reached the point in which i dont think i am going to be able to keep up with the 90k of debt and the loan repayment that flight school and key bank have cost me. with a fam of five and a regional income, i think it is safe to say that i am screwed. does anyone have any insight or knowledge on dealing with this sort of dilemma?
For those preparing to enter the aviation profession, spend some time with MS Excel to create some spreadsheets. The time to determine if you can pay back your loans while living on a meager income is now. You will possibly ruin your life if you just jump into this career without thinking far ahead, much as you will potentially kill yourself in an airplane if you're not thinking several steps ahead.
#30
Sorry to hear about your misfortune. The best advice I can offer you is to check the consolidation rates of student loans at this time. This may offer you a lower pymt, but may extend the life of the loan. Forbearance may be another option until you get into a better paying profession; however the interest on the loan will capitalize.
atp
atp
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Ivan
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08-05-2008 08:10 AM