cant pay off flight school debt
05-18-2010, 05:01 PM
#1
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Joined APC: Jan 2007
Posts: 246
cant pay off flight school debt
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?
05-18-2010, 05:07 PM
#3
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Joined APC: Feb 2008
Position: Cessna 150
Posts: 655
I'm not a finance guru, but I have learned something from the airlines. When you owe someone money, tell them to lighten up on the burden or you will have to declare BK. I would like to provide you with better information. Let us know if you learn anything that can help all of us.
05-18-2010, 05:13 PM
#5
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Position: Banker....UGH!
Posts: 75
NO BK for Students!
Originally Posted by pokey9554
I'm not a finance guru, but I have learned something from the airlines. When you owe someone money, tell them to lighten up on the burden or you will have to declare BK. I would like to provide you with better information. Let us know if you learn anything that can help all of us.
05-18-2010, 05:14 PM
#6
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Joined APC: Nov 2005
Posts: 2,512
Student loan debt is extremly hard to discharge in BK.
Just stop paying it. 2 guys in my crashpad quit paying thier loans back for almost a year and key bank settled with both of them. One settled 90k of debt for a 1 time payment of 40k. The other was given interest free payments until the loan is paid off.
Myself on the other hand tried to get interest only payments or a reduced payment for 1 year because I was back on first year pay. Thier answer was nope sorry, because I have been making my payments on time for 4 years!
Just stop paying it. 2 guys in my crashpad quit paying thier loans back for almost a year and key bank settled with both of them. One settled 90k of debt for a 1 time payment of 40k. The other was given interest free payments until the loan is paid off.
Myself on the other hand tried to get interest only payments or a reduced payment for 1 year because I was back on first year pay. Thier answer was nope sorry, because I have been making my payments on time for 4 years!
05-18-2010, 05:26 PM
#7
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Joined APC: Feb 2008
Position: Cessna 150
Posts: 655
05-18-2010, 05:31 PM
#9
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Joined APC: Jun 2008
Posts: 45
Originally Posted by alpar80
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?
Student Aid on the Web
Income-Based Repayment and Public Service Loan Forgiveness Program
Dept. of Ed. 1800-557-7392
FinAid | Loans | Public Service Loan Forgiveness
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