View Poll Results: How much student debt do you have?
$0.00
75
29.18%
$0.00 - $9,999
23
8.95%
$10,000 - $29,999
51
19.84%
$30,000 - $59,999
36
14.01%
$60,000 - $99,999
45
17.51%
$100,000+
27
10.51%
Voters: 257. You may not vote on this poll
Student Loan Debt
06-15-2010, 09:17 AM
#31
Gets Weekends Off
Joined APC: Nov 2005
Posts: 2,002
Originally Posted by ehaeckercfi
Funny thing about it is the people who go off on tangents about personal responsibility are the ones who were hired at just the right time, upgraded in 10 months, and are now making 6+ year captain pay and have paid off their loans (sorry for the run-on sentence). They are preaching about responsibility to people who have done the EXACT same thing as them, but at a different time, and are now reserve / furloughed FO's who now owe way more in interest because of a lack of upgrading and ability to pay off their loan. I seriously doubt anybody took out a loan thinking "I will only make $20K/year, but thats okay, I'll make it work". It was probably more like "Damn, $60K loan is a lot, but I'll be a captain within 2 years making $60K+/year, so I'll be able to pay that off without a problem."
Food for thought:
When I was hired, they told my class that we would probably be back in the school house in 8-10 months for upgrade. By the time I started IOE, hiring had completely stopped. 3 years later, I'm a reserve F/O with no line in sight, and no upgrade anywhere near the horizon. This stuff happens. Luckily for me, I've been able to pay loan payments.
Food for thought:
When I was hired, they told my class that we would probably be back in the school house in 8-10 months for upgrade. By the time I started IOE, hiring had completely stopped. 3 years later, I'm a reserve F/O with no line in sight, and no upgrade anywhere near the horizon. This stuff happens. Luckily for me, I've been able to pay loan payments.
06-15-2010, 09:22 AM
#32
Banned
Joined APC: Jan 2008
Position: Pilot
Posts: 2,625
Originally Posted by USMCFLYR
No...sometimes they are from people that were taught that you don't live the American dream on credit - and this includes buying a car, a house, an RV, or any other *guy toys* especially that are above your pay scale. I don't care if you borrow it - matter of fact - *educational debt and real estate debt* used to be looked on as the only good types of **good** debt (if there is such a thing)
I think PEOPLE, and like the other poster mentioned too, CORPORATIONS ought to be held responsible for their debts. If declaring bankruptcy and then paying the price is the system set then so be it.
Are you really saying that people should not be responsible for their debts?
USMCFLYR
I think PEOPLE, and like the other poster mentioned too, CORPORATIONS ought to be held responsible for their debts. If declaring bankruptcy and then paying the price is the system set then so be it.
Are you really saying that people should not be responsible for their debts?
USMCFLYR
+1, well said!
The best way to not get into debt is save your money and pay cash for everything. I do not own a single credit card, the cars are paid in full and I don't owe a cent to anyone. When you aren't making payements for all of your debts you would be surprised how much money you can save. It is even possible to pay cash for a house after years of saving, but everyone these days wants a new car, a new house, and the new coolest gadgets. Just live well under your means for a while and then when you get older and have a lot of money in the bank, then you can treat yourself to somethng new, and pay cash for it!
06-15-2010, 05:44 PM
#34
Day puke
Joined APC: Feb 2006
Position: Out.
Posts: 3,865
Originally Posted by snippercr
And we are not tax payers too? Are we not paying your GI bill too? I am not discounting the service to country you performed, I am just saying I am a tax payer also who paid for your education as well. I am also paying for several hundred other government programs from the taxes I pay.
I was offered subsidized loans and took that and do not have to pay interest because I make less than a certain figure. I would be foolish to not take it.
I was offered subsidized loans and took that and do not have to pay interest because I make less than a certain figure. I would be foolish to not take it.
Okay..... let's forget about the slightly hazardous work environment....
My GI bill worked like this: six year enlistment, I paid in $1200 and got just over $11,000. Cost to the taxpayer $10,000.
Let's assume a $50,000 loan at 2%. Current mortgage rates are about 5%. Assuming a 30 year loan, that 3% discount costs the taxpayer about $37,000. For a $100,000 loan the cost goes to $65,000 or about 3 years pay for an enlistedman on his first tour.
06-15-2010, 06:52 PM
#36
Gets Weekends Off
Joined APC: May 2005
Position: FO, B-777
Posts: 149
Here is a good start on the student loan kick.... I read the book and it talks mainly on how corrupt the system is... doesn't really help you on how to get rid of your loan.
StudentLoanJustice.Org
StudentLoanJustice.Org
06-15-2010, 07:13 PM
#37
Gets Weekends Off
Joined APC: Mar 2008
Position: FAA 'Flight Check'
Posts: 13,837
Originally Posted by snippercr
And we are not tax payers too? Are we not paying your GI bill too? I am not discounting the service to country you performed, I am just saying I am a tax payer also who paid for your education as well. I am also paying for several hundred other government programs from the taxes I pay.
I was offered subsidized loans and took that and do not have to pay interest because I make less than a certain figure. I would be foolish to not take it.
I was offered subsidized loans and took that and do not have to pay interest because I make less than a certain figure. I would be foolish to not take it.
Likewise - you paid for my education and my GI Bill. I performed a service for those benefits. I owed the country something and in return I got certain benefits. I upheld my part of the bargin which I signed up for.
I feel about those who pile on the loans and then don't pay them back the same way that you should feel about someone who enlisted in the military and then got out right away with a dishonorable discharge and are still entitled to those same benefits that you paid for - - cheated.
(Btw - someone in that situation would not be entitled to those benefits)
When others do it on a grander and grander scale then you end up in the type of situation that you currently see around the world in my opinion; isn't it one of the often asked questions? How do corporations and governments operate in a way that individuals are not allowed too?
USMCFLYR
06-15-2010, 07:25 PM
#38
Gets Weekends Off
Joined APC: Dec 2005
Position: M88B
Posts: 1,179
Well I think mine are about 80K but not sure. been slowly chipping away after 2 degrees, 7 years of college and flight school I think it was over 100K when i started. I just send the money and dont really worry about it too much because it isn't going anywhere fast. In the end i'll make more money than some but there are alot without degrees that will make the same or more so to each his own.
06-15-2010, 08:17 PM
#39
Gets Weekends Off
Thread Starter
Joined APC: Jun 2008
Posts: 426
I really doubt most people have significant subsidized student loan debt. That's why private (unsubsidized) lenders exsist and handed out money like it was candy. The fed is more restrictive.
In any event, if you're in a lot of debt the damage is done. All you can do is budget and move forward. Now... anyone got those winning powerball numbers?
In any event, if you're in a lot of debt the damage is done. All you can do is budget and move forward. Now... anyone got those winning powerball numbers?
06-16-2010, 01:36 AM
#40
Day puke
Joined APC: Feb 2006
Position: Out.
Posts: 3,865
Originally Posted by USMCFLYR
I feel about those who pile on the loans and then don't pay them back the same way that you should feel about someone who enlisted in the military and then got out right away with a dishonorable discharge and are still entitled to those same benefits that you paid for - - cheated.
(Btw - someone in that situation would not be entitled to those benefits)
USMCFLYR
(Btw - someone in that situation would not be entitled to those benefits)
USMCFLYR
Only those receiving an "Honorable" discharge are eligible for the GI Bill.
While someone who receives a "General" discharge is eligible for some veteran's benefits, those who get an "Other Than Honorable", "Bad Conduct Discharge", or "Dishonorable Discharge" are not. As well, those who get and "Enlisted Level Separation" are not eligible for GI benefits though it does not carry the same stigma of an OTH, DD, or Big Chicken Dinner.
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