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
06-13-2010, 01:27 PM
#1
Gets Weekends Off
Thread Starter
Joined APC: Jun 2008
Posts: 426
Student Loan Debt
So... what was your original loan amount like? I'm starting to wonder why I got into this career at all. Been knicking away at mine for years and just barely making a dent.
Last edited by Noseeums; 06-13-2010 at 01:35 PM. Reason: clarification
06-13-2010, 01:33 PM
#3
Gets Weekends Off
Thread Starter
Joined APC: Jun 2008
Posts: 426
Originally Posted by Phuz
most of the people on here have been paying it back for several years now. So is your question how much did you start out with, or how much do you have now?
06-13-2010, 01:43 PM
#4
The NeverEnding Story
Joined APC: Sep 2005
Posts: 7,504
Graduated from Purdue in Dec 2005 with about $65k in principal & compounded interest. Out of state tuition sucks...
Today my debt is down to about $18k in principal and should be down to around $9k before the end of the year and paid off by the end of 2011 (plans, mice, men, etc).
Today my debt is down to about $18k in principal and should be down to around $9k before the end of the year and paid off by the end of 2011 (plans, mice, men, etc).
06-13-2010, 01:50 PM
#5
Gets Weekends Off
Thread Starter
Joined APC: Jun 2008
Posts: 426
Originally Posted by BoilerUP
Graduated from Purdue in Dec 2005 with about $65k in principal & compounded interest. Out of state tuition sucks...
Today my debt is down to about $18k in principal and should be down to around $9k before the end of the year and paid off by the end of 2011 (plans, mice, men, etc).
Today my debt is down to about $18k in principal and should be down to around $9k before the end of the year and paid off by the end of 2011 (plans, mice, men, etc).
06-13-2010, 02:41 PM
#8
Does NOT get weekends off
Joined APC: Jul 2007
Position: ERJ - 145
Posts: 1,631
Only $10,000 in Government Loans (subsidized so I didnt build interest in school).
Went to community college for 2 years and worked part time. Got Private and Instrument part 61. Went to State school and paid in state tuition (Illinois) to get rest of certs and ratings. Some help from parents, some from working.
Was making a few payments on loan but deferred it due to making a CFI wage. Fortunately since it is subsidized, I will not have interest building while it is differed. Interest capitalizing would suck during the deferment.
Went to community college for 2 years and worked part time. Got Private and Instrument part 61. Went to State school and paid in state tuition (Illinois) to get rest of certs and ratings. Some help from parents, some from working.
Was making a few payments on loan but deferred it due to making a CFI wage. Fortunately since it is subsidized, I will not have interest building while it is differed. Interest capitalizing would suck during the deferment.
Last edited by snippercr; 06-13-2010 at 02:42 PM. Reason: differed vs deffered. I'm a pilot, not an english major.
06-14-2010, 05:40 AM
#9
Gets Weekends Off
Joined APC: Sep 2008
Position: B767
Posts: 1,899
I graduated from the Colorado School of Mines in 2001 with about $40k in student loans. About 1/4 of that was unsubsidized, which I've since paid off. I still owe approximately $20,000 in subsidized loans, with a 3% interest rate. My monthly payment is $169, and I'm not in a big hurry to pay more than that each month.
When I graduated, the big problem was the amount of credit card debt I had. At the peak, I think I owed about $10,000 on the cards. I also purchased a new sportbike for myself as a graduation present, which added another $9,000 of debt to the pile. A few months later, I leased a new car (which I eventually bought). More debt! So stupid...
I spent six years getting out from all the debt I had, while simultaneously paying for my flight training out of pocket. It was very tough, but so worth it. Now I'm super paranoid about incurring any debt, and pay off my credit card religiously every month. I hardly ever by anything for myself anymore either, unless I can really justify its purpose.
It will take a few more years before my $20,000 of student loan debt is eliminated, but at $169/mo, I hardly notice it. With the low 3% interest, I'm not really screwing myself too bad either by taking so long to pay it off.
When I graduated, the big problem was the amount of credit card debt I had. At the peak, I think I owed about $10,000 on the cards. I also purchased a new sportbike for myself as a graduation present, which added another $9,000 of debt to the pile. A few months later, I leased a new car (which I eventually bought). More debt! So stupid...
I spent six years getting out from all the debt I had, while simultaneously paying for my flight training out of pocket. It was very tough, but so worth it. Now I'm super paranoid about incurring any debt, and pay off my credit card religiously every month. I hardly ever by anything for myself anymore either, unless I can really justify its purpose.
It will take a few more years before my $20,000 of student loan debt is eliminated, but at $169/mo, I hardly notice it. With the low 3% interest, I'm not really screwing myself too bad either by taking so long to pay it off.
06-14-2010, 09:01 AM
#10
Gets Weekends Off
Joined APC: May 2005
Position: FO, B-777
Posts: 149
Man if I could do it all over again! After my enlistment in the Navy was over I went to Embry-Riddle for the B.S. graduating in 1995. I ended up borrowing about 50K and didn't make any payments until 2000 (I know, I know)... With penalties and fees it skyrocketed up to 120K. They deducted 15% from my paycheck since 2000. I'm down to owing about 55K and it sucks!
If I could do it all over again, I would have gone to a community college and done all the flying at a local FBO. I might have been able to owe only 20K or so... I don't think my career would have been any different. I've been at the same Regional airline for the last 13 years. Not bad but not where I thought I would be at this stage of my life. My plan was to get to the majors and pay it off aggressively in a year, but that never happened and I was always scraping by for money.
For anyone thinking about getting into the airline industry now as a pilot, It's even worse. It's not anything like the 80s. If you do, do it cause you love to fly and don't think you're going to make any money. Cause you're NOT.
If I could do it all over again, I would have gone to a community college and done all the flying at a local FBO. I might have been able to owe only 20K or so... I don't think my career would have been any different. I've been at the same Regional airline for the last 13 years. Not bad but not where I thought I would be at this stage of my life. My plan was to get to the majors and pay it off aggressively in a year, but that never happened and I was always scraping by for money.
For anyone thinking about getting into the airline industry now as a pilot, It's even worse. It's not anything like the 80s. If you do, do it cause you love to fly and don't think you're going to make any money. Cause you're NOT.
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