navyman_tx

Yes, call these people. You need to do it before the Sh$t hits the fan. They will be more willing and alot nicer idf you do it before they see that you are not paying. They like to see you on top of your finances and correcting the problems before they start. Trust me!

flyboy626

That suck that you are in that position. You will not be able to declare bankruptcy with a cosigner on there they will go after them. You maybe able to get rid of the cosigner after 24 months but that’s up to the bank if they want to do that for you. The best thing to do is to try to talk to them and see what you could do. I think that you could get an economic hardship but the interest rate will still accrue. If you can pay the interest it may help.

SkyHigh

Honestly this thing will not dry up and blow away with a bankrupcy. Consolidation and negotiations can only go so far. My guess is that as soon as you default they will go after Mom and Dad and at some point it will come back to haunt you. The best option is to find a high paying job and live like a monk till it is payed off. The Army is a good option since you could have all of your housing and living needs paid for and every dime of income could go towards paying off the debt.

In addition it is becoming more commonplace for prospective employers to do a credit check as a condition of employment. A bankrupcy could sink your dreams before you even get started.

Skyhigh

usmc-sgt

Going on what others have said,
Bankruptcy will also prevent you from getting an apartment in most states and will certainly preclude you from getting a mortgage.

I know it is hard but instead of screwing whoever the cosigner was by defaulting or attempting to file for bankruptcy you might have to think long and hard and consider defering a career in aviation.

It is a cold hard fact that in your first few years of aviation you will not be able to make the money to pay off this loan

I know you say changing your lifestyle is not an option but one thing my father always told me is that you are not an intelligent man if you have money in the bank and debt at the same time. I am not talking about an emergency fund of a little savings. This not only does not apply to money in the bank but also your lifestyle. If your car is worth anything more than a few grand than unfortunately you really need to consider selling it and driving something less desirable and put the money from the sale directly towards paying down the loan. A cheaper car will also bring down your insurance rates saving you more money each month. Possibly get a few roomates or downsize your apartment as I said earlier.

You mention that a few hundred dollars per month will not solve your problem but it certainly will. Each of the options that you have been given will save you more than a few hundred each month towards getting this loan payed down.

As far as you saying that this board is quick to judge, that is not true. We are not judging you by any means and many have made this mistake in the past. I myself was about 18k in debt 6 years ago, although not to the magnitude of your problem, the steps towards paying it off are the same. The problem most have with this site is they come looking for validation and confirmation on the answers that they want to see and get upset when they get realistic proven answers that are not conducive to the lifestyle that they wish to maintain.

We really are here to help, despite what it may look like there is alot of experience on this site

LAfrequentflyer

Well said...Also, what Skyhigh said about the military...If you make 2500 a month and owe 1300+ (lets say 1500) that leave you 1,000 to live on. I don't see why you can't pull this off.

It does sound like you are looking for the easy way out.

I suggest you trim the fat from your lifestyle and live up to your obligations. I remember asking my father to co-sign a ERAU education. He took me to the USAF recruiter and told me the only thing he would do is make sure I got a job in electronics / computers.

-LAFF
active duty AF computer dude...

C152driver

Would taking a second job be an option? What about selling stuff on Ebay? If it were me, I would try to move heaven and earth to avoid bankruptcy. As a previous poster mentioned, it will stay with you for 7 years. Once you do, everyone considers loaning money to you as "high risk" and will charge you accordingly. Your life could potentially get *much* more expensive.

I dont know anything about your loans, but some are set up to prevent you from paying them off early. You might want to check to see if yours are set up that way. If they arent, then make payments as early and as often as you possibly can. It will reduce the total interest expense on the loan, as well as kill off the balance faster.

Hang in there and keep working the problem. It wont last forever...

WAVIT Inbound

CLAP, CLAP, CLAP good to see a post from Sky High that gave good suggestions without hammering his decision to be a pilot. Bravo!

lzakplt

Here are a couple of solutions which are kind of "out there", listed in order of desperation.

http://www.aopa.org/insearchof/schoo...cfm?FS_ID=1198
this flight instructor job in China starts at $24,000 per year, ($30,000 plus after that) free housing, 3rd world cost of living.

I know of experienced pilots getting big money to fly in Afghanistan. I don't know if there are any positions for low timers.

Coca eradication in Columbia.

Or take the good advice already found here and drive your new 1985 Subaru to Walmart for top ramen for the next few years.

avanti

You know what, I live in Japan, and from what I've heard CFI-ing in China is NOT a bad idea at all. There are tons of students! And they have to learn English too, so you get two jobs in one. Oh, and PS, what I have learned about debt from living in Japan is *always pay for everything in cash* It really works great!! I take it you are beyond being able to do this now, but it is something to keep in mind for the future. It makes a huge difference.

JesseSW

As an aspiring Pilot thinking about a change in careers towards Commercial Aviation, I have been looking into different flight training options. I was wondering how your debt came about? I see some of these schools and academies that have 60k-90k tuitions and was just wondering is that the kind of debt you are talking about?

...to the rest of the pilots:
Military options seem like an ideal way to get flight training without selling my Liver and taking a 3rd mortgage out. Any advice for a 29 y.o. post graduate bacheloriate, when the age limit for officer training is 27.5 (USAF & NAVY). I heard that if you have your ppl they might wave that limit. Any advice or confirmation on that issue?