lovethelapdance

I am not planning on taking out to much in loans for my tickets...I have about 10k saved up for FBO work and will have another 10k for flight instruction use when I need it in about eight months (I live so cheaply and don't even have a car - ride my bike to the the FBO!)...between the fact that I have a 30k/yr job and my private website design pays me about 2k a month after taxes, I should be able to just swing the FBO route and have my tickets by the time I am twenty-nine without taking on any loans. However, I may need to take about 5k in loans for my instructor certs - not sure yet how well I will be doing that far ahead as I try and transition out of 9-5.

For those that take out the whopper loans for the academies and so forth, what are the average monthly payments? How are you able to do it? Can you defer it into perpetuity and keep letting that interest capitalize? I was considering the Academy route but its just not worth it to me to save 8-10 months of training but rack up all that debt. Plus, the interest on those loans is enough of a discourager - I mean at least through FAFSA you get 5%...these things are ridiculous at seven points over prime.

I am not trying to get anyone upset, I am just curious about your experience with these types of loans...does the income ever return on those loans, and if so are you able to make the minimums? That said, I do believe you only get one go around on the mother****** so do what you can to do what you want, but still I just can't imagine having that debt load.

500and2

I was paying around 600/month..... for ~50k..... @5%

that was the min payment.

Parents consolidated everything.... and I paid them back. (I could only take out a tiny amount in my name)

I paid as much as I could for just over 2 yrs.... and finally paid it off. (6yrs after graduating)

You will be saving money by getting your ratings ahead of time. I would suggest going to a Junior College... or something similar $$$ (cheap) for your undergrad classes. Then, when you have all your flight ratings and general education classes finished, and if you STILL want to go to a flight school..... go for the last 2 yrs and get a "degree".

you will save a lot of money that way, and still have the "diploma" on your resume.

Cheers,
500and2

GetErDun

don;t get *****ed around by the bank......fixed rate only. Word to motha!

JSchraub

Getting a fixed rate helps if you can get one... The only company I have found that will pay for flying is Sallie Mae. They suck. 11.25% that is crazy. I am going to do what 500 said. I am going to community college now, 1000 bucks a semester with books and all. So after 2 years I plan on being a CFI/CFII and then attending the 4 year college to get my degree. I applied for a student loan with Wells Fargo to pay for living/school. I will have a job soon so I will not be relying on the wells fargo money as much. As for flying I guess I will have the bite the bullet and go with sallie mae and take out as little as possible at a time. Use the money I make with the job to help pay for flying as well..