Student Loan reduced payment and forgiveness
04-22-2013 | 12:04 PM
#11
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So I guess none of the naysayers here has ever had a subsidized college loan, pell grant etc... Not to mention the subsidized FAA services that most GA aircraft enjoy. Thank goodness we work in an industry that completely pays for itself otherwise we would be freeloaders just like the OP.
04-22-2013 | 12:08 PM
#12
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There is no way being an airline pilot would count as a public service.
The income based repaymwnt is fine, but if you know anythig at all about interest rates or compounding interest they are going to get their money wvwntually. Don't come *****ing when you have very high payments near the end of your payment cycles to make up for the lower payment initally.
Just pay off your damn loans like a responsible individual. Don't go saying you cant afford it because all the regionals pay about the same and you knew you would have to go that for some time.
The income based repaymwnt is fine, but if you know anythig at all about interest rates or compounding interest they are going to get their money wvwntually. Don't come *****ing when you have very high payments near the end of your payment cycles to make up for the lower payment initally.
Just pay off your damn loans like a responsible individual. Don't go saying you cant afford it because all the regionals pay about the same and you knew you would have to go that for some time.
If you pay your interest, or if you qualify, the government pays your interest, you are not going to have the high payments at the end, as I believe after 25 years the rest is forgiven.
I am a responsible individual, and I will say I can't afford my loans right now, because I can't. And I'm certainly not going to shell out money I don't have to keep you happy.
"Then you shouldn't have borrowed the money" you'll say. Well maybe, but at the end of the day, I'm gonna do what I have to to put food on the table.
Again didn't mean to start a debate, just letting people know what is out there. By all means, feel free to take the high road.
04-22-2013 | 12:16 PM
#13
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Joined: Jan 2008
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From: Pilot
So I guess none of the naysayers here has ever had a subsidized college loan, pell grant etc... Not to mention the subsidized FAA services that most GA aircraft enjoy. Thank goodness we work in an industry that completely pays for itself otherwise we would be freeloaders just like the OP.
Be a responsible adult and pay back what you borrowed! The problem is most people don't want to live off the bare minimums. Most people could move back in with their parents, get rid of the cell phone, sell the gar and buy a POS, get rid of the gym membership, your subscriptions to magazines and Netflix, stop eating out and start eating rice and beans, get rid of your cable, etc. Why make hard decisions and do what needs to be done to meet your obligations when you can keep all the "extra" goodies and have someone else foot your bill
And no jamesnobrakes, I'm not in my 40s and don't remember how it was, I'm in my late 20s. I didn't take out loans, and the only debt in my name is my house. That's the good thing about not making stupid financial decisions, you don't find yourself backed into a corner when people start asking for their money back. But why should I complain when I did the right thing and have to pay for everyone else's mistakes.
04-22-2013 | 12:22 PM
#14
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Joined: Jan 2008
Posts: 2,625
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From: Pilot
I wasn't saying being a pilot counts, only military service, and I believe tha has t be full time.
If you pay your interest, or if you qualify, the government pays your interest, you are not going to have the high payments at the end, as I believe after 25 years the rest is forgiven.
Maybe it's forgiven to you after 25 years, but my family and I are the ones picking up the rest of the tab.
I am a responsible individual, and I will say I can't afford my loans right now, because I can't. And I'm certainly not going to shell out money I don't have to keep you happy.
If you were a responsible individual, you wouldn't have borrowed such large amounts of money to begin with. So you don't have to shell out the money to keep me happy, but I have to shell out the money to pay off your loans?
"Then you shouldn't have borrowed the money" you'll say. Well maybe, but at the end of the day, I'm gonna do what I have to to put food on the table.
Oh good, you can put food on the table now, while at the same time forcing the rest of us to foot your irresponsible bill. Thanks!
Again didn't mean to start a debate, just letting people know what is out there. By all means, feel free to take the high road.
It would be nice if you took the high road and paid off your debts, but instead I need to take the high road and pay them off for you.
And people wonder why this country is headed in the direction that it is.
If you pay your interest, or if you qualify, the government pays your interest, you are not going to have the high payments at the end, as I believe after 25 years the rest is forgiven.
Maybe it's forgiven to you after 25 years, but my family and I are the ones picking up the rest of the tab.
I am a responsible individual, and I will say I can't afford my loans right now, because I can't. And I'm certainly not going to shell out money I don't have to keep you happy.
If you were a responsible individual, you wouldn't have borrowed such large amounts of money to begin with. So you don't have to shell out the money to keep me happy, but I have to shell out the money to pay off your loans?
"Then you shouldn't have borrowed the money" you'll say. Well maybe, but at the end of the day, I'm gonna do what I have to to put food on the table.
Oh good, you can put food on the table now, while at the same time forcing the rest of us to foot your irresponsible bill. Thanks!
Again didn't mean to start a debate, just letting people know what is out there. By all means, feel free to take the high road.
It would be nice if you took the high road and paid off your debts, but instead I need to take the high road and pay them off for you.
And people wonder why this country is headed in the direction that it is. Filler....
04-22-2013 | 12:27 PM
#15
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Joined: Jul 2008
Posts: 156
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From: F/O
Here are a couple of links that may be of use to people with FEDERAL student loans. One of the links allows you to apply for an income based repayment program (IBC). The second link allows you to consolidate your student loans into a direct loan, after which you may also apply for an IBC program. Some of those that consolidate may also be able to apply for the “public service loan forgiveness” (PSLF) (i.e. current members of the military, police, fire fighters etc.), which will forgive the remaining student debt after 120 on time payments. Basically, I spent all morning researching and filling mine out and my payments went from a lot, to nothing for the rest of this year, and those $0 payments count towards the 120 payments for the PSLF. Theoretically I could work at CommutAir for the next 10 years and not have to pay any of my student loans back. Well, provided there aren’t any plans in the works to give us some outstanding wages. I’m pretty sure I have the O’bama administration to thank for this. I’m not saying it’s right or wrong, just letting people know it’s there. I hope this enough to get people started, but feel free if you have questions or need something clarified, like I said I’ve been looking at it all morning.
https://studentloans.gov/myDirectLoan/index.action
Direct Consolidation Loans - Welcome!!!
The public service job has to be full time so I don't believe reserves count
https://studentloans.gov/myDirectLoan/index.action
Direct Consolidation Loans - Welcome!!!
The public service job has to be full time so I don't believe reserves count
04-22-2013 | 12:28 PM
#16
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Joined: Sep 2008
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So I guess none of the naysayers here has ever had a subsidized college loan, pell grant etc... Not to mention the subsidized FAA services that most GA aircraft enjoy. Thank goodness we work in an industry that completely pays for itself otherwise we would be freeloaders just like the OP.
Some of us on this forum forget hundreds of millions of dollars in aid (tax payers’ money) offered to the major airlines in the aftermath of 9/11. Funny, you won’t hear any of the pilots from those airlines objecting to financial bail out of such airlines!
Good touch on subsidized college loans and Pell Grants! A certain armed forces ‘bill’ comes to mind too.
Personally, if we can bail out private businesses (GM, Ford, Bank of America, etc.), for hundreds of billions of dollars; then I, as a taxpayer, have no issue helping those who got college education and skills. Not at all!
04-22-2013 | 12:28 PM
#17
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Joined: Jun 2008
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Well, if you're not paying your loans, that means someone else is. And that someone else is a probably a taxpayer.
I'm a taxpayer. Glad to know that I can help you pay off your flight training or whatever it is these loans were for. Its not like I need my money for my own expenses or anything, its much better used to cover you for your lack of effective financial planning.
I'm a taxpayer. Glad to know that I can help you pay off your flight training or whatever it is these loans were for. Its not like I need my money for my own expenses or anything, its much better used to cover you for your lack of effective financial planning.
04-22-2013 | 12:32 PM
#18
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No, I never had a subsidized college loan or pell grant. And the last time I checked GA airplanes run on gas which is taxed.
Be a responsible adult and pay back what you borrowed! The problem is most people don't want to live off the bare minimums. Most people could move back in with their parents, get rid of the cell phone, sell the gar and buy a POS, get rid of the gym membership, your subscriptions to magazines and Netflix, stop eating out and start eating rice and beans, get rid of your cable, etc. Why make hard decisions and do what needs to be done to meet your obligations when you can keep all the "extra" goodies and have someone else foot your bill
And no jamesnobrakes, I'm not in my 40s and don't remember how it was, I'm in my late 20s. I didn't take out loans, and the only debt in my name is my house. That's the good thing about not making stupid financial decisions, you don't find yourself backed into a corner when people start asking for their money back. But why should I complain when I did the right thing and have to pay for everyone else's mistakes.
Be a responsible adult and pay back what you borrowed! The problem is most people don't want to live off the bare minimums. Most people could move back in with their parents, get rid of the cell phone, sell the gar and buy a POS, get rid of the gym membership, your subscriptions to magazines and Netflix, stop eating out and start eating rice and beans, get rid of your cable, etc. Why make hard decisions and do what needs to be done to meet your obligations when you can keep all the "extra" goodies and have someone else foot your bill
And no jamesnobrakes, I'm not in my 40s and don't remember how it was, I'm in my late 20s. I didn't take out loans, and the only debt in my name is my house. That's the good thing about not making stupid financial decisions, you don't find yourself backed into a corner when people start asking for their money back. But why should I complain when I did the right thing and have to pay for everyone else's mistakes.
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Last edited by UAL T38 Phlyer; 04-22-2013 at 05:04 PM. Reason: TOS Language
04-22-2013 | 12:42 PM
#19
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Joined: Oct 2008
Posts: 766
Likes: 16
No, I never had a subsidized college loan or pell grant. And the last time I checked GA airplanes run on gas which is taxed.
Be a responsible adult and pay back what you borrowed! The problem is most people don't want to live off the bare minimums. Most people could move back in with their parents, get rid of the cell phone, sell the gar and buy a POS, get rid of the gym membership, your subscriptions to magazines and Netflix, stop eating out and start eating rice and beans, get rid of your cable, etc. Why make hard decisions and do what needs to be done to meet your obligations when you can keep all the "extra" goodies and have someone else foot your bill
And no jamesnobrakes, I'm not in my 40s and don't remember how it was, I'm in my late 20s. I didn't take out loans, and the only debt in my name is my house. That's the good thing about not making stupid financial decisions, you don't find yourself backed into a corner when people start asking for their money back. But why should I complain when I did the right thing and have to pay for everyone else's mistakes.
Be a responsible adult and pay back what you borrowed! The problem is most people don't want to live off the bare minimums. Most people could move back in with their parents, get rid of the cell phone, sell the gar and buy a POS, get rid of the gym membership, your subscriptions to magazines and Netflix, stop eating out and start eating rice and beans, get rid of your cable, etc. Why make hard decisions and do what needs to be done to meet your obligations when you can keep all the "extra" goodies and have someone else foot your bill
And no jamesnobrakes, I'm not in my 40s and don't remember how it was, I'm in my late 20s. I didn't take out loans, and the only debt in my name is my house. That's the good thing about not making stupid financial decisions, you don't find yourself backed into a corner when people start asking for their money back. But why should I complain when I did the right thing and have to pay for everyone else's mistakes.
