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loan costs?


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Hi all,

I searched the forum archives for some answers, but was wondering what people are actually paying for their loans. Preferably monthly costs and length of term. I've seen alot of variation in interest rates so that might be helpful also. Thanks for the help.

 

For those who trained at universal in 2003-2004. An $80,000 loan from Key bank 4% fixed interest with no loan fees and no interest until you graduate the gadp, $450.00 monthly payments. This is what we were told. This is the actual... loan fees $8,000 from four installments of $20,000, interest starts from day one, monthly payments are $950. a month and going up. This is not all. They say that you will be finished with all your ratings in 6 months, all of the $80,000 is gone in 5 months. You will need to take out another loan from Sallie Girl for $20,000 along with fees, fluctuating interest, and a monthly payment of $200.00 a month. To top this all off, if you don't give them more money like I did not, they kick you out of the program. The instructors also overcharge the students for flight and ground. They oc me $5,000.00

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If you have good enough credit (750 or higher) and take a sallie mae reaming for 20K, your payments will be 220 a month for 15 years (total repayment....just a tad over 40K). The rate for a credit score of 750 or higher is still 10%.....funny how that works. Mine is with no co signer and I have a good, full time job.

 

You can see how this can get WAAAAAAY out of hand if you finance the whole thing. I get to finance another 20K and spend my 60% of my GI Bill. If it takes more than that I will pay for it one lesson at a time. 440 a month for 15 years, paying back more than 80 grand when its all said and done (unless you find yourself beaten with the the "lucky" club along the way) is a tough bill to chew on.

 

who knows, might have to go back to Iraq as a civilian and make some cash to take care of that ginormous debt. Hard to say at this point, but I am not necessarily opposed to it.

 

Point is, for the people out there considering this training and chasing your dream you need to be fully aware of those numbers. Its no joke. Its not something that you can swing on a part time, dead end job. Its certainly not something you will be able to swing as an instructor, unless you REALLY like camping. I will tell you, its tricky enough with a full time job if you rely on yourself to get by in the world. Think long and hard about it. Making a dream come true is a wonderful pursuit, but it doesnt always pay the bills.

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