Question for you SSH guys

[ChprPlt]

Fry its still a big # but it is whenever you finance anything. Ever look at the paperwork when you bought a car or a house? The amount of interest on a 30 year mortgage is huge. Dreams dont come cheap.

Edited March 27, 2007 by ChprPlt

[zemogman]

An equity line of credit is also a possibility...being that you are paying interest on the money you are using at the moment and not the $50K borrowed at once. Whether it be $2000 or $4000 at at time...depending on the school and the instructor. You could always refinance and make it an equity loan if necessary.

 

Either way...very expensive...but like you said ChprPlt...so was my house...so are my cars...my childrens college education...etc; but I'm glad I have been able to realize those dreams...thus far.

 

The biggest downside I perceive is how far you are from being a "qualified candidate" in the helicopter industry when you are technically certified and done spending your $50,000 (or maybe someone else's $50,000)...That's a bummer...but there seems to be only one way in...and that's to start somewhere.

[fry]

The biggest downside I perceive is how far you are from being a "qualified candidate" in the helicopter industry when you are technically certified and done spending your $50,000...

 

Good point. Purchasing 200 flight hours is the easy (but expensive) part. At that point an individual is really only qualified to begin an apprenticeship toward acquiring another 800 hours...with the eventual goal of moving to Louisiana and a $56k a year flying job.

[John90290]

i've posted this before, get the facts before you go all in. best of luck.

 

I see a lot of numbers thrown around regarding loan repayments. I found this website that has a great calculator for the unsubsidized loans that most of the helicopter training population is offered.

 

Plug in some numbers and see what you will actually be paying. Spend time researching the school and how you're going to meet your loan obligation.

 

http://www.accessgroup.org/calculators/loan_repay.htm

[wannabe heli pilot]

The enrollment director told me he paid off his loan making 3000 monthly payments for 2or 2.5 years making 53,000 from ssh as a cfi working his ass of 6 days a week.If you make the minimum payments it will be 20 years.I have a girlfriend who is helping to support me with this and will be able to make the interest payments of 233month and various other bills.I don't forsee a problem paying the loan or finding a job.

[fry]

The enrollment director told me he paid off his loan making 3000 monthly payments for 2or 2.5 years making 53,000 from ssh as a cfi working his ass of 6 days a week.If you make the minimum payments it will be 20 years.I have a girlfriend who is helping to support me with this and will be able to make the interest payments of 233month and various other bills.I don't forsee a problem paying the loan or finding a job.

 

The "enrollment director" is obviously trying to sell you flight training.

First, SSH does not start their CFIs at $53k.

 

Then, do the math:

 

Income $53,000

less Payroll tax 4,055

less Fed income tax 7,486

less $3k/mo loan payments 36,000

leaves 5,459 a YEAR to live on, $455 a month.

 

Does the "enrollment director" live with his mommy?

[emm]

Fry... you're my hero. I love all your pessimistic views.

[wannabe heli pilot]

Fry, that might have explained the snoopy lunch box and super man under roos!

[dlo22]

Once again, Fry's math is dead on, and so is his realistic views... pessamistic or not, you know this guy if full of crap at SSH. Maybe he did something else, sold his house, his kids, himself, but that 3k a month loan payment did not come from him working his butt of flying... Maybe the ring leader of that circus cut him in on his cocaine conection from columbia, He means he flew the Heli to the boat and picked up the shipment and sold it to all of his students to help cope with their feelings after getting bent over???

 

Fry's views are only percieved as negative, he presents facts and the truth, then everyone wants to say that these numbers are negative or not true..... Thats real people, Sallie mae is making a killing and there is no secret about that... They love selling loans to whoever will take them, bottom line, if you take out a loan, flight school no longer costs just 69,000 and a few dollars in interest, It costs a bit more than that, and they make the re payment plans so attractive, Just make these high payments for twenty or more years, you default once and we won't forget it, we will just up your interest rate.

 

It's ok to know that you will take this loan out and you will make all this money and have so much fun you won't have any problems paying this loan back, but lets not forget you will be haunted for a long time, whether you choose to pay it off, slow, fast or just skip out on the payments and default.... Things are so easy to buy when you can train now ( for a year or so ) and then pay it back really slow ( over 15 years ) time while you are flying in your so called dream job in heaven.

 

Fry's lightning fast 10 key fingers and his loan calculater are only their for you to take it or leave it. If you don't beleive it , then don't, but the figures are always pretty close to what is being discussed around here.. If you are much different, and have a better way, then just go on and disregard those figures, but their aint much positive about taking out a 70k loan at 10 % interest rate, and then dragging the payments out for 15 years, while you are making way less than 100k a year.

[shuvelhead]

A lot of people I know that went to SSH have huge payments. $700.00-$1000.00 a month! For fifteen years! Most of these people have dropped out of the program because of the lies they were told and lack of resources. Less than 1% are actually flying for a living. The only alternative for these people is to file for bankruptcy. These loans should be regulated. I bet we will see a lot of defaults on loans in the near future.

[emm]

Less than 1% are actually flying for a living.

Where did you get this percentage? I'd like to see the statistics.

 

Cheers!

-emm

[fry]

These loans should be regulated. I bet we will see a lot of defaults on loans in the near future.

 

Oh yeah, that's the answer...the government will fix it. That's what's going on with subprime mortgage loans now. The politicians are acting surprised that people with insufficient income and no downpayment were "allowed" to borrow to buy overpriced houses. And so now the politicians will save us all...but at what cost to the rest of us?

 

Here's an idea...let those folks who borrowed the cash but didn't read the loan agreement (because they'd rather believe what the salesperson was telling them) bear the costs of their choice. And if there are defaults because the lenders gave away money too freely let the shareholders of those banks bear those costs. But, do not involve the government to bail out either of these with my tax dollars.

 

Sorry for the rant. People who make stupid decisions and then want someone else (generally the taxpayer) to pick up the tab get my dander up.

[Tenacious T]

Does the "enrollment director" live with his mommy?

Do you? More likely he is married.

[franky17]

Fry its still a big # but it is whenever you finance anything. Ever look at the paperwork when you bought a car or a house? The amount of interest on a 30 year mortgage is huge. Dreams dont come cheap.

 

 

A house is somthing you NEED. So I do not think its fair to compare a house mortgage to helicopter payments? Especially when the helicopter traning can be done for SO much cheaper... my .02

[ADRidge]

Oh yeah, that's the answer...the government will fix it. That's what's going on with subprime mortgage loans now. The politicians are acting surprised that people with insufficient income and no downpayment were "allowed" to borrow to buy overpriced houses. And so now the politicians will save us all...but at what cost to the rest of us?

 

Here's an idea...let those folks who borrowed the cash but didn't read the loan agreement (because they'd rather believe what the salesperson was telling them) bear the costs of their choice. And if there are defaults because the lenders gave away money too freely let the shareholders of those banks bear those costs. But, do not involve the government to bail out either of these with my tax dollars.

 

Sorry for the rant. People who make stupid decisions and then want someone else (generally the taxpayer) to pick up the tab get my dander up.

 

 

I totally agree. The scariest thing I'll ever hear is when someone says "I'm with the Government and I'm here to help." If you can't make the payments, don't take the loan. If you're in the business of lending money, lend it to people that will be able to pay it back.