DragonCooler Posted November 9, 2007 Report Share Posted November 9, 2007 If this is in the wrong section, please shun me and move it. LOL I am really wanting to go through the school, and after realizing the 70k after the sallie mae interest will be 150-200k at best, it made me think twice. However the dreams wont stop and thoughts of the intro flight wont leave my head. My main question is do the sallie mae student/training loans carry the weight of a standard loan? I know it will take umteen years to pay off, which i am willing to do to fly helicopters, but will i be able to finance things i.e. buy a house or a car in the mean time. Do creditors look at student loans horridly if you are making the payments on time and stuff? I dont mind paying the loan, but not if its going to keep me from doing anything for the next 15 years of my life, I would like to move out of this apratment . Can anyone give me some insight?!!? PLEASE Quote Link to comment Share on other sites More sharing options...
Sparker Posted November 9, 2007 Report Share Posted November 9, 2007 (edited) This topic has been discussed exhaustively.Try the search function, and yes, this should be in the training forum.Consider yourself shunned. A.) Pay cash.B.) They are NOT student loans, they are unsecured loans, unless you go to a college and get extra money for flight training from their loans... Try UVSC. If you don't have the drive to save up at least enough for a PPL, there is a good chance you won't have the drive to make in this industry let alone pay off 70K while eating Top Ramen. Can you imagine making 30K/yr while paying off 70k(200K w/ interest) and having a mortgage and a car payment? Sorry, but that won't work, and if you are having problems getting money from banks it is because they don't think you will pay them back. They know from experience, and with all this mortgage BS lately, expect them to be even pickier. Just work hard and save up, it eliminates a ton of risk and stress. Good luck. Edited November 9, 2007 by Sparker Quote Link to comment Share on other sites More sharing options...
Guest rotorflyr84 Posted November 10, 2007 Report Share Posted November 10, 2007 I haven't figured any numbers, but it's simple economics. If you take out one lump sum of 70K, you are going to get charged interest on 70k. However, if you take out x amount of dollars at different intervals, you will only be charged interest on those x amount of dollars. Like I said, I haven't figured any numbers, so I have no numerical data for you, but there's a difference in the long run. My advice, is make sure you have a good back-up other than aviation. It helps in more ways than one. I myself am getting my Associate in Nursing (RN) license, so when needed, I always have a guaranteed job with a decent salary to still provide for my family and keep the bills paid on time. The best way though, is what Sparker said. Pay as you go. If you can't, just be smart and research everything before you make a move. Good luck! Quote Link to comment Share on other sites More sharing options...
fry Posted November 10, 2007 Report Share Posted November 10, 2007 I haven't figured any numbers, but it's simple economics. If you take out one lump sum of 70K, you are going to get charged interest on 70k. However, if you take out x amount of dollars at different intervals, you will only be charged interest on those x amount of dollars. Like I said, I haven't figured any numbers, so I have no numerical data for you, but there's a difference in the long run. Not much. The difference in the loan amount if you borrow $70k on day one of training and defer it for 18 months verses borrowing the money equally over the 18 months is $1,275 (at 11%). The difference in the monthly loan payments (for 20 years) is 13 bucks ($789 vs $802). It's not the 13 bucks that's the killer, it's the eight hundred a month. Quote Link to comment Share on other sites More sharing options...
DragonCooler Posted November 10, 2007 Author Report Share Posted November 10, 2007 Thank you everyone for the responses and sorry for the exhaustion! Every little bit helps and the community thrives on all the help one can get!! But thank you SOOO VERY MUCH!!! I am going to go for the backup plan with a couple more computer CERTS and then move into this. I really want to get started early being young. But a couple years or so wont hurt. It will still give me time to have fun. Quote Link to comment Share on other sites More sharing options...
Guest rotorflyr84 Posted November 10, 2007 Report Share Posted November 10, 2007 Not much. The difference in the loan amount if you borrow $70k on day one of training and defer it for 18 months verses borrowing the money equally over the 18 months is $1,275 (at 11%). The difference in the monthly loan payments (for 20 years) is 13 bucks ($789 vs $802). It's not the 13 bucks that's the killer, it's the eight hundred a month. Hey Fry, thanks for running some figures! I thought the difference would be greater, but I have to agree, the 13 bucks isn't the killer, the 800 dollar monthly payment is. Thanks again! Quote Link to comment Share on other sites More sharing options...
Sparker Posted November 10, 2007 Report Share Posted November 10, 2007 (edited) It's not the 13 bucks that's the killer, it's the eight hundred a month.PSHSSSHHHHH! Eight hundred, shmeight hundred! A single CFI can wing that on top ramen, along with the mortgage and car payments.... that's when those fancy cash advance places come in so handy! :lol: :lol: :lol: Edited November 10, 2007 by Sparker Quote Link to comment Share on other sites More sharing options...
big_z Posted November 12, 2007 Report Share Posted November 12, 2007 PSHSSSHHHHH! Eight hundred, shmeight hundred! A single CFI can wing that on top ramen, along with the mortgage and car payments.... that's when those fancy cash advance places come in so handy! :lol: :lol: :lol: In my experience it's like buying a house. Save up a big fat down payment and then get a loan for the rest. It got me a cheaper monthly payment that I don't have to struggle to make. Quote Link to comment Share on other sites More sharing options...
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