why did i do this again?

[jellynuts]

I just made my first payment of $1499.79 per month for 15 years to Sallie Mae. It actually made me nauseous when I hit the submit button... I'm going to go drinking now (heavily)!!!

 

[Flyer1015]

$1500 per month, 12 months/year, for 15 years?


Total $270,000 ?!?!?

And these are all flying loans (plus interest)?

 

[capt. megadeth]

Holy $hit! How the he!! did that happen? That's insane!

 

[Long Time Gone]

Did you happen to have a crack habit while in school????

My payments are only $180 a month for a $16,000 loan.

 

[tathepilot]

I never took out a single loan to get my ratings.!!

 

[Boris Badenov]

mhm. Fifteen years of PBR. Hope you got a new liver with that loan.

 

[Stifler's Mom]

$1500/month?

You either have a Sugar Momma or live in your parents basement on your old futon, because that should be about how much you make as a First Year F/O.

 

[CFI2766]

I'm a first year FO, don't even have the company health insurance, and I take home considerably less than $1500 a month. Take home is closer to $1000 per month....sheeeeesh...

 

[Goose Egg]

Ouch, and I thought I had it bad! I'd consider quitting drinking--you'll save lots of $$.

-Goose

 

[RemoveB4Flght]

I looked into those big name pilot factory schools with the fancy campuses and the "no fee is too big" attitudes.... FAST TRACK!! GET THERE NOW! they all screamed...

Then I went to a small part 61 school... got the SAME licenses, paid as i went... got to the airlines just as "fast" as the 141 factory pilots..

I'm sure the people waiting with you in the welfare line will agree that it was money well spent..

Ramen noodles... $.39
Water Fountain... $0.00
Sallie Mae pounding your unlubed poop chute...
... only costs you $1500 a month...

 

[V-1]

This has got to be a complaint about a mortgage payment on a 2500 square foot, 4 br 3 bath, 2 car attached garage, house on a 1/3 acre lot in a nice subdivision somewhere in the midwest.

Or perhaps it's a long term lease payment for a one-bedroom closet in Queens, NY for a Comair new-hire based at JFK.

 

[samballs]

Damn, I hate paying 228.00 a month I couldn't imagine paying 1400.00 a month

 

[flatspin7]

I just bought a house in Jersey.. Im not going to tell you what that costs!

 

[Secret Squirrel]

And the great thing is that he can no longer file bankruptcy to get out from under that load. It will stay with him for life. Maybe a couple of these guys telling it like it is will show more people that it is not worth it to get into aviation anymore. Especially if you are going to go to one of those big pilot factories.

 

[Flying Ninja]

Since we're all sharing, here's my debt picture from flight training:

Started Payback (July 2006) Balance: $101,819.82
Current Balance: $97,065.15
Monthly Payment: $982.69
Current Variable Rate: 8.5%
Years To Go: 14

Not having a airline job because CAPT management screwed you over with lies and broken promises: PRICELESS!

There are d0uches in this world, and then there are CAPT management d0uches. Last I heard (a couple of weeks ago) they got 2 cadets total around the camp fire. Pathetic.

 

[EWRJ0225]

yeah i get pissed when I send in my 84 dollars per month for a couple stafford loans, i couldnt imagine 1500/ month, I would quit, go write a computer program to rip off the company and move to the caymans! But for anyone considering purdue, riddle, or a pilot factory, think long and hard before you put yourself into debt for this job!

 

[Flyin Tony]

I'm a first year FO, don't even have the company health insurance, and I take home considerably less than $1500 a month. Take home is closer to $1000 per month....sheeeeesh...

thats 250 a week I feel for yall

 

[Weasil]

I just made my first payment of $1499.79 per month for 15 years to Sallie Mae. It actually made me nauseous when I hit the submit button... I'm going to go drinking now (heavily)!!!

Where the F$*# did you go to school?

 

[time builder]

My fueler was just asking this morning how much I made, how much it cost me for training, and how long it took. I think my responses floored him, and then I dropped the bomb that it would probably cost him more than twice as much if he tried doing the same thing at today's prices. I don't mean to discourage anyone, heck, I think I even tried to sugar coat it.

On the other hand, I think there's a few too many folks out there with the "if you can do it I can" attitude, but they don't realize how much prices have gone up with no increase of pay on the other end.

 

[ohplease!]

All I have to say about this is: If you're going to be DUMB, you'd better be tough.

I've flown with several of you guy's/gal's and I don't feel a BIT sorry for you. How stupid can you be?

You can get your tickets and work as a CFI until you get enough time to haul checks/freight/whatever (all the while earing money, very little but at least you're not paying) to build time to get your "dream" regional stepping stone job.

Heck! as a side benefit to me and every other capt. out there, not to mention the innocent traveling public, you could even show up at the airlines with some EXPERIENCE! What a novel idea.

Oh, but wait! I forgot your generation can't wait and do things the "right" way. Gotta have it now.....well, enjoy your loan payments.

 

[willNOTfly4free]

How many years did it take you to complete your degree? I have a hard time believing a 4 year aviation degree anywhere costs a quarter-million dollars.

 

[mynameisjim]

How many years did it take you to complete your degree? I have a hard time believing a 4 year aviation degree anywhere costs a quarter-million dollars.

The training didn't cost that much, that's his total loan repayment with interest for 15 years. At most interest rates, after 15 years the loan repayment will be double the initial loan amount.

 

[V-1]

The training didn't cost that much, that's his total loan repayment with interest for 15 years. At most interest rates, after 15 years the loan repayment will be double the initial loan amount.

The "Rule of 72" applies. Take the number 72, divide it by the interest rate paid, the answer will give a very good indicator how long it will take the original amount financed (or saved) to double.

At 5% interest, the total repayment amount will double in approximately 15 years. At 3%, it will take around 18 years.

What interest rates are student loans going for these days?

 

[tathepilot]

A little hard work and dedication will pay off a lot.. My parents didn't have the money to send me to flight school, so I knuckled up and got a job @ age 15, in fact at one point I had 3 jobs.. By the age of 18 I took my checkride..
Not a single loan..

 

[siucavflight]

Riddle is awesome!!!

Went to SIU, 144 a month for 9 years.

 

[JettBoii]

That is insane. I spent 30,000. Go ahead and kill yourself.

 

[samballs]

The worst part is the loan is with Sallie Mae they mess up alot. 2 years ago they messed up the interest rate or something that made alot of people owe more money then they were paying, all they did was send a letter syaing you have 30 days to pay us the money you owe us, it was our screw up, but pay now, that is our money

 

[cwebster2]

There are d0uches in this world, and then there are CAPT management d0uches. Last I heard (a couple of weeks ago) they got 2 cadets total around the camp fire. Pathetic.

your lack of a job might also be due to your flight times or more importantly that bitter attitude you have that shines through in every post you make. I imagine you dont interview too well, esp if you give off even 1/10th of what comes through in your posting history.

 

[Flying Ninja]

your lack of a job might also be due to your flight times or more importantly that bitter attitude you have that shines through in every post you make. I imagine you dont interview too well, esp if you give off even 1/10th of what comes through in your posting history.

I don't know how to interview for an airline job, thanks to CAPT. That was part of the package but they decided to drop that class because the guy who taught it smartened up and left CAPT before my class got to take it and CAPT never filled that position before I left.

I know I don't have the flight time to qualify so there's no point for me to apply, and by logical deduction, I haven't interviewed anywhere. One can't help but feel bitter when you poured all your heart and soul and time and money into aviation and it didn't turn out all peaches and cream because CAPT lied and were dishonorable in their promises. I was too green back then to know any different. I trusted them 100%. I don't have any money to fly the hours needed to get a job. And I know my flying skills have deteriorated to the point of embarrassment so I'm not going to waste airline HR departments' time.

I was here posting to simply state that flight training cost a lot of money and share my financial picture as a result. And that CAPT are a bunch of liars and people would do well to avoid them like the black plague. That's all.

 

[Windsor]

Since we're all sharing, here's my debt picture from flight training:

Started Payback (July 2006) Balance: $101,819.82
Current Balance: $97,065.15
Monthly Payment: $982.69
Current Variable Rate: 8.5%
Years To Go: 14

Thats for Law School right? Cause unless you go right to fed ex or ups right out of training, a regional is a pretty poor return on investment.
Do yourself a favor and declare bankruptcy.