How much loan is to much loan?

[CUEBOAT]

As little as possible is the only answer! To the pilots that claim it doesn't matter how much it cost and yadayadyayda I do it cause I love it(which i'm sure you do) are being very nieve or just have someone else fitting the bill. You have to ask you self if paying half you salary for 3 years is going to be acceptable. I only borrowed 35k, god do I wish it was less.

 

[cforst513]

How much did you borrow to get to your dream job?

How much debt do you think is too much debt to get into the industry?

Regardless of your age, you made it or you did not, do you regret getting in debt for your dream job? Would you do it again?



I think it would be interesting to get opinions, advices from fellow pilots about those subjects.





PS: “if sugardaddy paid for it, don’t answer" )

$57,839.35 i'm surprised you didn't know that...

 

[Sprint100]

It's not about money with me and shouldn't be for anyone else. It's all about quality of life, a good QOL doesn't include bill collectors calling me either, living in a shack of an apartment, or having to settle.
How much you take out or don't take out depends on you. I was about to do the academy route, but I would have to at least take out 20 grand in loans. That is ridiculous for me when I could pay as I go going the FBO route and won't have to rely on loans/DEBT. Somebody said money is "easy come, easy go" and that statement/action is used literally in a foolish way. That statement is true, but when the money isn't there and you still have bill collectors knocking at your door.......then you can't own anything because judgements are inevitable, already low wages may get garnished, etc.
Do not be in a rush. Pay as much as you can out of pocket and a loan is a final resort. If your so bent on taking out a loan, use it for something that can help you out in case things get rough.
Think about it...you may want to get a house and on average it'll run 150,000. You may want to get a car that'll run about 10 grand. You may want to get married. You may wind up having kids in or out of wedlock. All these expenses you can't take care of because you opted for a loan instead of paying as you go and you're making a small wage. Basically you put your life on hold when you didn't have to.