paying back school loans

[highflying]

I have just recently taken out a big school loan to start my training to become a pilot. I am just wondering if any of you have and if so how in the world will I ever pay this back? Are there any other people going through the same thing? Has anyone actually paid one of these things off. Any info would be great!

 

[popilot78]

most of us probably have and it is going to take years and years and years since we get paid the big bucks starting out in this career. but i would not change it for any other job out there.

 

[rightrudder]

Look at your loan documents and/or talk to someone at the company that gave you the loan. That should tell you how long it will take to pay back. I'm sure they have some expectation of how much and how long.

RR

 

[Twotter76]

Most private loans that you can get for flight training usually have a term of less than ten years. When you first get the loan try to make the term as short as possible, that way you pay less interest over the life of the loan. I am way in debt from changing careers but it was worth it and I will be (mostly) out of debt within another 5-7 years. Do not consider bankruptcy to get rid of loans unless you absolutely have no choice. It has many negative aspects and is looked poorly upon by most airlines. It will get paid off in time.