Student Loans/What have you done?

[trevtt600]

My student loans are coming due the end of this month. I am wondering, from the guys or gals that have student loans out, what did you do with them on our great first year pay? Did you pay interest only for the first year? Did you defer for the first year? Just trying to get some insight on what the best thing is to do.

Thanks for you input.

 

[BoilerUP]

Student loans are the only debt that I had while on first year pay. My monthly payments were just over $500/mo. While writing those checks sucked I didn't really struggle with it. My wife was making about as much (little) as I was for a while and we were still able to save a fair chunk while living in a nice but modest midwest apartment with total rent/utilities just a bit higher than the student loan payment.

Its not hard if you're single and living in a moderately priced area, especially if you have a significant other with a decent income. If you live in a big city or have other debt (car, credit cars, etc) then it can get hard. If you have a stay at home spouse and/or children...God have mercy on you, get a different career.

Set a hard budget, live well within your means, take food with you on the road, learn how to cook for yourself and you'll be upgrading from PBR to Bud Light before you know it...

 

[Secret Squirrel]

If you are starting to think about this right before your first payment you are probably in trouble. I wish people would worry about this before blindly taking out $100,000 in debt. Oh yea, pilots make GREAT money.

 

[711-24-7]

Become a half time student and they will be in differed status. Pay on it as much as you can with out any pressure, while they are in differment. And than when you make Captain and your pay goes up start paying more on them. Until than, it costs about $2000 a year to be a half time student and keep paying on the loans as much as you can to keep the interest down. Just a thought.

 

[Pilot124]

FIRST refinance to a lower interest rate, defer your loans for the first year as an FO and SECONDLY and most importantly apply for economic hardship. The goverment picks up the tab on your interest for the year. They will not tell you about it enless you ask and apply for it. There you go! Now you can still drink the good beer.....uke:

 

[Prop2Jet]

I told my wife to get a job!

 

[Secret Squirrel]

FIRST refinance to a lower interest rate, defer your loans for the first year as an FO and SECONDLY and most importantly apply for economic hardship. The goverment picks up the tab on your interest for the year. They will not tell you about it enless you ask and apply for it. There you go! Now you can still drink the good beer.....uke:

Yea, so the rest of us hard working americans who planned well and are paying taxes can subsidize your stupid decisions. How about you buck up and take responsibility.

 

[Wantfrys]

tell that to United,Delta, Northwest, UsAir and the rest who got the judge to say sure the public can pay your losses and Pensions.

 

[trevtt600]

Sorry Secret Squirrel. Im not one who has 100000 dollars out. Im doing just fine with a side business. I am just wondering what others have done to try and make it alittle easier. I suppose you are one of them whos mommy and daddy paid for all your schooling.

And to everyone else, thanks for the advise. I should be fine, but my significant other dosen't have a great job yet, and it will just be hard the first year. But, I gotta start somewhere.

 

[Skaff]

Go back to school. I have a wife and kids, so the payments were pretty difficult. www.deltastate.edu. You can get a Masters degree online for about $6000 bucks. By the time your done, you should be able to afford your payments.

 

[trachyte11]

FIRST refinance to a lower interest rate, defer your loans for the first year as an FO and SECONDLY and most importantly apply for economic hardship. The goverment picks up the tab on your interest for the year. They will not tell you about it enless you ask and apply for it. There you go! Now you can still drink the good beer.....uke:

The refi and gov hardship only applies to federal loans, right? I think a lot of us have private loans. Or at least I do.

 

[dueguard1]

I've stepped up my baseball betting strategies (got 150 on tonight's *Detriot vs. Boston game).......and I am considering taking my love of currency trading to a full time affair......Yea Yea I know they both have risk, but hey who said anything is guaranteed, we all should know this fact by now in this profession. But these are my little side hustles so student loans don't screw me out of some sort of social life!!

 

[Stifler's Mom]

I told my wife to get a job!

I told mine to get a second job.

 

[flyslow24]

Also depends on your interest rate. I have a small loan with 2.5% interest because I pay on time, use direct deposit, and a couple other things so the interest is low.

I say pay off the min amount required. 2.5% keeps up with inflation. Use your money and invest in Roth, Mutual, 401K and pay as little as you can on your loan.

Depends on your interest rate and how much you can afford each month. Anything higher than 7-8% should be payed off ASAP within your means (IMHO).

 

[Secret Squirrel]

Sorry Secret Squirrel. Im not one who has 100000 dollars out. Im doing just fine with a side business. I am just wondering what others have done to try and make it alittle easier. I suppose you are one of them whos mommy and daddy paid for all your schooling.

And to everyone else, thanks for the advise. I should be fine, but my significant other dosen't have a great job yet, and it will just be hard the first year. But, I gotta start somewhere.

Well then you need to talk to an accountant. Oh yea, I am an accountant. Most of the idiots on here don't even know what interest rate their loans are at let alone what they are going to do to pay them off. If you have a school loan, a business, and wages you should probably be talking to a professional. You are the exception not the rule if this is the case. Gotta go, have to call mommy and daddy for some money to buy a new flight case.

 

[GINCHBLASTER]

I would NOT recommend enrolling in more school. Not only will your interest still keep building and building, but you will be adding more debt on top of that.

What I did was defer my loans for the first six months. Save as much as you can during the first six months, then you should be able to pay off your normal minimum payment for the second six months. Hopefully you chose a company that the 2nd year pay is good enough where you can live like a normal human being. If you need to you defer the loans for the entire first year you can do that too, just remember that the interest keeps accuring every month, and every month you defer means that it will take you longer to pay them off.

 

[Pilot124]

Squirly man,

He asked for advice dummy. If he can't pay his loans with first year FO pay this is what he should do. Or call squirls daddy and mommy for help. His mom helps out with more than just student loans.

 

[Coloaviator]

Join the Air National Guard. Its the best kept secret out there. Easy duty, easy money. If you sign a 6 year commitment you can choose $15,000 cash bonus and $20,000 student loan repayment program. In addition you can go away for 4-6 months (for training) and get paid better then your first year salary at an airline. Then when you return to flying (year 2) you will have a better income and a bunch of cash on hand if done smartly. I know alot of Air Guard units are looking for crew chiefs, flight engineers, and loadmasters. Notice I said the Air Guard not the Army Guard. Check it out its a good deal. I also recommend living on a strict written budget, that will go along way in a getting financial freedom!!

 

[Amish RakeFight]

Set a hard budget, live well within your means, take food with you on the road, learn how to cook for yourself and you'll be upgrading from PBR to Bud Light before you know it...

Somehow I feel that is more of a downgrade. PBR over ANY watery Budeweiser product.

 

[Salukipilot4590]

I'm still adding to my student debt...only 2 more semesters to go till im outta this place!