Student loses $110,000 in student loans to TabExpress

Browntothebone

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Then spends and additional $30,000 at Gulfstream to PFT!!!


SOME students involved in the lawsuit completed training elsewhere and found jobs. Mr. Palin said he now makes about $18,000 a year as a pilot for Gulfstream International Airlines, which flies primarily within Florida and the Bahamas.

Mr. Palin hopes to rise in the ranks and eventually land a job with a larger airline. “Tab Express is not going to take away a dream,” he said.


http://www.nytimes.com/2009/07/05/business/05loan.html?_r=1&scp=1&sq=tab&st=cse
 

TheInsider

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Then spends and additional $30,000 at Gulfstream to PFT!!!


SOME students involved in the lawsuit completed training elsewhere and found jobs. Mr. Palin said he now makes about $18,000 a year as a pilot for Gulfstream International Airlines, which flies primarily within Florida and the Bahamas.

Mr. Palin hopes to rise in the ranks and eventually land a job with a larger airline. “Tab Express is not going to take away a dream,” he said.


http://www.nytimes.com/2009/07/05/business/05loan.html?_r=1&scp=1&sq=tab&st=cse

How are you affected by this?
 

RJLoser

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Browntothebone is an interesting dude. For a guy that claims to be a 10 yr UPS guy I would hope I would have things like family to occupy my time. Not endlessly searching the internet (on holidays as well) to post things on a regional form so people will pay attention to me.
 

Kalifornia

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Note to self: do not shell out a hundred grand to a flight school named after a diet soda

Here's some other free advice to the aspiring airline pilots on here:

5 grand let alone 25 grand here or there let alone 50 grand here or there is a lot of money! So please do not shell out say 150 grand at Embry Riddle for a private college education with expensive flight time.

But at least you get a 4 year degree out of the deal versus a high end flight cost school school such as TabExpress or many others.

Beware: Pilotyip is likely to respond with his dementia posts about how the young'ens shouldn't complain and fly for the happiness of it all. It isn't fun to pay back loans even 50 grand, let alone 150 grand when making cheesy regional FO wages.

A starting FO wage is currently at a mind boggling $1500 a month take home pay. Doing the math, a $125,000 loan say equates out to about a $700 a month loan payment leaving $800 for rent, utilities, crashpad?, car, insurance, food, entertainment, etc.

Credit card debt sucks even more
 

ex j-41

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I remember seeing these guys out at Deland with their snazzy uniforms and hats. They had the money to buy experience. Where as most people had to do it the hard way and instruct. They risked the money, we risked the time. They lost. It's a lesson that i hope will reach deep. I can't tell you how many people i spoke to who had no interest in Flight Instructing at all. Just wanted to buy a job rather than work at it.
I am sorry that people got burnt but PFT does nothing but devalue the industry.
 

SEVEN

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If they are stupid enough to pay 100 grand for something that only costs 25 grand, too bad. Time to own up for your stupidity. Let this be a lesson learned. We all have to take responsibility for our actions. No own should feel bad for these clowns. Maybe they should do a little research before taking out a stupid loan for $100,000. Gimme a break!!!
 

cjdriver

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This is a victimless crime, much like, no, exactly like prostitution.
 

Minimaniac

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at FO wages, one can claim economic hardship, and either defer loan payment or go into forbearance on student loans. I did this, and was able to hold off on my loan payments until I was making an appropriate wage.

And seriously, are we so backwards as a society that we look down upon people who graduate college? So what if someone goes to Embry-Riddle, or UND, or Perdue, or Daniel Webster. These people chose to better themselves and succeeded. I don't look down on someone who went to state school, or graduated with a 2 year degree, because I still see college education as an acheivement to be proud of. It doesn't matter where you go, it matters that you took an opportunity and capitalized upon it.
 
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Kalifornia

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at FO wages, one can claim economic hardship, and either defer loan payment or go into forbearance on student loans. I did this, and was able to hold off on my loan payments until I was making an appropriate wage.

And seriously, are we so backwards as a society that we look down upon people who graduate college? So what if someone goes to Embry-Riddle, or UND, or Perdue, or Daniel Webster. These people chose to better themselves and succeeded. I don't look down on someone who went to state school, or graduated with a 2 year degree, because I still see college education as an acheivement to be proud of. It doesn't matter where you go, it matters that you took an opportunity and capitalized upon it.
I'm not looking down on a those that get a college degree. I think it's a great accomplishment and excellent that some airlines still look for a four year degree.

What I question is that almost all university flight programs these days have gone to newer age airplanes that cost bundles to fly on top of some schools charging private tuition for a job still paying very, very crap wages in comparison. I think many pilots tend to disregard the real dollar difference between 75 grand, 100 grand, or 150 grand or dare I ask what the max is up to now.

If we consider the supply/demand number of professional pilots as it's effect on current work conditions, it would be the advantage to the profession to see have a revelation that the current model of piss poor wages does not coincide with the realities of the real costs of obtaining a professional education.
 

PBRstreetgang

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I think Mr Palin needed a jimmy hat for his checkbook, just like his sister didn't use. I guess when you "grow up" in dog poo AK, common sense isn't that common.
PBR
 

ultrarunner

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Let me get this straight....this guy took out a loan of 120k and let the bank GIVE it to the school?




Whoever posted it was right...."you can't fix stupid"!

WOW!
 
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