why did i do this again?

[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.

 

[Flying Ninja]

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.

Bankruptcy won't absolve my debt. It'll go to a trust and they will manage it (translation, paying them instead of paying the lender) and I'll end up with a bad credit rating. I already spoke to two lawyers about this situation and they both advised me to pay it if I am able because filing won't help me escape the debt. My only option at this point is run out of the country and come back in a few years with a good immigration lawyer and get a new social security number. Not something I'm interested in entertaining.

 

[Daytonaflyer]

Damn!
I graduated from Riddle's DAB campus and only spent $60,000 and that includes my flight ratings through CFII. I got a bachelor's degree too.

Thank god for flying off campus and finishing half of my classes at a state university.

 

[PCL_128]

Flying Ninja, there are airlines that will hire you with your time if you're still interested in this business. They certainly aren't the "cream of the crop" regionals, but they'll do for 6-9 months so you can build more time to move on to a better regional like ExpressJet. I wouldn't give up yet if you're still interested in flying for a living.

Sorry you got screwed.

 

[lear24]

Try Piedmont, they need people bad. Go to an FBO and brush up in a frasca with an instructor until you're a handy basic instrument pilot again to prepare for the sim ride. Study the AIM and ATP written book for the written, and I think there's a gouge somewhere of the questions on it. How to interview for an airline: relax and be yourself. You don't need a class for that, just be honest, be calm and relaxed, and if they don't hire you, so what, you're no worse off than you were. Good luck.

 

[Amish RakeFight]

Do a search on this ninja guy. You'll come up with two words.

SOUR GRAPES

Ninja,
We've all given you extensive recommendations on this message board. Your situation appears bleak because that's the paradigm you choose to perceive things through. Granted, perhaps the program you enrolled in wasn't ideal, but others have had success with it I'm sure. In life, things are what you make of it. If you wanted to, you could have been smashing windows, stealing ipods, spiking your hair and wearing a backpack by now.

IMO, I don't think you want a flying job and are just really pissed that you dropped G's up the wazoo and your flying career never materialized so you go around complaining how unfair the industry is.

 

[Amish RakeFight]

Ninja's Sour Grapes (one of many threads)

Dude needs help.http://forums.flightinfo.com/showthread.php?t=88420&highlight=ninja

 

[Flying Ninja]

IMO, I don't think you want a flying job and are just really pissed that you dropped G's up the wazoo and your flying career never materialized so you go around complaining how unfair the industry is.

Welp, you know what they say about opinions. Nice post on the RVR by the way. I wrote it down since it was so eloquently put. More so than what I was able to get out of CAPT's expensive program. I should have asked you to be my CFI. As for complaining about the industry, brother, pay attention. I've only pointed out about how CAPT didn't deliver what they promised me and didn't assist me when they say they would. Hell, while I was in the program they even said to me that I would be an EASY sell for them to the regional airlines. Otherwise, my complaint may involve a few mentions about how ridiculous that first year FO pay is from time to time. But my focus is about how CAPT screwed me.

While all your recommendations are valid, they don't work for my situation. I just barely scraped up enough money over the last year to try to pay for a CFI program and I can't guarantee what I saved will be enough to carry me through to certification. That's just how strapped I am. So please. Don't tell me what I want and what I don't want. I know what I CAN and CAN'T afford to do.

 

[PCL_128]

Amish, the guy got screwed the same way lots of guys get screwed in this business: he was a newbie who didn't know any better and got lured in by some very adept marketing people. Happens all the time. It's not his fault, and there's no reason to trash the guy.

 

[Amish RakeFight]

Ninja, I'm not trying to be harsh on you (call it tough love) but look, I think your sitation is not as bad as you might think it is. You've been given many feasible suggestions to achieve fruition, yet you seem to be adamantly opposed to each one. You don't seem willing to make any attempts to improve this situation.

As I posted months ago, this obsession with CAPT and their unscrupulous practices is not healthy for you to dwell on.

FWIW, if your life situation is becoming financially precarious, just don't pay back that loan and save the money you earn for more important things. It's terrible if you have to fork over most of your pay to some financial institution for something you aren't pursing any longer.

 

[Captain X]

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)!!!

Please tell me you are talking about a 15-year fixed rate home mortgage.