I am really wanting to go through flight school, but the cost is 70k. After interest it will be roughly 150-200K at best. I am getting the doom and gloom from my family about how i wont be able to get a house or a car for another 15 years till i pay it off. But some people here at are going, NOOOO they are looking for responsibility. If you are making payments on time you will be ok. Now Flying helicopters, i wouldnt mind paying a grand a month or so to pay off the loan, but not if its going to keep me from financing anything for the umteen years of my life. PLEASE anyone let me know!!
1. NEVER miss a payment.
2. If you lapse they will find you, its scary how they can track you down.
3. Don't do forbearances, sure it will save you on the monthly payment for a while but it still racks up interest.
4. If you don't have credit it will help get it, or kill it. see above.
5. IF you go to a bank to get the house loan they should look at your credit score and income/debt ratio if they don't like it they won't give you the money. simple as that.
So, with the above in mind. If you can make the payments and not go to the poor house doing it you will be fine. I've been paying 80 a month for about 10 years know for my schooling but there was a forbearance or two in there when my first kid was born.
"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not."
-Thomas Jefferson
If i can at least make a 45k a year job, you think it will be possible to even still live and have some fun. But have you or anyone had that experience? I am just worried about being in an apartment with my same shitty car for the next 15 years of my life. LOL
If you have and maintain good credit, there's no reason why you wouldn't be able to buy a house/car/whatever if you have student loans. The question is how MUCH you will be able to borrow for something like that. IMO, education is EXTREMELY important. It would be best if you broke down how much you'd be making per month. If you're BRINGING HOME 35K/year, then that's less than $3000 a month to play with. Remember, that is assuming you're making more than 35K to cover health/life/retirement benefits and TAXES. I am guessing that a 10 year 70K loan could be $500/month. Now, a $100k mortgage will run you close to $1000 a month. Remember, these are VERY rough estimates, but it might give you an idea... that leaves you with less than $1500 to spend on any car payments, gas, food, utilities, any furniture/appliances you decide to finance, etc. Also, $100k for a mortgage might be high or low, depending on where you live. You may be able to get an inexpensive condo, where even though it's like an apartment, it's an investment -- you aren't throwing your money away. I don't think it's a matter of will anyone finance the home for you, I think it's a matter of, can you afford to live off of what's left over after paying your monthly payments on your home/car/school?
Well helicopter jobs usually START at 45-50k a year. I broke it down and would have a little under 2k a month, after loan and taxes and retirement. But remember that is starting with your first year or 2 as a professional pilot. They pay well for experienced pilots. So would i really need to worry about living in my apt. for the next half of my life because of the debt? LOL
I don't think so...You can often get a mortgage for similar monthly payments to what you're paying for your apartment now. Just don't necessarily expect a big upgrade. There are different types of mortgages, and for first-time homebuyers, there are usually some special deals you can get to help you better afford a home.
