Good afternoon, I have simple question, can anyone give me an estimate how long an an average student loan is. I apologize in advance for reposting this thread and saw that there was one from a year ago. If it’s not to much of a personal question I am just curioous on basically the duration of ones loan, I do understand everyone’s finicial situation is different but an average would give me a better understanding. I have calculated various percentages through Sallie Mae’s loan calculator and Wells Fargo and for obvious reasons can’t do mine. I will call Monday up to the school but wanted to get a jump by hearing from actual alums and their experiences, thanks guys and have a wonderful weekend.
My loan is for $65,725, 15 year term, and a monthly payment of $736.
Thanks Tucker, question, is that monthly payment with or without your tuition reimbursement?
That is without! That is just how much sallie Mae wants each month
Ok, so help me understand. When does your tuition reimbursement start playing a part in reducing your loan payment, that up to 11k?
Tuition Assistance kicks in when, as an ATP instructor, you reach 500 hours of total flight time. At that time you will interview with various airlines and select your target airline from the offers you receive. Assuming an airline does in fact hire you, you will then start receiving the extra $5 per hour of flight time, applied directly to your loan.
Basically, a few months after you begin instructing you will go through this process and assuming you are hired and chose a target airline, you will begin receiving the tuition assistance.
To add to that, when you get your loan you have the choice to wait a year until full repayments start. So I start ATP this July but only have to pay $25 a month until next July. I plan on paying more than that, but I won’t be liable for the full 736 until next July, well after I hopefully have the reimbursement.
Tucker,Chris thanks for answering that question for me. I know that some of that was on ATP’s website but you took the time to answer anyway. You both have cleared up a part of what I’ve been wondering but just couldn’t wait till Monday to ask. I am close to applying and getting a start date and am just tieing my loose ends up with family and finances so that this journey can begin.
Tucker,good luck buddy with your new career and maybe one day we’ll shake hands in passing in the airport.
Anytime, that is what we are here for.
Is that the term they chose for you or do they offer long term loans to lower the monthly payment?
The banks will ALWAYS let you take a longer term, make interest only payments or even defer your payments. The longer you take the more interest they make. While not the best decision fiscally, if you need a low payment for a while you just need ask.