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Paying school loans on O-1 pay?

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Goose

SNA Meridian
I am getting a little worried about being able to pay off my loans on O-1 pay. I have racked up some debt between flying loans and school loans, not to mention the possibility of added school loans from the girlfriend. I would like to know how new Ensigns are dealing with it. Does it seem to be a problem or not?! Thanks in advance.

Drive Fast Take Chances
 
You'll be pulling down about 3k a month. So, you should be ok. If need be, live in the Q and dont be a party animal. Make a budget and stick to it and youll do fine. Just be smart about spending your $$.

Dave
 
Originally posted by Goose
I have racked up some debt between flying loans and school loans, not to mention the possibility of added school loans from the girlfriend.
Click to expand...

I hear ya, I picked up the out-of-state tuition bill that my wife racked up. If it wasn't for the MGIB paying for my college, we'd be in the hole for life!!

"You forgot your fortune cookie"

Dirty Harry
 
Both USAA and NavyFed have huge loans you can get with unbelievable interest, but I doubt you'd be saving much over standard school loan rates these days. They are great for tidying up credit cards and car payments and maybe treating yourself with a crotch-rocket or big-screen with the change though. I just consolidated all my loans (10K) through Salliemae.com. Lower interest and much smaller payments.

As for the MGIB, that's why I have only 10k of school loans and not 30k!!!
 
I refinanced my wifes jeep through Navy Fed and got the rate down to 4% from 7.5% Dont forget the Navy Mutual Aid loan as well. 5K at 1.9%


Dave
 
Dave S, I would kill for only 30k!!! Drop in the bucket. Peanut butter and jelly sandwhiches for about ten years should see me through.
 
Originally posted by Goose
I am getting a little worried about being able to pay off my loans on O-1 pay. I have racked up some debt between flying loans and school loans, not to mention the possibility of added school loans from the girlfriend. I would like to know how new Ensigns are dealing with it. Does it seem to be a problem or not?! Thanks in advance.

Drive Fast Take Chances
Click to expand...

Wait a sec! You are paying off girlfriend's loans? Where can I find a sucker...I mean, a nice guy like you???
 
Aimee you might try www.sugardaddy.com

Eliminate distractions, focus on your goals and visualize what you hope to accomplish.
 
Grouch,

I'm right there with you...I only wish it was 30K...Ack!!

All that $$...for a piece of paper and some fun...hehe.

:)Robin
 
Do not listen to EOD 'Dave' P____r, he is a VERY nasty prior, we all know about m___e night on certain Saturdays when we were not secured.
 
Hang on everyone....that is only a possibility. I am only entertaining the idea! Aimee that sugardaddy.com thing might just work out for you!!
banghead_125.gif

Goose

Drive Fast Take Chances
 
Who can tell me who to call about this Navy mutual aid loan? Their website is nothing but insurance and I'm looking to get around 5k to tidy up some things. I talked to a NMA life insurance guy today, he knew nothing about loans and life insurance would cost me around 190$ a month as a student pilot!
 
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