A Sea Of Red

for an education, let alone our distinguished alma mater. There are a multitude of ways to obtain a good education for less.

http://www.newsadvance.com/servlet/Sate ... 7602&path=

Payback time: Graduates face the music of student loans

...A college degree, however, isn’t a guaranteed ticket into the workforce.

Matt Barber, a 2007 Liberty University graduate, is struggling to find any kind of job.

“Right now I’m not even picky,” said Barber, who still lives in Lynchburg. “I’ll settle for two part-time jobs right now.”

An aviation major, the Elkhart, Ind., native moved back to Lynchburg for flight training services.

Though he finished his classes, he needs at least 200 flight hours to land his dream job as a commercial pilot.

“What I was planning on doing was just going out to get a job, save up some money and finish my flying,” Barber said.

Meanwhile, Barber has more than $100,000 in student loan debt, due in part to the expense of the aviation major. He was able to defer his loans until January. But then, unless he can defer them again, his payments could surpass $1,000 a month...

Flight time is beastly. There is no getting around that fact.

No doubt, but, $100K in debt is ridiculous. The risk/reward ratio skews very much the wrong way on that choice. One will spend the majority of their lifetime just trying to keep the debt obligation manageable. Starting out, $1000K a month on top of rent, necessities, auto, insurance, et al is a back-braking figure.


I hope LU would strongly advise it's current and future students not to rack up that kind of debt. Liberty can be a special place, but not that special (especially with alternative roads such as the using the community college system to one's advantage and distance education options.)

wow...and i thought i was in debt......

Starting out, $1000K a month on top of rent, necessities, auto, insurance, et al is a back-braking figure. I hope LU would strongly advise it's current and future students not to rack up that kind of debt.

Peter, that's part of my Freshman Seminar lecture, and I may have to include this student's indebtedness in my PowerPoint lecture next August: $100,000 in debt with $1,000 a month loan payments is horrible!

I'm friends with Matt...we've never talked about this and I had no idea....he should work at Falwell Aviation get his hours while working there and then he can move on...

Cider Jim wrote:

Starting out, $1000K a month on top of rent, necessities, auto, insurance, et al is a back-braking figure. I hope LU would strongly advise it's current and future students not to rack up that kind of debt.

Peter, that's part of my Freshman Seminar lecture, and I may have to include this student's indebtedness in my PowerPoint lecture next August: $100,000 in debt with $1,000 a month loan payments is horrible!

That will sure save the students some hurtin' down the road. On a related note, things you can buy for $100K:

Hold My Own wrote:I'm friends with Matt...we've never talked about this and I had no idea....he should work at Falwell Aviation get his hours while working there and then he can move on...

maybe a construction job- if only he knew someone....

Matt's problem is he's looking in Lynchburg. Unless he knows a lot about engineering he needs to move someplace else.

the other problem is that if you don't have money, going into debt to become a commercial pilot is not the smartest of moves....its not like becoming a doctor.....they dont' make lots of money...

did this kid get any sort of scholarship at all? that's a ridiculously high amount of debt...

The worst situation, and I've seen stories of it, are the people who are so far in debt that their student loan payments every month only cover the interest accrued during the month. Seriously, at that point, just declare bankruptcy.

Unless I'm mistaken, even bankruptcy won't take care of student loans. I think they are with you until you die (or pay them off, which ever comes first).

Cider Jim wrote:Unless I'm mistaken, even bankruptcy won't take care of student loans. I think they are with you until you die (or pay them off, which ever comes first).

You are right. Student loans that are federally funded/backed aren't discharged with bankruptcy any more. The only way is to prove undue hardship which is next to impossible. It's really a bad situation for Matt. I don't know him well personally but he's friends with my friends. This type of thing is far too common.

RubberMallet wrote:the other problem is that if you don't have money, going into debt to become a commercial pilot is not the smartest of moves....its not like becoming a doctor.....they dont' make lots of money...

I thought commercial pilots make at least $100K? That's not as much as most doctors, but probably good enough to pay off a student loan I would think. I am wrong?

I wonder if joining the military would be his best option. If he could become a military pilot (Navy or Air Force) they would probably pay a big chunk of his student loan debt.

I'm pretty sure he actually thought about being a Navy SEAL.

I feel for the young man or any young person going to college today. In my days, I was so dumb,I guess I can call that a blessing back then that I didn't know anything about loans or grants so I thought I would have to work to pay my tuition at the time I was in college. I can say I graduated owning no money. If I was Matt, I would be so stressed out.

4everfsu wrote:I feel for the young man or any young person going to college today. In my days, I was so dumb,I guess I can call that a blessing back then that I didn't know anything about loans or grants so I thought I would have to work to pay my tuition at the time I was in college. I can say I graduated owning no money. If I was Matt, I would be so stressed out.

You're fortunate. I had to work and take out the maximum Federal Stafford loan each semester.

Realist wrote:

RubberMallet wrote:the other problem is that if you don't have money, going into debt to become a commercial pilot is not the smartest of moves....its not like becoming a doctor.....they dont' make lots of money...

I thought commercial pilots make at least $100K? That's not as much as most doctors, but probably good enough to pay off a student loan I would think. I am wrong?

starting out pilots job's SUCK...you have the worst routes and you don't make much....many of the airlines have also lowered their salaries for starting out pilots....alot of tenured pilots still on older pay scales make more but many that have been premoted to captain recently don't make as much as they used too....

most starting out pilots make 20-30k a year....they get horrible schedules....the job you want is a private pilot....those guys make bucks...

you've got to be in for a long time to make alot of money as a commercial pilot....captains basically do really well, while those who sit right seat usually don't...

4everfsu wrote:...I can say I graduated owning no money...

That sounds about right. My money ownership rate was pretty marginal at graduation, too.