If traditional numbers don’t add up, you might have to use some different methods to get yourself trained. [File photo: Adobe Stock]

Two of the dominant responses to our recent pilot shortage series surrounded the affordability of training and pilot pay entering the workforce. Many experts suggested that the numbers were just off.

For many who decide to go on this worthwhile pursuit of becoming a professional pilot, student loans offer an opportunity to pursue their dreams. Indeed, they seem quite generous. Between private and federal lenders, new students can get almost unfettered access to cash.

But should you fund your training only through student loans? Students attending colleges/universities enjoy the benefit of applying for federal and state financial aid grants (including federally backed student loans) for paying for tuition https://getbadcreditloan.com/payday-loans-oh/, books, and other fees. Elsewhere, pilots have options to complete all their flight training with companies that can take you from zero to hero in less than nine to 12 months that covers costs using a personal loan that starts accruing interest (often at significant rates unless collateralized by a home or other assets) with payment schedules that begin the moment the money is accepted.

The Back-Up Plan

The first came at the very start. In the first semester of my freshman year of college, before I even set foot in an airplane, I tore my ACL trying to earn a soccer scholarship. While inconvenient, my injury wouldn’t have been as disruptive in some other careers, but pilots need their legs to push rudder pedals. So a torn ACL stood in my way-both for soccer and aviation.

While incoming pilots are promised a lucrative career, I wonder if there is another way to unburden students for the future?

I set my soccer pursuits aside and had to rehab for the entire school year, missing a complete academic cycle in flight training. At the very beginning, I realized how tantamount my health would be to my career. Plus, aside from the disruption, the whole thing made me question putting all my eggs in one basket.

When I wrote about whether pilots should go to college, many people emailed me that a pilot degree offered many people something to fall back on if things went wrong. They were onto something, but I wonder what would happen if this could be the way experts advised those going into flight training. In other words, would it be better to counsel student pilots that, in addition to flight training, they should consider the broad trends of where the world is going and select a comparable field of study that they would enjoy equally, expecting that something could go wrong?

For one, it would let them know that other options are on the table-that if you have the mindset to be a pilot, there are equally rewarding fields worth pursuing. It doesn’t have to be something to fall back on.

Save Money. No, Really

The other experience that shaped my career was the matter of paying for training each time I flew. Because I moved to the U.S. for flight training as an international student, I was only able to attend college because my parents could afford to send me there. I wouldn’t be privy to the riches of private and federal student loans some of my classmates benefited from.

In one way, my ACL injury bought us time to figure out consistent cash flow, because as most pilots will explain, the most efficient way through training is to move through it without stopping. If you have to pause, as many do, for financial reasons, later on, it may affect your proficiency. That’ll mean spending more on sessions to get refreshed.

Find out which loans are eligible for consolidation, and get the information you need to decide whether it’s a good idea for you to consolidate your loans.

Which Student Loans Can be Consolidated?

• Direct Loans (Subsidized or Unsubsidized).
• Direct PLUS Loans.
• PLUS loans from the FFEL Program.
• Federal Stafford Loans (Subsidized or Unsubsidized).
• Federal Perkins Loans.
• Loans for Disadvantaged Students.
• Supplemental Loans for Students.
• Health Education Assistance Loans.
• Health Professions Student Loans.

Direct PLUS loans received by a parent to help pay for a student’s education can’t be consolidated with loans received by the student. You may be able to consolidate your FFEL Consolidation Loans and Direct Consolidation Loans with other eligible loans not included in the pre-existing consolidation.

One of the most important things to keep in mind with student loan consolidation is that you can only consolidate federal loans with other federal loans. If you have private student loans, you may be able to consolidate those into a single loan, but that will result in a separate monthly payment from your federal student loan payment. Private student loan consolidation typically takes place through a third-party vendor, such as a bank or a lending institution.

Consolidation Eligibility

There are certain requirements that must be met before a borrower can be considered for federal student loan consolidation, including:

For private loans, consolidation eligibility is often based on credit score, with a higher score allowing you the chance to potentially consolidate your private student loans at a lower interest rate.

Benefits of Student Loans Consolidation

One of the greatest benefits of consolidating your loans is that you receive just one monthly bill to cover all the loans that have been consolidated. This is especially helpful for borrowers who have multiple loan servicers requiring them to make separate payments for each loan.

With a single monthly payment, taking care of loans is easier and more straightforward, and borrowers are less likely to accidentally miss a payment.

Another important benefit of student loan consolidation is lowering your total monthly payment. The new consolidated loan may have a longer repayment period, which means your bill each month will be a little lower than the total of all your individual loan bills before consolidation.

In addition, you may gain access to some income-driven repayment plan options for loans that did not previously qualify. If that’s the case, the monthly payment may be even lower because it will be based on your gross monthly income and family size.

Finally, there’s the interest rate to consider. For many borrowers, consolidating their loans means that one or more loans with a variable interest rate will now have a single fixed interest rate. This allows you to lock in a reasonable interest rate for the entire life of the loan payday loans Ohio.

Drawbacks of Student Loans Consolidation

While there are certainly some significant benefits to student loan consolidation, there are some potential drawbacks that are just as important to consider. First, you’ll want to think about whether you’re interested in extending the repayment period for your loans.

A longer repayment period allows for lower monthly payments, but it also means your debt will be around for many more years. In fact, your repayment period can be set for up to 30 years, so if you’re currently on a standard 10-year repayment plan, that can have a major impact on your long-term financial goals.

Second, student loan consolidation can also affect which borrower benefits you ple, interest rate discounts and principal rebates are generally not available to borrowers who have consolidated. In addition, you may not be able to take advantage of certain loan cancellation options if you’ve consolidated your federal loans.

Finally, there’s the issue of student loan forgiveness. Generally, consolidating your student loans will cause you to lose credit for payments made as part of the Public Service Loan Forgiveness Program or income-driven repayment plan forgiveness program. If you are trying to make qualifying payments toward these programs, you may not want to consolidate.

Alternatives to Loan Consolidation

If you’re looking into federal student loan consolidation due to financial hardship, be sure to investigate all your options before you apply. You might find that one of the following federal programs is a better fit for your needs:

Consolidating your loans actually means the original loans are paid off and the balances are combined into a new single loan. The original loans will no longer exist; essentially, you won’t be able to un-consolidate your loans.