Pilots with student loans
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Join Date: Sep 1999
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Pilots with student loans
Sorry this isn't in Wannabe's but from what I have seen (and it's not a criticism) it's not very relevant to Kiwis and Aussies so I posted here.
I'm currently working to finance my flying and I'm fast becoming unsatisfied with the progress being made so I'm considering taking on an NZQA approved course (diploma) and was wondering if those of you who have these massive loans are concerned about paying them back.
Is an instructors job sufficient to, at least cover the interest or is a second job required.
I hope to head overseas so I am also interested to find out how easy it is to leave the country with a loan hanging over my head.
Comments from both sides of the Tassie are welcome.
I'm currently working to finance my flying and I'm fast becoming unsatisfied with the progress being made so I'm considering taking on an NZQA approved course (diploma) and was wondering if those of you who have these massive loans are concerned about paying them back.
Is an instructors job sufficient to, at least cover the interest or is a second job required.
I hope to head overseas so I am also interested to find out how easy it is to leave the country with a loan hanging over my head.
Comments from both sides of the Tassie are welcome.
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Yeah it can be a bit of a concern. I was facing 'heading North and the possibility of being up there for an unknown period of time without a job, and that was very daunting indeed with substatial repayment requirements fortnightly. It also hangs over your head for about half a dozen years which can be very restrictive if you want to go travelling to look for work. I was lucky to score a fantastic first job and didn't have to go anywhere to find work, however I am not sure how great an option it is to solely rely on a casually paid instructors job if you have repayments hanging over your head.
Good Luck. It is worth it in the end-you'll wonder how you would ever do another job!
Good Luck. It is worth it in the end-you'll wonder how you would ever do another job!
Join Date: May 2001
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Duff,
From memory, you aren't required to pay back a NZ student loan until you are earning above a certain threshold, last I heard was about $NZ15K p.a. Unless you are employed on salary as a flight instructor I would be surprised if you breached that threshold as a new C-cat on flying pay. Maybe as a senior B-Cat Multi you would get there!
As for leaving the country, I heard that the Government has started making student loaners declare arrangements for repaying a loan whilst o/seas regardless if you are working or not. I'm not sure but check it out. Those supplying a student loan should have the information.
On the other hand many blokes and gals just get the loan and qualifications and worry about it afterwards. You've got to be in to win and to be in you need that basic quals + experience.
Who are planning to do this diploma through??
S2K
From memory, you aren't required to pay back a NZ student loan until you are earning above a certain threshold, last I heard was about $NZ15K p.a. Unless you are employed on salary as a flight instructor I would be surprised if you breached that threshold as a new C-cat on flying pay. Maybe as a senior B-Cat Multi you would get there!
As for leaving the country, I heard that the Government has started making student loaners declare arrangements for repaying a loan whilst o/seas regardless if you are working or not. I'm not sure but check it out. Those supplying a student loan should have the information.
On the other hand many blokes and gals just get the loan and qualifications and worry about it afterwards. You've got to be in to win and to be in you need that basic quals + experience.
Who are planning to do this diploma through??
S2K
Join Date: Feb 2001
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This is in some ways just a variation of a theme played out by many in different industries.
If ya really, really want to do the aviation sob,sob, whinge, whinge..............yahoo! thing. Grab it by the balls. You'll find a way to make the payments.
I've friends with all sorts of degrees that own "heaps" to the government. There is a minimum wage earnt before the Gov starts slicing into your income. Overseas travel can be done if you go through the right hoops.
In the end taking the loan, doing all the training at one school and trying to get on line there as an Instructor is a good initial plan.
The Gov loan won't go away but they aren't interested in driving you to poverty to get their money back (I think )
They are interested in people being able to get higher education, earn larger paychecks and pay more back in Taxes.
If ya really, really want to do the aviation sob,sob, whinge, whinge..............yahoo! thing. Grab it by the balls. You'll find a way to make the payments.
I've friends with all sorts of degrees that own "heaps" to the government. There is a minimum wage earnt before the Gov starts slicing into your income. Overseas travel can be done if you go through the right hoops.
In the end taking the loan, doing all the training at one school and trying to get on line there as an Instructor is a good initial plan.
The Gov loan won't go away but they aren't interested in driving you to poverty to get their money back (I think
)They are interested in people being able to get higher education, earn larger paychecks and pay more back in Taxes.
