Hello! As the title reads I’m 22 and roughly 120k in debt. I’m very happy everywhere in my life except financially and I just want financial security. Ive been extremely stressed because of this and feel the weight on my shoulders. I’m so deeply in debt because I went to flight school to become a commercial pilot/flight instructor(CFI).
I currently just started a job as a flight I making a whopping 19/hr. Flight Instructor/pilots aren’t paid per 40/hr work week, we are paid by flight hour worked or in my sense ground hour taught/flight hour worked. I won’t start to make money as a CFI until I pick up a few students so my income will be rescued till around January.
My current monthly expenses are:
690/month student loans (99k 5.5% 20 year flight school loan)
125-150 month (4500 20% credit card debt)
I had impeccable credit )never missed a payment) until recently when a mark appeared for money I didn’t know I owed on an old college apartment. 750 left owed I need to pay in December and they said they will remove it from my credit after.
The rest of my debts are college student subsidized loans. (Roughly 15k 10 years 1.5-4%)
I am a full time online college student and have about 1 1/2 years of college left. My grants pay for my college now that I’m online. the debt is from my first 2 years when I lived on campus.
In the next 1-2 years I can move on to a regional airline where I’ll be making 50k as a co pilot once captain (roughly another year) 80-100k. After that add an extra 2-3 years I’ll be at a major airline with a 100k starting going up to 300k+ as the years go on.
I rent a room from a guy for 300/month and own a 15 year old Jeep that I’m afraid will give out any moment. I have about $1k in the bank. Once I start working as a cfi I can expect to make about 35k a year and part time(non Uber) jobs are difficult because of the way pilot schedules are. And my current car is horrible for Uber.
I’m thinking of trading in my car for something cheap like a new Elantra but then that would mean more debt. But I need reliable transportation for work and could use it for Uber on off days.
I’m really just trying to survive right now and don’t know where to start. I want to start paying off debt asap.
Submitted December 01, 2021 at 12:18AM by issa_knife23 https://ift.tt/3EaPNZn
