fbpx

Stratus Financial

90 Discovery Irvine, CA 92618
Untitled design (7)
Union-2.png

Managing Student Loan Debt

Pilot training is critical to kickstart your path to becoming a pilot. This is why people who want to get the best training start borrowing from two options: federal and/or private student loans. Once students no longer have to worry about where to borrow money for school, they are able to focus entirely on choosing their preferred flight school. This is why people who want to become pilots get their Stratus loans funded by private companies or banks. But it’s absolutely crucial to manage your student loan debt, even as you transcend from pilot training.


Pilot salaries vary drastically based on experience, skills, gender, or location. After a pilot achieves his commercial pilot certificate or manages to attain the airline transport pilot certificate which requires 1,500 flight hours, you’ll start getting paid for flying. An average of $128,000 salary for pilots who have 2-5 years of experience.


As you grow older, you will find yourself in other forms of debt. Examples are credit cards, car loans, personal loans, mortgage loans, and home equity loans. But usually, it’s the student loan that you will be first introduced to. Once you’re able to manage one type of loan, it’ll be easier to manage the others. Especially if you have more income. 


What happens if you have more than one debt to pay off?


It can be stressful to have more than one debt to pay off. But this is normal for a regular, young adult in the United States. There are things in life that you need to pay off! This can include your phone bill, yourstudent loans, your house mortgage, etc. So how can you decide which debt to pay off first? And how do you manage to pay off several debts in the long run?


Here are a few tips you want to consider!


Open an emergency fund. An emergency fund is crucial for situations you might not want to happen but you should definitely prepare for. Like an accident or a car repair bill. You should put your savings or emergency fund in a place that you’ll be able to easily access and gain interest at the same time. An example would be a money market account.


Pay off the highest-rated debt. When you have your emergency funds in the right place, you can then pay off other debts that are most urgent, like a monthly credit card bill. 


Remember to enjoy what you’ve earned! You simply can’t expect to be working all the time just to pay off your student loan debt or your credit card bills. Take a few hundred dollars out of your savings and spend it on a weekend getaway. Life is too short to constantly be working! 


How do you efficiently and effectively manage your debt?


This is going to be completely up to you but it always helps to have a bit of help from others to get started on how to manage your debt.Here are the tips that always work best: 


Consider your next goal. Having a goal helps you determine the amount of money you’ll be spending next. If you’re planning on buying a car, then you need to adjust your earnings to accommodate that huge chunk of the bill for next month! 


Maximize your tax benefits.You should do research on mortgages and student loans to get certain discounts or to avoid high interests.


Check out your credit score.The higher your credit score, the more credit you’ll be able to earn!


Use credit cards wisely. Paying on time with regular monthly payments will help build your credit score positively! This will also reduce any chances of being charged late fees. You can use your credit cards to slowly pay off one debt, like your student loans!


What is the best way to organize your debts?

The best wayto pay off your debts efficiently and effectively is to organize everything in a spreadsheet or in any type of budgeting tool. This allows you to view all details in one place, making it easier to streamline the process. You also have a list of your outstanding student loans and other debts, which you’ll be able to check off your list from time to time. It’s important to get all the details right so make sure to input the following information: 


●The name of the debt

●The due date of the debt

●The interestrate and type 

●The account number

●The minimum payment required 

●The balance after making a payment

●The possible tax benefitsHere are more tips you can use to grind down on your student loan:

●Get a budgeting tool or a monthly budget worksheet

●Learn what’s in a credit report 

●Consult a financial professiona


Related Blogs

How much do airline pilots make?

United Airlines Pilots Get Pay Raise as Global Travel Disruption Continues

How is a pilot’s salary calculated?

2.1 million new commercial aviation personnel needed

Pilot pay increased as hiring battle heats up

Pilot Pay Raises at PSA Airlines, Piedmont, and Envoy

American Airlines offers competitive pay raise to pilots

Envoy Air Offers New Bonus for Experienced First Officers

Airline Pilots Demand Higher Wages and Better Treatment

Things I Wish I Knew as a Student Pilot

How airlines around the world are tackling pilot shortages

Airlines Struggle to Keep Up With Pilot Shortage

Air travel is picking up. Now the airlines have to play catch up.

Career Pilot Demand Forecast for 2023

Pilot in demand for the next 20 years

Competitors seek pilots from distressed airlines

The Shortage of Pilots Around the World is a Big Concern

Airlines have Doubled Pay, and There’s No Better Time to Becoming a Pilot

Historic Pilot Shortage Encourages Flight Schools To Fill The Gap

Mother-Daughter Take On The Skies As Part of Southwest Airlines

American Airlines Make Flight School More Affordable and Accessible

Invest On Your Future: How Much Does It Take To Become A Pilot?

Get Started On Your Books: The Top Five Things To Study In Advance

More Pilots Needed: Airlines Turn to Diverse Crew

5 Helpful Techniques To Become A Pilot

Things you should do before signing up for a flight school

Frontier Airlines launching a pilot program for new generation pilots

Be Prepared: The Challenges Of Being A Pilot

Staff Shortage in Airport across the country

5 Safety Spotlight Pilot Tips

Tips to help you fly like a PRO

What do the stripes on a pilot’s uniform mean in the US?

Protecting yourself from online fraud

Benefits Increase as The Demand for Pilots Grow

Thinking of Cosigning A Private Student Loan? Here are five things you should know!

We Need Pilots: Travel Demand Skyrockets From Regional Airlines

5 tips for building your FICO score to apply for Stratus loans!

Managing Student Loan Debt

Understanding Interest and Capitalization

What is a credit report and why is it important when applying for Stratus Loans?

A guide on how to formulate a plan based on borrowing and repaying

Understanding Private Student Loans and How Stratus Can Help You!

Managing Your Student Loan Tax Benefits and Forms To Save You Money

You Just Closed On Your Loan or Thinking About Closing On Your Loan With Stratus: How to Pay it Off FAST

Student Pilot Financial Basics: Start Here to Understand Financing Your Student Pilot Loans

How Stratus Works With Flight Schools to Achieve Their Students’ Aviation Dreams

Six Opportunities Await You If You Become a Pilot in the US

Federal Reserve Rate Increase Explained and How You As A Student Will Be Affected

A Quick Guide on the Types of Pilot Certifications in the US

You need this CREDIT SCORE to get approved for a private student loan

School Partnerships at Stratus

Student Loans – What You Need To Know