I went through medical school and residency, but with much doubt. After working in medicine for only a couple of months, I realized I truly was miserable. With family support, I decided to pursue becoming a pilot, a field in which I am much more comfortable. I have progressed quickly, thru Private License and Commercial in less than a year. I am not eligible for any income in piloting until I accrue a lot more hours. I am uncertain if my status as “unemployed” is satisfactory to allow me to defer my loan repayments. Does anyone have any similar experiences? TIA for any input.
I Quit Medicine for Pilot Training. Is Loan Deferment Still Possible?
- Thread starter guitar45
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If you have zero income then your expected monthly payment will be $0 on any income based repayment plan.
If you have a lot of debt, it may be worth pursing working for a non-profit/government job so you're eligible for PSLF. I'm not sure what non-profits/government jobs are out there though, aside from government jobs (FAA, military, etc.)
If you have a lot of debt, it may be worth pursing working for a non-profit/government job so you're eligible for PSLF. I'm not sure what non-profits/government jobs are out there though, aside from government jobs (FAA, military, etc.)
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Are you already on an income based repayment plan? If so, as long as your income is $0 then that's going to be your monthly payment. Are you going the CFI/CFII route?
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Uh, not to try to dissuade you from anything, but what was it about medicine that made you decide it wasn't for you? A commercial airline pilot's life is not necessarily as carefree as it was back in the sixties. For starters you will be scraping by as a CFI or otherwise underemployed commercial pilot until you are able to get your ATP. Then it's kind of a tough gig when you are scrabbling for enough time and xp to get out of regionals and up to the majors. Once you make it you gotta slog out your FO time wherever you get based, commuting a day ahead of whatever routes you're able to get. Then you have all of your recertifications every 6 month (IIRC) and staying healthy enough to fly (which, as a doctor, you probably realize isn't easy). On top of that you need to remember that you're always strapped to a 20-150 ton aluminum brick that's full of hundreds of squishy lives (including your own) and supported by nothing but physics, the hope that nobody missed anything in the past inspection cycle and whatever money got shoveled into the engines by the (hopefully, at least) GED certified ground crews. Passengers whining, ATC bitching, the gotdang FAA always trynna get you, ground control always holding you down, and so very many cut rate hotels.
Anyway, on the other hand flight is freedom. If you're in the northwest pm me and we'll go flying.
Anyway, on the other hand flight is freedom. If you're in the northwest pm me and we'll go flying.
spidermitchel
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You can defer payment for as long as you have no income. Interest will continue to accrue though.
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Under the new SAVE plan (set to come out... next year?), any interest not paid by the monthly payment will be discharged. If you are in forbearance, rather than repayment, then the above is true.
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Don't have the answer to that, but just want to say you are awesome! Good for you for following your heart...Best of luck to you
