debt load and interview

[Guest]

Hello all:

I have a sizeable student loan debt and I am currently taking advantage of the interest relief program. (I took a bachelors degree, a masters degree and a college course) Will I be deferred because of this during my interview. I have a good credit history and none of my loans have gone to collections.

For the question....Will you be able to pay $5000 for Depot? I am very fortunate to have the support of my parents who would definately help me out with any needed funds.

I just would like to hear some opinions on this.

Another question....as I mentioned earlier...my parents would help me out and then I would pay them back. Would it be prudent to make a lump sum payment on my loan just to demonstrate that I can pay money on it...prior to my interview.

[journey2cps-redux]

Instead of putting a big chunk on your loan, put it a savings acct for depot, they prefer to see savings over debt payoffs (in most cases). I think this would apply to student loans even more, since your student loan payments wiill be suspended while in depot.

As for the $5000 question, (sounds like a game show), I had a very similar answer in my interview, and that was fine with them.

[RyanSales]

I have no idea what the interviewers are looking for when it comes to finances, but I can tell you this. Having debt does not in any way shape or form automatically equate to being a financial risk. It relies more on spending habits, what the debt was generated from, what your cost of living is, etc.

As for the $5000.00 for depot, while that may satisfy the interviewer, don't lock that in as all the money you will have available during your training.

The lowest I ever heard anyone making it through depot on was $2400.00. That cadet didn't buy ANYTHING extra barely, and had no outside expenses (ie car insurance, mortgage, etc).

Highest I've heard for an individual with no outside expenses was $11,000.

Add in mortgage payments, insurance, spouses, etc...some people top $20,000.

So, if you are locked into how much money you have available, PLAN ahead and budget your money, because it's VERY easy to spend money at Depot, and very easy to save money as well.

Cheers,
RY