Realistically, your son will NEVER pay down that kind of debt, nor
should he. At today's low rates you just make the monthly payments
until you die. It's only then your student loan debt is discharged
anyway.

If you or he is dead set on ERAU, then talk with the Financial Aid
people to see what loan management company they use. Call them and
ask them what the monthly payments would be for subsidized and
unsubsidized loans totaling $120,000 at the current rates. The
combined monthly payment may be about $500/month. That's a real nice
car or personal airplane payment.

If'n it were me, I would tell my son to go to the State University and
pay the cheaper in-state tuition. Find a local FBO and a grey-haired
instructor and get the ratings there. Major in a degree that will
allow him to have a non-avaition related job/business if the air
carriers aren't hiring, he gets laid off, or he tires of crashpads and
long hours away from home.

My flight instructor was an ERAU graduate. He had about $150,000 in
school debt. He got a job out of school with a regional but was
quickly furloughed, hence the reason he was sitting right seat with me.
He got his degree in aviation management (or something like that),
which is not very cross-marketable. He was making $10-12/hr
instructing, with that massive debt and a wife and kid to support. How
he did it, i don't know.