diezelraccoon

I decided that after 9 years in logistics I am not happy. I have always had a passion for flying and decided I am going after it. At this time I work full time and really cannot just quit my job. I had intended to do flight school during the day since I work at nights. The problem I am facing is that the local schools around me do not do anything with financing. I have tried seeking out a personal loan but am not having luck, ATP I know is a popular fast track flight school but it is a full time program and none of their students work and are able to pull out a loan but they pull out more than they need to support their living costs.

Does anyone have any suggestions at all as to where I might be able to get the funding for this or what I need to do?

Yoda2

Don't borrow money for flight training!!! Ask for more hours at work, change jobs, take on side work, save, whatever you need to do besides borrow money! Knock it out a piece at a time. Start with the Private and go from there. Don't sign up for a package deal. Be careful to live within your means; any multi millionaire will tell you how important that last statement is. Good luck!

MartinBishop

Sallie Mae and Wells Fargo are the only two that do it as far as I know. WF won't touch you unless you have a co-signer.

MartinBishop

You do realize for most people that isn't possible, right?

$50k-$75k to get your CFII is very realistic. Most people don't have that laying around, and can't set that much aside in under 5 years.


I am exceptionally debt averse, but flight training is a good investment in today's environment, and for most people taking out a loan is the only way to get in to aviation professionally.

Yoda2

Martin, You do realize becoming a professional aviator is not for most people to begin with. Additionally, if you will, please explain why flight training is such a good investment, especially in today's environment, as you state. If flight training was such a good investment these days, it would seem the bankers would be falling over themselves to loan you money...

Sliceback

Avg pilot salary is about $20,000 more per year vs the avg engineer's salary.

Zero collateral value with the loan so they can lose everything with a possibility of zero recovery.

MartinBishop

Pilot shortage.

It is high risk. But it is a good investment.

Winston

You seem to have unique understanding of what constitutes a "good" investment: generally speaking, high risk investments offer potentially higher returns because their likelihood of success is much lower. High risk/low probability of reward = bad investment (thus the previously mentioned lack of widespread loan support).

Perhaps, following the Martin Bishop investing philosophy we should all cash out our 401ks and invest in Powerball tickets?

3GRNDWN

It is possible to obtain all of your ratings without debt. I did it, but it's not an easy path. Coincidentally, to the original poster's remarks, I started a career in logistics too. I already had my PPL when I realized flying for a living was what I wanted to do. I worked my logistics job during the day, and obtained my ratings during the nights and weekends. Paid for everything in cash, but I don't want to sugar coat it - it was tough. The process took about 2.5 years before I got my first gig in the airlines. It was a great feeling to finally fly for a living after all those years working towards my goal. I flew with guys who had the $100,000 + flying loans and were having to make monthly payments equivalent to a house mortgage. I was so thankful to not have those payments weighing me down every month. Although it takes longer to do it that way, I believe the long-term benefits out weigh the "quick fix" of getting a huge loan for something one may not be cut out to do. There are no guarantees that a prospective pilot will reach their goal. At least if one were to pay for training without acquiring a huge loan, he/she can get a good idea if this career is for them. Plus, the slower process of paying for training as you go allows one to network with pilots across the entire industry. Flying for the airlines is just one option, but usually the only one that most look at when they talk about their return on investment when going through a financed pilot mill. There are so many other great flying options that one may look into. Sometimes these options don't pay as much, but that's less of a stressor when one does not have flight training debts. To the OP, good luck with your decision, and feel free to PM me if you have any questions.

Rama

You want to avoid debt as much as possible. It may seem like a lucrative career, but the starting pay is really low. It remains low for a while and then when you move to another company its really low again. If you end up at a legacy then it becomes a good career, but that may or may not happen.