Financing for a part 61 school
03-23-2019, 08:07 PM
#1
On Reserve
Thread Starter
Joined APC: Dec 2017
Posts: 16
Financing for a part 61 school
Hello Everyone,
I am a wannabee that has always wanted to be a commercial pilot and has just graduated from a 4 year college with an unrelated degree. I have a couple of part 141 options available to me (community college and ATP) but was wondering how to finance a mom and pop flight school. I have a flight school near my house that I could do all of my ratings much cheaper than the part 141 school but I have no real ideas on how to get an unsecured personal loan for that amount.
Thanks for any suggestions
I am a wannabee that has always wanted to be a commercial pilot and has just graduated from a 4 year college with an unrelated degree. I have a couple of part 141 options available to me (community college and ATP) but was wondering how to finance a mom and pop flight school. I have a flight school near my house that I could do all of my ratings much cheaper than the part 141 school but I have no real ideas on how to get an unsecured personal loan for that amount.
Thanks for any suggestions
03-23-2019, 08:18 PM
#2
Line Holder
Joined APC: May 2015
Posts: 49
Check in with your local banks. Personal loans are all that you can get for a local flight school unless it’s tied to a university you can get a student loan with a much lower interest rate.
I’m at my local FBO currently paying out of pocket and scrapping the bottom of the barrel and I’m only flying 3 days a week. I’m also a recent college graduate with $20k student loan debt hanging over my head.
Personal loans are going to have a high interest rate 12-15% roughly. If you can afford working full time and fly at least 3 days a week you can get all of your ratings in about 1-1.5 years.
My instructor got a 60k personal loan and is paying ridiculous amounts of interest 16%! Your banks might offer you a lower rate, shop around you might get lucky.
It really comes down to how fast you want to get all your ratings and the amount of debt your willing to get yourself into.
Sent from my iPhone using Tapatalk
I’m at my local FBO currently paying out of pocket and scrapping the bottom of the barrel and I’m only flying 3 days a week. I’m also a recent college graduate with $20k student loan debt hanging over my head.
Personal loans are going to have a high interest rate 12-15% roughly. If you can afford working full time and fly at least 3 days a week you can get all of your ratings in about 1-1.5 years.
My instructor got a 60k personal loan and is paying ridiculous amounts of interest 16%! Your banks might offer you a lower rate, shop around you might get lucky.
It really comes down to how fast you want to get all your ratings and the amount of debt your willing to get yourself into.
Sent from my iPhone using Tapatalk
03-23-2019, 08:36 PM
#3
On Reserve
Thread Starter
Joined APC: Dec 2017
Posts: 16
Originally Posted by TKOwnedU5
Check in with your local banks. Personal loans are all that you can get for a local flight school unless it’s tied to a university you can get a student loan with a much lower interest rate.
I’m at my local FBO currently paying out of pocket and scrapping the bottom of the barrel and I’m only flying 3 days a week. I’m also a recent college graduate with $20k student loan debt hanging over my head.
Personal loans are going to have a high interest rate 12-15% roughly. If you can afford working full time and fly at least 3 days a week you can get all of your ratings in about 1-1.5 years.
My instructor got a 60k personal loan and is paying ridiculous amounts of interest 16%! Your banks might offer you a lower rate, shop around you might get lucky.
It really comes down to how fast you want to get all your ratings and the amount of debt your willing to get yourself into.
Sent from my iPhone using Tapatalk
I’m at my local FBO currently paying out of pocket and scrapping the bottom of the barrel and I’m only flying 3 days a week. I’m also a recent college graduate with $20k student loan debt hanging over my head.
Personal loans are going to have a high interest rate 12-15% roughly. If you can afford working full time and fly at least 3 days a week you can get all of your ratings in about 1-1.5 years.
My instructor got a 60k personal loan and is paying ridiculous amounts of interest 16%! Your banks might offer you a lower rate, shop around you might get lucky.
It really comes down to how fast you want to get all your ratings and the amount of debt your willing to get yourself into.
Sent from my iPhone using Tapatalk
03-23-2019, 10:00 PM
#5
On Reserve
Thread Starter
Joined APC: Dec 2017
Posts: 16
Originally Posted by kettlechips
Why not get a job with that degree and pay as you go?
03-23-2019, 10:01 PM
#6
On Reserve
Thread Starter
Joined APC: Dec 2017
Posts: 16
Originally Posted by TKOwnedU5
Check in with your local banks. Personal loans are all that you can get for a local flight school unless it’s tied to a university you can get a student loan with a much lower interest rate.
I’m at my local FBO currently paying out of pocket and scrapping the bottom of the barrel and I’m only flying 3 days a week. I’m also a recent college graduate with $20k student loan debt hanging over my head.
Personal loans are going to have a high interest rate 12-15% roughly. If you can afford working full time and fly at least 3 days a week you can get all of your ratings in about 1-1.5 years.
My instructor got a 60k personal loan and is paying ridiculous amounts of interest 16%! Your banks might offer you a lower rate, shop around you might get lucky.
It really comes down to how fast you want to get all your ratings and the amount of debt your willing to get yourself into.
Sent from my iPhone using Tapatalk
I’m at my local FBO currently paying out of pocket and scrapping the bottom of the barrel and I’m only flying 3 days a week. I’m also a recent college graduate with $20k student loan debt hanging over my head.
Personal loans are going to have a high interest rate 12-15% roughly. If you can afford working full time and fly at least 3 days a week you can get all of your ratings in about 1-1.5 years.
My instructor got a 60k personal loan and is paying ridiculous amounts of interest 16%! Your banks might offer you a lower rate, shop around you might get lucky.
It really comes down to how fast you want to get all your ratings and the amount of debt your willing to get yourself into.
Sent from my iPhone using Tapatalk
03-24-2019, 02:48 AM
#7
All is fine at .79
Joined APC: Sep 2016
Position: Paahlot
Posts: 4,082
How about any other job?
Work work work and Uber on the side of your car is not too old, save up about $5-$7k and start flight training.
There’s no easy way to do this.
If I didn’t mention it before, work work work and try to do this debt free.
You already have student loans.
Work work work and Uber on the side of your car is not too old, save up about $5-$7k and start flight training.
There’s no easy way to do this.
If I didn’t mention it before, work work work and try to do this debt free.
You already have student loans.
03-24-2019, 10:43 AM
#8
New Hire
Joined APC: Mar 2019
Posts: 5
Hey. I’m in the same situation as you. I’m currently paying off student loans on my bachelors degree in another field. I’m working full time while working towards my private license on weekends. I’m paying out of pocket for now but once I complete my private I think I’ll need to quit the full time job and attempt flight school at a quicker pace. Besides ATP we have a school on Long Island that offers student loans thru Wells Fargo. I’m also considering looking out of state. It really feels like it takes forever when you can only fly an hour or 2 on weekends.
03-24-2019, 10:52 AM
#9
Gets Weekends Off
Joined APC: Sep 2013
Position: Left
Posts: 636
I suppose the thought of enlisting in the Guard or Reserves isn’t an option? No that wouldn’t help the immediate $$ issues, but it could provide options down the road.
Back in the day I was pretty gund-ho, a parent had to sing the O.K. since I was under 18. Yeah, some of that military stuff isn’t for everybody, think it through.
Back in the day I was pretty gund-ho, a parent had to sing the O.K. since I was under 18. Yeah, some of that military stuff isn’t for everybody, think it through.
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