Originally Posted by fr8tmastr
Please tell me this is some kind of flame bait?
No, it's not, sorry to offend as that's not my intention. I do wonder what CAPT and other similar programs tell potential buyers about the state of the industry and what kind career earnings they might expect as a graduate of such a program. They finish $75,000 later with a few ratings but no real experience. So how many years at the regionals to get some PIC time while they pay back the student loans and try to eek out any kind of life?
This is not a dig at the buyers, they are big boys and girls and decided that going into debt is right for them. I'm really cynical of profiteers exploiting the dream of flying that some of these guys and gals have.
I have a hard time understanding the thought process when you do the math.
Figure $24 hour at an 85 hour month is about $1850 after federal taxes (11%), don't even mention FICA, Health care, or States taxes.
Also consider about $75,000 to finish the program (I'm told that's low) at 20% down would leave $60,000 to finance. The risk of default is high, so the interest rate is also going to be high. Using $60K at 10 years with 10% interest will cost around $800 per month.
So again, help me understand. Why would someone go through this to live off of maybe $12K per year for several years? Sincerely, I just don't understand. The industry has changed, paying ones dues to get that big job at the majors isn't worth it anymore.