Thread: Getting a loan?
View Single Post
Old 12-18-2010 | 04:21 PM
  #4  
2StgTurbine's Avatar
2StgTurbine
Gets Weekends Off
 
Joined: Feb 2010
Posts: 2,842
Likes: 93
Default
Originally Posted by SoCal Flyer
Well that would pretty much leave me no other option but to diminish all dreams of flying and to stay on Fs2004. OR, I could wait to get a PhD and pursue my second interest of psychology, then start on my ratings. But, I do not want to wait that long.

Both are unacceptable.
Well than go get a loan and have fun trying to pay it off. You could spend as little as $30,000 to get your ratings if you try hard to cut cost, but most people who are willing to get loans to fly end up going to a major training mill and spend up $90,000. Even if you only spend $30,000 you will work for years making less than $20,000. You need 1500 hours to have a chance at getting a job, and it can take a long time to get form 250 hours to 1500 hours. During that time, you will have loan payments to make while you are instructing making $10,000-$20,000 (if you can get a job). Then, you might get lucky enough to go to a regional and make $15,000-$25,000. You might be able to get your 1500 hours quickly and get to a regional in 2 years, but it will likely take you years longer. It is simple math, and there is no way you can realistically pay off a loan on the pay you will receive.

Everyone has dreams and most never reach them.
Reply
0