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Old 09-09-2018, 03:29 PM   #1  
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Default Pilot training financing

has anyone here (mainly those who have graduated college with a non-aviation degree) decided to go down the accelerated ďzero to heroĒ Part 141 training route after realizing their career choice wasnít for them? How did you finance the training? Did you use loans? Iím at odds with myself with my situation: just graduated with a masters in Sacred music, job outlook is terrible, youíre making a menial salary at best (lucky to make more than $25k unless you have a DM and teach at the university level, neither of which I will ever look forward to), and no room to grow. Working for churches is the first issue, most of them wonít lift a finger to pay a living wage because youíre viewed as a servant more than a team member, You get a job, then you serve there a little while, then you move elsewhere doing the same thing, same salary, dealing with different people.

/End rant. My apologies.

My point is, Iím looking to go the accelerated training route. Iím 26, and have about 15 hours dual from my Part 61 PPL training so far (which I started in September of 2016Ö). Im tired of it. Not going anywhere, and every time I think Iím about to solo, I lose funding. Republic just opened their LIFT Academy here in Indy where their HQ is, and I am beyond tempted to place all my risks and fears aside and drop down on a $65k loan to cover the necessary training, then pick up the 5-year contract with RPA flying the 170/175. This actually works out awesome because both the fiancťe, myself, and both our families all live in Indy, RPAís main domicile.

My biggest concerns:

CFI and FO position is guaranteed in one year and three years respectively, but will this actually hold out? The job market might change, the whole situation is very volatile.

I get married in March of 2019. Concerned about how training with LIFT will even work with one person, much less two. The whole kids/family thing topic has already been covered. It is definitely in the future, just not this coming year. The training schedule is considered full time, leaving no possibility for work, and we both want to save her money. Would love to save my money, too, lol. I am covering the rest of the bills.

my hope is that once I pick up that FO job, make 40k, and within the three years Iím there, get the CA upgrade they talk about, and pay the huge loan off with my $85k salary they refer to. How much of their statements is actually true? I have zilch to my name, im a paycheck to paycheck guy (because I make next to nothing), and I have a life to pay for. This is additional expense, in addition to $12.5k that I owe for undergrad studies in a degree I wasnít cut out for. Lovely. I am absolutely depending on their claims to get me out of this alive.

My other conceivable option is the USAF reserve. Anyone had experience with this? What can you tell me about it? Salary, training requirements/schedule, flight opportunities, etc?

Anyone out there whoís going to ATP, FlightSafety, or one of the airline cadet programs? How are you doing it? Are these guys holdin true to their word or are they just scheisters taking kidsí money? Please discuss. Thanks!
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Old 09-09-2018, 03:43 PM   #2  
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Your first problem is your Masterís.
Thatís just been a waste of time and funds.
Let me go about this the Dave Ramsey way: get two jobs drive Uber in addition and save save save save.
DO NOT MAKE ANY financial decisions based on a future paycheck
Donít event think about taking one other lesson till you have at least $35-$40k saved. Then you can get a loan for the remainder. Keep working your most flexible job and pick up your flight training. If you get married think a $1900 wedding and not a $19,000 wedding. Your future spouse needs to be 100% behind you in this decision.
And get 3 jobs too.
At one point my wife had 4 part time jobs when I was working as a CFI and those werenít even the bad years.
Donít look at the market right now as well....youíre not eligible for hire right now.
The musical chairs is gonna stop one day and you donít want to be unemployed with a $70k loan making your life miserable.
Work your ass off for the next 18-24 months and see if the market is still good enough to take the plunge.
Good luck to you in any case.
https://www.daveramsey.com/
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Old 09-09-2018, 04:49 PM   #3  
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Sorry obout your current career track, Iíd consider elsewhere too.

No guarantees with anything, you are young enough to change your trajectory. You know you better than we do. I met a lady a year ago, her Son was a recent pre-med graduate. After he graduated he went off to AZ for a Ďzero to heroí pilot program, decided medical wasnít for him.

If youíre so inclined, Iím generally in favor of one entering the Reserves/Guard of some flavor. Of course keep in mind commitment and deployment potentials with signing up. I started myself at 17 in the Guard.

I hate to see someone rack up debt, but Iíd be getting the ball rolling.
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Old 09-18-2018, 08:11 AM   #4  
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Update: I just returned home from my 8 am interview/COMPASS test with Lift. Staff team is super kind and accommodating. The facilities are beautiful. Coffee station at the front desk lounge. Looks like a very nice place to do class at. The test is tough - half is basic hand eye coordination, the other is a written math portion. No calculators are allowed. There was even a bit of electrical physics so I think thereís a fair bit here that everyone will struggle with somewhat here. Overall I think I did alright. Up next is to learn my score and the next steps for enrollment, if I take that path.

My next concern is still the financesÖ Iím considering even going further down the loan path and taking on an additional 30k to the training loan, just to pay off living expenses. Thereís not really another way to do it. I have read over and considered the previous posts. I donít want to do this, but at the same time, I have often asked myself, ďif you continue to go out of pocket, life will happen to you, training will be put on hold, and possibly may never get done. Do you really want to do this? If yes, then you have the right to it, and you should do it. Loans, though not preferable, are available for this reason.Ē I understand the risks involved with loans, and I think that as long as I understand what Iím up against, and I plan carefully, I think I will be fine.

A friend of mine who is flying already, not in RPA but for a Part 135 cargo charter, just mentioned over the phone that Iíll be making 100k within five years. He said, ďyou might regret taking on the loan till youíre thirty, but after that, youíll be happy you did.Ē I have my doubts in his statements. Maybe some current RPA guys might be able to reach out here on the current status/projected financial outlook of things?

Did some more research on Reserves training, which Iím trying to steer clear of. I think that it would be less emotional stress on the relationship if I take on the loan. USAF buddy of mine went over what I would be faced with. He mentioned that I would absolutely be deployed, I would be in the Middle East, I would be in combat zones, and I wouldnít be able to come home if, say, a child was born.

Itís just too much for me, and I think the emotional stress on my wife-to-be would be at much more of a cost than a financial stress alone.


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Old 09-18-2018, 08:49 AM   #5  
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Thatís a $100,000 loan buddy.
Thatís 8 years alone on paying the principle at $1000 month.
I know itís tempting but youíre going down the wrong rabbit hole here.
Join the military, do your 4 years then use the VA bill for your flight training.
Youíll be 32 and debt free when you hit the street.
Or youíll be flying for a Regional with a $80k debt remaining you canít pay off.
Canít buy a decent car or a house either.
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Old 09-18-2018, 09:00 AM   #6  
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Quote:
Originally Posted by TiredSoul View Post
Thatís a $100,000 loan buddy.

Thatís 8 years alone on paying the principle at $1000 month.

I know itís tempting but youíre going down the wrong rabbit hole here.

Join the military, do your 4 years then use the VA bill for your flight training.

Youíll be 32 and debt free when you hit the street.

Or youíll be flying for a Regional with a $80k debt remaining you canít pay off.

Canít buy a decent car or a house either.


My flight instructor did this. Smart decision.


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Old 09-18-2018, 09:31 AM   #7  
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I wonder what the loan terms are for these kinds of programs. A 10 year loan with 8% interest has you paying almost 150k for a 100k loan

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Old 09-18-2018, 09:51 AM   #8  
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Quote:
Originally Posted by misterpretzel View Post
I wonder what the loan terms are for these kinds of programs. A 10 year loan with 8% interest has you paying almost 150k for a 100k loan
Maybe he needs a pictoral



Financial stress is like the #1 cause for divorce buddy.
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Old 09-18-2018, 10:54 AM   #9  
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Originally Posted by misterpretzel View Post
I wonder what the loan terms are for these kinds of programs. A 10 year loan with 8% interest has you paying almost 150k for a 100k loan

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From what I've seen, ATP's loan rates are 9-14%.
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Old 09-18-2018, 10:19 PM   #10  
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Originally Posted by kingsnake2 View Post
From what I've seen, ATP's loan rates are 9-14%.
Ouch....

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