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ATP Can Finance everything

Old 02-19-2020, 02:40 PM
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Default ATP Can Finance everything

Coming from someone who has no chance of finding someone to sponsor my flight training it seems like ATP or some sort of University with loans is the only option for me. ATP will finance the full $105,000 through Sallie Mae with an estimated monthly payment of $1300. Is this something that one could see to be manageable given the current market situation with a pilot career. My only other expenses are a $180 car note and $180 insurance payment. If I were to focus the beginning of my career into fully repaying the loan asap? I would get a 6month grace period after my 9 month training and a guaranteed flight instructor job at ATP and seems like (if there are no issues with my training/health) a guaranteed job at a regional once I reach my 1500 hours. ATP also supposedly offers a $11000 tuition reimbursement as well. Im 20 and get my AA in May as well and would like to start my training in May/June.
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Old 02-20-2020, 01:50 AM
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“No one will sponsor me.”

Tells me all I need to know. Sponsor yourself, get a job, two even.
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Old 02-20-2020, 03:30 AM
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Originally Posted by BigKitten229180 View Post
Coming from someone who has no chance of finding someone to sponsor my flight training it seems like ATP or some sort of University with loans is the only option for me. ATP will finance the full $105,000 through Sallie Mae with an estimated monthly payment of $1300. Is this something that one could see to be manageable given the current market situation with a pilot career. My only other expenses are a $180 car note and $180 insurance payment. If I were to focus the beginning of my career into fully repaying the loan asap? I would get a 6month grace period after my 9 month training and a guaranteed flight instructor job at ATP and seems like (if there are no issues with my training/health) a guaranteed job at a regional once I reach my 1500 hours. ATP also supposedly offers a $11000 tuition reimbursement as well. Im 20 and get my AA in May as well and would like to start my training in May/June.
do not do the Tuition reimbursement you waive the right to the bonus, which is most of the time double that amount
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Old 02-20-2020, 03:44 AM
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IMHO you would be a fool to finance 100K in pilot training. The payment alone will be more than you make a month for the foreseeable future. If you can't find a way to save for it, the military will gladly pay you for your service. Join a flying club and get your ratings for 1/4 of that cost. The guaranteed instructor job cherry they dangle to lure people in is a joke in this market. You will get tons of job offers once you get your CFI and even some like Falcon will pay for your CFI if you will go work for them.
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Old 02-20-2020, 03:47 AM
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Originally Posted by QuestairVenture View Post
IMHO you would be a fool to finance 100K in pilot training. The payment alone will be more than you make a month for the foreseeable future. If you can't find a way to save for it, the military will gladly pay you for your service. Join a flying club and get your ratings for 1/4 of that cost. The guaranteed instructor job cherry they dangle to lure people in is a joke in this market. You will get tons of job offers once you get your CFI and even some like Falcon will pay for your CFI if you will go work for them.
I will also add that while you will get a tax deduction while you are a CFI, once you get a job at a regional you will likely make too much to claim the deduction. Then what happens if you fail a check ride or fall out of a regional training class and can't find another job for 6 months or worse you have a health condition that is a disqualifier and now you have 100+ in pilot training debt you can't do squat with.
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Old 02-20-2020, 05:52 AM
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Originally Posted by usmc-sgt View Post
“No one will sponsor me.”

Tells me all I need to know. Sponsor yourself, get a job, two even.
That’s not the case I have 2 jobs and am a full time student and pay for college myself as well as my car and insurance I don’t have $40k+ lying around to become a pilot at the mere age of 20 on the other hand...
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Old 02-20-2020, 05:53 AM
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Originally Posted by QuestairVenture View Post
IMHO you would be a fool to finance 100K in pilot training. The payment alone will be more than you make a month for the foreseeable future. If you can't find a way to save for it, the military will gladly pay you for your service. Join a flying club and get your ratings for 1/4 of that cost. The guaranteed instructor job cherry they dangle to lure people in is a joke in this market. You will get tons of job offers once you get your CFI and even some like Falcon will pay for your CFI if you will go work for them.
What about going to an aviation college such as Liberty University? They have a good online program from what I’ve heard?

The thing that concerns me is I can go at it at a slow pace and slowly get my certifications paying for it with my job or with military service but isn’t this industry all about seniority so if you can get it all done asap start building seniority to end up making more money faster wouldn’t it be a better trade-off at the end? Yes I will be 100k in debt at the beginning but after about a year of FO at a regional it seems like most are upgrading to captain and being in my 20s with little to no expenses I could potentially pay the off quick.
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Old 02-20-2020, 05:56 AM
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ATP can also get you a couple of failed check rides, maybe more.
Enjoy making those payments with your lifer flight instructor salary
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Old 02-20-2020, 05:57 AM
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No idea about Liberty or the likes. At least you will have a degree for another job should flying not work out. I got my ratings through private instructors and my own planes working full time. It may take me longer but I will be debt free.
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Old 02-20-2020, 07:12 AM
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Do. Not. Do. This.
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