letsfly2018

Hello Everyone,

I'm new here...I'm about to graduate this May with a BA in something completely unrelated to Aviation, but I decided a while ago that I want to be a pilot. I know that having a degree is necessary to get hired by one of the larger airlines, so I have that out of the way, but will be graduating with a little more than 50k in student debt.

I'm hoping to start my flight training this summer, but the number of flight programs is overwhelming. I know that the cheapest option would be to do it at a local FBO, but I currently don't have the cash to pay for this out of pocket.

Ideally, I'm looking for advice from someone about good places to get all of my ratings completed where financing is available. Or, if there are good financing options to complete these ratings at an FBO. Any personal experience would be awesome.

Additionally, the terms of my student loan are such that ideally, to defer my student loan payments, I should be a "part-time" student. So if anyone has experience with using flight school to defer loan payments, I'd love to hear about it.

*Edit* The plan other than flight school is to go to Grad School or Law school and I have a finacee who is in Med School right now. So while the debt may be large for the time being, we're not worried about getting it all paid off. Also, I'd rather do this (because it is my dream) than spend 200k+ on law school.

Thanks!

Beaverbeliever

The problem you may run into is that flight schools that have financing for career training (Sallie Mae, AOPA, Pilot Finance) look at your current debt, and would probably not be willing to lend even a quarter of the training costs at their partner schools. AOPA and Pilot Finance in particular also require some high income requirements, and even then will not offer even a quarter of the training costs. If you borrow $70,000 from Sallie Mae, their standard interest rate for flight training over the max loan period of 15 years would translate to you paying between $150-175k over the period of the loan.

If I were in your shoes I would probably put your degree to use for a few years, and save as much money as you can, and start by getting your PPL at the local FBO. I don't know about you, but I would be terrified of entering the airline industry with a $1,000 monthly loan payment that will follow you for a decade or more.

rickair7777

Signature loans (without collateral) are not really available for flight training any longer. After the industry tanked last decade, there were a lot of defaults on those.

FBO's won't be in the business of student loans.

Large flight schools probably have lenders on tap, but you'll need collateral or a co-signer.

PRS Guitars

I’m debt averse so take my comments through that filter. I’m with B.B., put your degree to work, live an austere life and save for it.

In three years or so, walk away and pay cash for a wam bam thank you ma’am program, or pay as you go the slower route. Then pay cash. Or join the Air Force. Same thing for med or law school, join the Air Force and let them pay...don’t go $250k in debt. Cool thing about the Air Force is, you can be a pilot and doctor Usually doctor first, then pilot training. Or as a pilot after your commitment is up there is a program (used to be anyway) where they’d send you to law school.

As B.B. said, the debt ought to terrify you, and if your fiancé has it too...well $500k in debt (other than a House) is insane. Read the thread about 5 failed checkrides for why, also read the thinking of leaving the career section to see people strapped with flight school debt who aren’t even using their ratings anymore!

This is a risky career

BryFlys

I agree with putting your degree to use first. I financed my flight training... well the remainder (Instrument-CFII) Ended up borrowing a total of $35,000 to get that done while cash flowing some of it from money made rideshare driving

If I were you, I'd start working and making money... set a portion of each paycheck aside to build up a fund. As soon as you save up $8000-$10000, go and get your private. Continue working while doing that, and keep saving money to supplement the remainder of your ratings. This will allow you to determine if flight training is for you... and allow you to not have finances get in the way of you staying on a regular schedule with your instructor.

Once you get that done, going to an online program like Liberty University will allow you to obtain loans(probably with a cosigner) to attend a 141 program for the remainder of your training. Doing it this way will reduce the TOTAL amount you borrow... however, be careful on the 141 program you go with. Some are more expensive than others, and you want to be mindful of the amount you borrow getting into this unstable career.

Yes, pay seems to be going up for pilots as the "demand" increases... but we have no idea what this industry will look like in 10 years. Don't let your passion turn into something you regret due to financial hardship when the economy takes another turn for the worse.

huseyydemm

So, what will be your choice finally, letsfly2018?

Fenderbean

Letsfly, have you considered military? Even in the Army you can get fixed wing right off the bat.... Plus you can use the military to get rid of that prior student loan issue.

Kawrider

Yeah like others have said here, PAY OFF DEBT! You owe a TON of college tuition, and want to borrow MORE(like 100K or more I'm guessing?) for flight school? Followed by a time building "job", like being a CFI at maybe 10-20K per year for 3-4 years? I am going to be blunt, and not as kind as others (you need to hear the truth). You can NOT afford this plan. Its simple math. If your healthy, maybe try military/pilot. Army is the easiest to get, but for flying, the Air Force would be the best. Either way, you can get paid a reasonable salary to build flight time. Its about a 6 year commitment for flight school, but it seems like you will need at least 6 years to build time and possibly pay off school debt. Honestly you are very foolish regarding money and debt, and you are going to ruin you life if you solution is always to borrow more money. I feel qualified to say this, as Ive made most mistakes you can make with money, and learned the hard way. I course corrected, and now I'm an evil 1%er because of it. Please do yourself a favor and start Dave Ramsey's baby steps. daveramsey.com

Hflyr51

Everything that has been said is great advice. However, I'll stir the pot a little.

I am about a couple of weeks of finishing my Army contract and will be attending ATP flight school in Mesa, AZ to finish up my certificates. I am being financed for the program through Sallie Mae. Being that I already have my PPL, it is saving me some money and 3 months of time. This is an accelerated, pilot factory type of flight school. I completed my PPL in just over 2 months and took my checkride at the FAA minimum 40 hours. This was all self-paced and a very efficient way of learning for me. Also, is one big reason why I'm choosing ATP to finish my Instrument - CFI. Just in anything, there are people who dislike this kind of program, and there are those who dislike the Part 141 College path as well.

I do not have my bachelors yet, however, once I finish flight school I will start using my GI Bill to finish up my associates, which isn't much then on to my bachelors.

If I would have known 6 years ago what I know now. I'd of never joined the Army with a 6-year contract. I'd of went with a 3 year contract that would have minimalized my time enlisted. Once I saw how the life of an Army aviator was, I did a 180 away from that thought process. I went in thinking I was going to be an Army aviator. I then realized that the Army get's in the way of actually flying. Though, C-12s(King Air), or rotary UH-60s would be fun to fly. I'd prefer to get my ratings quickly and build my time. Then get to an airline ASAP to start building seniority.

ATP isn't for everyone, and I'm sure there will be things about it I won't like. However, after talking to many people who have gone there it made my decision that much easier.

If you did consider military for flight training, go for the Air Force. MUCH better way of life, and I think the transition to airlines is much easier for them with the turbine time they get. (Someone with experience can chime in on that)

jarinawoz

This also sounds like a plan. As the army pays not so bad I guess, he can serve some years, get into flying and start everything over without a loan.