Good flight school loans???? Anyone???

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11-08-2009 | 05:03 AM

dcaldwe8

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Good flight school loans???? Anyone???

I was originally planning on attending ATP to complete the airline career program and was going to do so with a loan from sallie mae. The loan term was going to be 20 years with a deferment of payments for six months after completing the program. However I have now been informed that they are only offering a 10 year loan with no deferment.

DOES ANYONE KNOW ANY LOCAL BANKS OR CREDIT UNIONS THAT I COULD TRY TO GET A BETTER LOAN FROM? Without this my dream of being a pilot will probably dwindle to nothing. Thanks for any replies!

11-08-2009 | 11:04 AM

ciceroes

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From: 757, in the Sharon Stone seat.

I don't know of any besides pilotfinance.com and that's through fbo's I think.
If you find any others, let me know!!

11-08-2009 | 12:09 PM

rickair7777

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From: Engines Turn or People Swim

A payment deferral of six months is probably not going to be enough...you can't get a job right now with zero experience. It would be hard to get a job right with 30,000 hours and type rating in the space shuttle.

Also be aware that congress is changing the requirements for airline pilots...you will need an ATP (ie 1500 hours) to get an airline job. This will not take effect for at least three years.

Personally I think taking out a loan for an ATP-type program right now would be a catastrophic financial mistake. I would keep your real job and do flight training on the side without going into debt (pay-as-you-go). Once you get your CFI, teach part-time at your local airport to build hours. Monitor the status of the industry, and pick the right time to go full-time

Last edited by rickair7777; 11-08-2009 at 03:58 PM.