Flight School Financing
02-10-2011, 10:35 AM
#1
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Joined APC: Jan 2011
Position: Left seat BE76
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Flight School Financing
Does anyone know of any flight schools that are offering financing for an airline career pilot program? I've been trying to contact as many as I can, but I still have not had any luck yet. I work six days a week and do my flying lessons on my day off, but I would rather try to get the financing right now so I may go ahead and start the career pilot program. I called Atp, they were not to friendly or pleasant to talk with and they ruled out financing to me.
02-10-2011, 10:43 AM
#2
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Joined APC: Nov 2010
Posts: 1,170
Also, all major institutions that used to offer loans have pulled out of the business. Key Bank, Sallie Mae, etc have all ceased lending to flight school students.
You will get many answers here, but the short is: don't do it. This career doesn't pay well enough to go deep into debt. Simple as that. Take your time and work your way through your ratings by paying as you go. You'll be a lot better off for it.
You will get many answers here, but the short is: don't do it. This career doesn't pay well enough to go deep into debt. Simple as that. Take your time and work your way through your ratings by paying as you go. You'll be a lot better off for it.
02-10-2011, 10:44 AM
#3
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Joined APC: Mar 2009
Posts: 124
.
I don't know of any schools that actually offer financing. You may have to get in touch with financial institutions yourself. You could start with Pilot Finance, Key Bank, and Sallie Mae. I highly discourage obtaining loans for a pilot program, and recommend you save up the cash for each rating, and go to a smaller school to get your ratings.
Not having debt = The freedom to actually obtain a starter flying job and afford to not get paid well your first few years.
Not having debt = The freedom to actually obtain a starter flying job and afford to not get paid well your first few years.
02-10-2011, 10:47 AM
#4
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Joined APC: Nov 2009
Posts: 5,193
Worst. Idea. Ever.
Finance $100K, to spend the next 10 years of your life making minmum wage, and scrounging for work. Don't believe ANYTHING a flight school tells you.
Pay by the hour, and get your ratings. Beyond that they'll try and sell you the moon if you believe them.
Finance $100K, to spend the next 10 years of your life making minmum wage, and scrounging for work. Don't believe ANYTHING a flight school tells you.
Pay by the hour, and get your ratings. Beyond that they'll try and sell you the moon if you believe them.
02-10-2011, 11:00 AM
#5
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Joined APC: May 2006
Position: ATP, CFI etc.
Posts: 6,056
As all the above said, it cannot be emphasized how bad a decision it would be to obtain ANY type of pilot financing in the present market even if you can get approved for it. We are on your side. It's just a bad idea.
02-10-2011, 11:36 AM
#6
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Joined APC: Jan 2006
Position: Engines Turn Or People Swim
Posts: 39,293
Don't finance. Keep your job, benefits, and home and train part time. It will take longer but it will probably be a much better call as far as stress and short/medium term finances are concerned.
It's theoretically possible that it will cost you a couple of years as a highly paid wide-body captain at the end of your career decades from now. But the odds are stacked so high against you ever getting there (and it still being there) that no rational person can use that argument to justify debt for accelerated flight training.
It's theoretically possible that it will cost you a couple of years as a highly paid wide-body captain at the end of your career decades from now. But the odds are stacked so high against you ever getting there (and it still being there) that no rational person can use that argument to justify debt for accelerated flight training.
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