lil8znguy

So how does everybody do it thats not in the military? Are the only people able to complete all ratings minus atp somewhat rich? I have enough money to get me through my ppl, but thats about it. All the flight schools such as atp offer a loan through sallie mae. And it sounds interesting, but im sure that there is something hidden to that as well. I hear prices being thrown around for training, somewhere between 35,000 to 60,000, and cfi's make 8.50 to 30.00/hr. But how do people really pay for it? Do you have to be older with an established career before you can transfer to this pilot industry? Thanks for the help. . .

Flying Ninja

It's pretty simple actually. Flight training takes money. Whether it's a lot or a little depends on who's talking. If you're used to making $30K a year, it's a lot. If you're a trust fund baby and/or have rich parents that can sport you the whole tab, it's not a lot of money at all. Let's forget about the rich because they play in a different ball park. So, realistically, how can one get flight training? Easy. You work and get money, then you use that money to buy your flight training. This can be banking a high paying job for a few years until you can commit to serious flight training or pay as you go over time as part of your monthly budget.

Yes, you can borrow money to go to flight school. I absolutely do not recommend this unless you have an immediate means to pay this money back. For example, I went to CAPT and borrowed almost $100K to do the program. The loan is through CitiAssist and is on a variable rate currently at 8.5%. If this rate holds for the duration of the loan, which is 15 years, I will have paid over $175K back to the lender. Currently, I pay about $1000 per month as minimum payment on my statements.

So the question is, will you be able to make enough money to cover your cost of living and expenses AND pay this monthly debt back to the loan? I caution you to do careful math and even talk to a financial planner or an accountant about your options before you blindly write a check to one of these programs. And I further caution you about the CAPT program. They did me dirty, and in my opinion, they are not to be trusted. ATP and FlightSafety are upstanding flight training programs compared to CAPT. Don't let their fleet of pretty airplanes fool you into thinking they're great. The end result is you getting hired by an airline, and today, they're struggling big time with this issue. You don't want to be a part of that struggle. Especially since you're paying them.

So, what's the alternative? You can certainly work your way toward a CFI certification and work your way into the regionals like all the other pilots have done. Not only will you be building time, but the educational process of being a CFI is invaluable in making you further understand flight theory and improve you as a pilot. Best of all, you'll be able to recover some money as a CFI.

Search this and other forums and do your research as well. I hope this helps.

lzakplt

Flying Ninja has some good advice. You can either borrow a bunch of money and live like a hard working monk to pay it back, or you can live like a hard working monk to save money beforehand. The difference is the second option will be performed on your terms. Once you take option number one, you are locked in.

I paid for my training while in college (1995) by maxing out mine and my wife's federal loans which were only meant to pay for tuition, books and expenses. It has worked for me, but that was back in the days when private through CFI ran about $15,000. I feel for you guys today.

LAfrequentflyer

Pay in cash don't take out a loan. Search for "key loans' on this site - don't go down that path if you can avoid it.

Have you completed a four year degree?

-LAFF

Slice

www.prairieairservice.com

navyman_tx

The fact is that you will spend more money in this profession than any other I know. I say that because you will find yourself dishing out money here and there for supplies and such.

I took out a loan through Sallie Mae, and then went to ATP. Was it worth it, depends on what you think about aviation and what your goals are. Find out first, is this the job you really want to do. If so, go for it full force, and do not look back.

Take a few lessons first, you should be able to get an idea if it is what your were hoping for. It is very important that you plan well. If you do take out the loan, know that you will be shortr alot of cash every month until you pay it off. Make sure that you are the type of person who manages money well enough not to get yourself behind and in trouble.

I recently became lucky on my loan payoff. My wife's mother paid the loan off for me. Now, I pay her a $1000 a month until the bal;ance is paid. This opened up a huge door for me. I do not have to pay her interest.

In short, look at all of your options and make your best judgment based decision. And good luck in whatever you decide!

LeoSV

I took out a Sallie Mae (terrible customer service) loan for ATP aswell, and after signing the contract, had a constant uneasyness about the amount I would have to pay back. It was a $59,990 loan, from private to multi/cfii/blah blah blah.. I stopped the program after finishing my ppl because I didn't want to blindly go into it (plus a few other factors which don't go along with this topic thread). I have a family, the payments were going to be $870/mo, and if I am working as a CFI, I wouldn't be able to pay much more than that. It would of totalled $123k for the loan payback. I'm 29 years old, have my ppl, and am going to try to take out a MUCH smaller loan from the bank or somebody and just get my single engine INST/COMM/CFII at the local flight school. I will take it step by step, if it works out, then it works out, if not, then I know I won't have an enormous loan hanging over my head and conscience for the next 20 years. I still haven't finished my 4 year degree, so I'm being realistic about it. Maybe I can be a part time CFI for the rest of my life while working a day job, or maybe the aviation industry will grow like crazy in the next few years and they will start hiring pilots without 4 year degrees. Who knows? I guess to keep on the topic at hand, I DO NOT recommend taking out a loan that big unless you have the means to pay for it outside of working as a CFI. I suppose if you're 21 years old and don't mind living in a rundown apartment and eating ramen noodles for several years, you can do it. That being said, I wish I was young again.. Flying is a wonderful thing to do as a job, and everybody(most people) must sacrafice. Either you sacrafice a huge amount of money for training, or you sacrafice a huge chunk of time out of your life to go to the military.

lil8znguy

Thanks for the advice, I am 20 now and have hardly any money. Im just looking the options. I hear a lot of what not to do, is there anybody who has gotten through flight training and on to the regionals and were happy about the way they got there?

navyman_tx

Taking out loans are not terrible, just be realistic about it. I am living my dream right now because of a loan, and I love it! It just takes alot of hard work to get through paying it off for so many years. Good luck.

NYCPilot

Inheritance.