Loan Approved! (now what...)
11-15-2006, 12:24 PM
#1
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Loan Approved! (now what...)
Hello fellow aviators and pseudo-aviators,
Today I found out that I was approved for a $30k loan from Sallie Mae. I am currently half-way thru private, which I am paying for out of my own pocket (first solo is 2 weeks away).
I am completing my training at Wright Flyers in San Antonio, and here are their prices:
PPL: 5700
IR: 6700
CPL: 17,100
CFI: 5400
These prices are for the 172R, and I fly the classic models only which makes it cheaper than the above prices. I plan on acquiring all licenses through Wright Flyers here in my hometown. I am currently a full time high-school math teacher and fly on weekends and once during the week. I plan on continuing this pace until May, and then busting hump through my summer vacation to eat, sleep, and breathe flight training. Is this a good plan? Should I change plans? What would you do in my situation?
Thank you,
MikeinTX
Today I found out that I was approved for a $30k loan from Sallie Mae. I am currently half-way thru private, which I am paying for out of my own pocket (first solo is 2 weeks away).
I am completing my training at Wright Flyers in San Antonio, and here are their prices:
PPL: 5700
IR: 6700
CPL: 17,100
CFI: 5400
These prices are for the 172R, and I fly the classic models only which makes it cheaper than the above prices. I plan on acquiring all licenses through Wright Flyers here in my hometown. I am currently a full time high-school math teacher and fly on weekends and once during the week. I plan on continuing this pace until May, and then busting hump through my summer vacation to eat, sleep, and breathe flight training. Is this a good plan? Should I change plans? What would you do in my situation?
Thank you,
MikeinTX
11-15-2006, 12:34 PM
#2
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Joined APC: Oct 2006
Posts: 367
I have no knowledge of that FBO but yea that sounds good. A lot of self study will help keep the costs down and have you finishing close to minimums. This summer that just passed I started my instrument june 1st. Before I started flying I read the Jepp text(instrument) and went over the Gleim book for the instrument written. I went full time, finished the rating in 10 days and went right into my commercial. Right now I am 4 flights away from my commercial ride. I had to slow down due to the fact that i'm full time in college, but I still got a lot done during the summer. Your plan sounds good to me. Best of luck to you and if u need any help the people on this forum will be glad to help
11-15-2006, 12:38 PM
#3
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Joined APC: Jan 2006
Position: Spartan
Posts: 3,652
Look into Prairie Air Service. You can get your IFR the CFI-I/MEI done over your summer break and get a good amount of multi time to boot. It's cheaper in the long run to do it full-time than a few days here and there.
www.prairieairservice.com
http://www.prairieairservice.com/Com...Commercial.htm
Looking at their website you can get your ratings thru MEI for about $26K, including room, board, written test, and examiner fees. Plus you'll have over 150 multi hours to boot(which is huge when you are low time looking for a non-cfi job). I went this route(about a dozen years ago) and am satisfied with what I learned there even now looking back, fwiw.
www.prairieairservice.com
http://www.prairieairservice.com/Com...Commercial.htm
Looking at their website you can get your ratings thru MEI for about $26K, including room, board, written test, and examiner fees. Plus you'll have over 150 multi hours to boot(which is huge when you are low time looking for a non-cfi job). I went this route(about a dozen years ago) and am satisfied with what I learned there even now looking back, fwiw.
Last edited by Slice; 11-15-2006 at 12:50 PM.
11-15-2006, 01:01 PM
#4
Gets Weekends Off
Joined APC: Jul 2005
Posts: 2,242
Originally Posted by MikeInTx
Hello fellow aviators and pseudo-aviators,
Today I found out that I was approved for a $30k loan from Sallie Mae. I am currently half-way thru private, which I am paying for out of my own pocket (first solo is 2 weeks away).
I am completing my training at Wright Flyers in San Antonio, and here are their prices:
PPL: 5700
IR: 6700
CPL: 17,100
CFI: 5400
These prices are for the 172R, and I fly the classic models only which makes it cheaper than the above prices. I plan on acquiring all licenses through Wright Flyers here in my hometown. I am currently a full time high-school math teacher and fly on weekends and once during the week. I plan on continuing this pace until May, and then busting hump through my summer vacation to eat, sleep, and breathe flight training. Is this a good plan? Should I change plans? What would you do in my situation?
Thank you,
MikeinTX
Today I found out that I was approved for a $30k loan from Sallie Mae. I am currently half-way thru private, which I am paying for out of my own pocket (first solo is 2 weeks away).
I am completing my training at Wright Flyers in San Antonio, and here are their prices:
PPL: 5700
IR: 6700
CPL: 17,100
CFI: 5400
These prices are for the 172R, and I fly the classic models only which makes it cheaper than the above prices. I plan on acquiring all licenses through Wright Flyers here in my hometown. I am currently a full time high-school math teacher and fly on weekends and once during the week. I plan on continuing this pace until May, and then busting hump through my summer vacation to eat, sleep, and breathe flight training. Is this a good plan? Should I change plans? What would you do in my situation?
Thank you,
MikeinTX
Good luck...
-LAFF
11-15-2006, 01:29 PM
#5
Gets Weekends Off
Joined APC: Dec 2005
Position: Left Seat
Posts: 1,105
Stay at the FBO, get your cfi, work your part time job from home and make contacts at the airport. Don't waste you money on puppy mills I mean Pilot mills, unfortunately they will gladly take your 30 K and ask you for the rest because 30 won't do it at those places.
just my $.02
just my $.02
11-15-2006, 03:03 PM
#6
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Joined APC: Jun 2005
Position: Retired
Posts: 2,934
Something else to remember, those prices are likely based on the bare minimum hours required to attain each rating. This is incredibly difficult to attain. It's good that you're paying out of pocket now. Do that for as long as you can because you'll save a ton in intrest.
11-15-2006, 03:07 PM
#7
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Joined APC: Jan 2006
Posts: 408
Originally Posted by LAfrequentflyer
Don't give all your money to the flight school. Pay as you go.
-LAFF
-LAFF
11-18-2006, 05:22 AM
#8
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Joined APC: Sep 2006
Position: earning pro rata soon
Posts: 59
thanks!
I appreciate the great advice and support!
Praire Air Service sounds phenomenal after reading their website. It looks like you could get a whole lot accomplished there in a short period of time, plus I could escape the TX heat this summer. The only problem is that my Sallie Mae loan was approved for Wright Flyers Aviation only - they didn't hand me a check to use how I want to.
The particulars of my loan are $5k disbursments every 2 months to Wright Flyers, so I don't know if that qualifies as "pay as you go."
Basically, here is what I have planned:
*finish PPL by end of Jan
*finish IFR by end of March (flying 3 days/week)
*start CPL immediately
From here, my plan gets a little hazy - I need those of you who know the ropes to fill in the blanks.
As a full time high-school teacher I am confined to flying only 3 days per week until the end of May, but in June, July, and August I plan on flying everyday, all day. How far could I get (lisences) at this rate by the end of August, and are there any flight schools (Sallie Mae-participants) you recommend over the summer instead of my current FBO and the above prices? I am flexible to leave TX if need be. I am after quality, an instructor's lisence, staying within my loan budget, and in getting it done before August 31.
Thank you,
Mike
Praire Air Service sounds phenomenal after reading their website. It looks like you could get a whole lot accomplished there in a short period of time, plus I could escape the TX heat this summer. The only problem is that my Sallie Mae loan was approved for Wright Flyers Aviation only - they didn't hand me a check to use how I want to.
The particulars of my loan are $5k disbursments every 2 months to Wright Flyers, so I don't know if that qualifies as "pay as you go."
Basically, here is what I have planned:
*finish PPL by end of Jan
*finish IFR by end of March (flying 3 days/week)
*start CPL immediately
From here, my plan gets a little hazy - I need those of you who know the ropes to fill in the blanks.
As a full time high-school teacher I am confined to flying only 3 days per week until the end of May, but in June, July, and August I plan on flying everyday, all day. How far could I get (lisences) at this rate by the end of August, and are there any flight schools (Sallie Mae-participants) you recommend over the summer instead of my current FBO and the above prices? I am flexible to leave TX if need be. I am after quality, an instructor's lisence, staying within my loan budget, and in getting it done before August 31.
Thank you,
Mike
11-18-2006, 08:51 AM
#9
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Joined APC: Jul 2005
Posts: 2,242
Honestly. I don't like the terms of your loan. The FBO will know. Don't trust their or anyone else's good will - especially in aviation. You will get burned.
See if you can get a loan that gives you the money. Then you can pay as you go. Paying as you go combined with being proactive / decisive about your training requirements / timeline will ensure you get done within budget. It will also prevent you from being ripped off.
Remember the CFI / FBO folks are not your friends. They are your employees. That goes for all FBOs and flight schools. You are the boss. If you don't like something it's you who has to ensure a change occurs.
If you like prairie air service - visit them and see the place and meet them.
I would hold off on training until you can rework that loan so you get the money and not the school.
Banking is like buying any other consumer product - shop around for the best deal. Don't like the terms - walk...
Good luck.
-LAFF
See if you can get a loan that gives you the money. Then you can pay as you go. Paying as you go combined with being proactive / decisive about your training requirements / timeline will ensure you get done within budget. It will also prevent you from being ripped off.
Remember the CFI / FBO folks are not your friends. They are your employees. That goes for all FBOs and flight schools. You are the boss. If you don't like something it's you who has to ensure a change occurs.
If you like prairie air service - visit them and see the place and meet them.
I would hold off on training until you can rework that loan so you get the money and not the school.
Banking is like buying any other consumer product - shop around for the best deal. Don't like the terms - walk...
Good luck.
-LAFF
11-18-2006, 09:17 AM
#10
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Joined APC: Jan 2006
Position: Spartan
Posts: 3,652
Originally Posted by MikeInTx
I appreciate the great advice and support!
Praire Air Service sounds phenomenal after reading their website. It looks like you could get a whole lot accomplished there in a short period of time, plus I could escape the TX heat this summer. The only problem is that my Sallie Mae loan was approved for Wright Flyers Aviation only - they didn't hand me a check to use how I want to.
The particulars of my loan are $5k disbursments every 2 months to Wright Flyers, so I don't know if that qualifies as "pay as you go."
Basically, here is what I have planned:
*finish PPL by end of Jan
*finish IFR by end of March (flying 3 days/week)
*start CPL immediately
From here, my plan gets a little hazy - I need those of you who know the ropes to fill in the blanks.
As a full time high-school teacher I am confined to flying only 3 days per week until the end of May, but in June, July, and August I plan on flying everyday, all day. How far could I get (lisences) at this rate by the end of August, and are there any flight schools (Sallie Mae-participants) you recommend over the summer instead of my current FBO and the above prices? I am flexible to leave TX if need be. I am after quality, an instructor's lisence, staying within my loan budget, and in getting it done before August 31.
Thank you,
Mike
Praire Air Service sounds phenomenal after reading their website. It looks like you could get a whole lot accomplished there in a short period of time, plus I could escape the TX heat this summer. The only problem is that my Sallie Mae loan was approved for Wright Flyers Aviation only - they didn't hand me a check to use how I want to.
The particulars of my loan are $5k disbursments every 2 months to Wright Flyers, so I don't know if that qualifies as "pay as you go."
Basically, here is what I have planned:
*finish PPL by end of Jan
*finish IFR by end of March (flying 3 days/week)
*start CPL immediately
From here, my plan gets a little hazy - I need those of you who know the ropes to fill in the blanks.
As a full time high-school teacher I am confined to flying only 3 days per week until the end of May, but in June, July, and August I plan on flying everyday, all day. How far could I get (lisences) at this rate by the end of August, and are there any flight schools (Sallie Mae-participants) you recommend over the summer instead of my current FBO and the above prices? I am flexible to leave TX if need be. I am after quality, an instructor's lisence, staying within my loan budget, and in getting it done before August 31.
Thank you,
Mike
I did my IFR thru MEI in 10 weeks when I trained at PAS. Flew just about everyday and did little else but study, fly, eat, and sleep. It can be done if you want to bust your a$$. If you plan doing this training at PAS or anywhere else, you can help yourself by getting the written exams done ahead of time. I think they're still good for 24 months. This way you can concentrate on flying and PTS knowledge instead of the written test stuff...I'd start on that after you finish your PPL.
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