Loans or No Loans?
03-24-2013, 12:54 PM
#21
Layover Master
Joined APC: Jan 2013
Position: Seated
Posts: 4,310
Loans are absolutely not worth the return on investment (ROI) for an airline career. This has almost become an empirical truth.
I agree with other posters that if you do take a loan out, do it so you can buy an aircraft. If I started over, I would spend a lot of time researching, formulating a plan, then buying a single-engine IFR bird. If you do it right, you can sell for roughly what you bought it for and are really only out the cost of interest.
The loans you take out for a "flight school" will be attached to disgusting interest rates. You are better off finding a flight instructor who can provide instruction in your aircraft, on your time.
And again, run from this career.
I agree with other posters that if you do take a loan out, do it so you can buy an aircraft. If I started over, I would spend a lot of time researching, formulating a plan, then buying a single-engine IFR bird. If you do it right, you can sell for roughly what you bought it for and are really only out the cost of interest.
The loans you take out for a "flight school" will be attached to disgusting interest rates. You are better off finding a flight instructor who can provide instruction in your aircraft, on your time.
And again, run from this career.
03-24-2013, 12:57 PM
#22
Gets Weekends Off
Joined APC: Nov 2008
Posts: 162
gdpballin has the right idea. I went to a mom and pop FBO and learned to fly in a Cessna 152. I would save up about half the money needed for the private then start training and saved ip for the rest as I went along. I did the same for the INS/COMM/CFI
It took me longer than all the guys who went the accelerated route but I ended up with the same ratings as they did but totally debt free. Total cost was less than $30k.
Now I fly part 135, get paid reasonably well to fly a King Air and I'm home every night.
There are ways to do this. Part 121 isn't the only option.
Go for it and good luck, don't forget to have fun along the way.
It took me longer than all the guys who went the accelerated route but I ended up with the same ratings as they did but totally debt free. Total cost was less than $30k.
Now I fly part 135, get paid reasonably well to fly a King Air and I'm home every night.
There are ways to do this. Part 121 isn't the only option.
Go for it and good luck, don't forget to have fun along the way.
03-24-2013, 01:06 PM
#23
Moderator
Joined APC: May 2006
Position: ATP, CFI etc.
Posts: 6,056
Yes, the loan. Take out a $175k loan for the works, and get all your certs in a pro pilot program in about 6 months. Really enjoy the flying, all new G1000 Seminoles, Barons, and aerobats. Try and find a girlfriend during this time and take lots of pictures whatever you do. When all that cash is tapped out, try and get all your certs beforehand, at least a wet commercial, and get a pro flying job that pays about $13.5k per year. Then hire a lawyer to declare bankruptcy for you (save a few grand for that). Then start over in some field like accounting or physician's assistant. You'll have had the best of everything, and a great story to tell.
Seriously though, flight training loans are almost never an advisable option.
Seriously though, flight training loans are almost never an advisable option.
03-24-2013, 06:54 PM
#24
Gets Weekends Off
Joined APC: Aug 2008
Position: C-172
Posts: 111
Originally Posted by Cubdriver
Yes, the loan. Take out a $175k loan for the works, and get all your certs in a pro pilot program in about 6 months. Really enjoy the flying, all new G1000 Seminoles, Barons, and aerobats. Try and find a girlfriend during this time and take lots of pictures whatever you do. When all that cash is tapped out, try and get all your certs beforehand, at least a wet commercial, and get a pro flying job that pays about $13.5k per year. Then hire a lawyer to declare bankruptcy for you (save a few grand for that). Then start over in some field like accounting or physician's assistant. You'll have had the best of everything, and a great story to tell.
Seriously though, flight training loans are almost never an advisable option.
Seriously though, flight training loans are almost never an advisable option.
This made me lol.
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