Pilot Financing
10-06-2014 | 12:30 PM
#21
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You sound like your in pretty much as good of a position as one could hope for IF getting loans is the plan and going forward without too much difficulty. I am debt free like you and was set for a loan of $28,000 until I found money elsewhere without interest and no timeline (AKA Family).. I wasn't worried about the loan though at 3.8% with no early repayment penalties.
I will guarantee this. If you take the loan you will be living in your parents basement for a long, long time. So I would talk to your parents first and let them know you'll be sharing the sofa in the basement with Rover for a couple years...
10-06-2014 | 12:57 PM
#22
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From: Captain CL-65
Pilot Financing
Hey RNav.. I was gonna get my $25,000 loan and have to only pay $272 a month for it with no penalties for early repayment. I never said getting a loan was THE WAY TO GO, but you putting the damnation to it is uncalled for. You ultimately said anyone making $25,000 can't afford $3600 a YEAR and going down from there for there loans???? That leaves over $21,000 to live on for the year and that's completely within reason to do under this guys circumstances. I'm saying I'm an advocate for the people who make this work for them because I'm completely confident I could in this situation.
10-06-2014 | 12:59 PM
#23
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From: Captain CL-65
Quote:
Originally Posted by Flyboyxc91
You sound like your in pretty much as good of a position as one could hope for IF getting loans is the plan and going forward without too much difficulty. I am debt free like you and was set for a loan of $28,000 until I found money elsewhere without interest and no timeline (AKA Family).. I wasn't worried about the loan though at 3.8% with no early repayment penalties.
The only good position in regards to getting a pilot loan is before you get one. But feel free Op to get a loan. There are plenty of threads on the topic and even some post on here from professional pilots telling you not to do it. Unless you got money in the bank from family, a loan is a stupid way to go if you don't have any real means of paying it off... and that includes working as a CFI for $25K a year.
I will guarantee this. If you take the loan you will be living in your parents basement for a long, long time. So I would talk to your parents first and let them know you'll be sharing the sofa in the basement with Rover for a couple years...
Originally Posted by Flyboyxc91
You sound like your in pretty much as good of a position as one could hope for IF getting loans is the plan and going forward without too much difficulty. I am debt free like you and was set for a loan of $28,000 until I found money elsewhere without interest and no timeline (AKA Family).. I wasn't worried about the loan though at 3.8% with no early repayment penalties.
The only good position in regards to getting a pilot loan is before you get one. But feel free Op to get a loan. There are plenty of threads on the topic and even some post on here from professional pilots telling you not to do it. Unless you got money in the bank from family, a loan is a stupid way to go if you don't have any real means of paying it off... and that includes working as a CFI for $25K a year.
I will guarantee this. If you take the loan you will be living in your parents basement for a long, long time. So I would talk to your parents first and let them know you'll be sharing the sofa in the basement with Rover for a couple years...
10-06-2014 | 02:48 PM
#25
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From: Captain CL-65
I thought it was a good example of a "low paying" but still affordable means to safely secure a loan in this situation. As far as "what a CFI makes" it obviously varies as much as this industry.
May I ask your opinion to the starting pay of the average CFI if your going to comment...?
I know I'll make around $25K starting out as CFI where Im going cause it's in a contract with the base salary about that.
May I ask your opinion to the starting pay of the average CFI if your going to comment...?
I know I'll make around $25K starting out as CFI where Im going cause it's in a contract with the base salary about that.
10-06-2014 | 03:04 PM
#26
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Joined: Feb 2010
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From: CFI/CFII/MEI
I thought it was a good example of a "low paying" but still affordable means to safely secure a loan in this situation. As far as "what a CFI makes" it obviously varies as much as this industry.
May I ask your opinion to the starting pay of the average CFI if your going to comment...?
I know I'll make around $25K starting out as CFI where Im going cause it's in a contract with the base salary about that.
May I ask your opinion to the starting pay of the average CFI if your going to comment...?
I know I'll make around $25K starting out as CFI where Im going cause it's in a contract with the base salary about that.
Being that you are going to ATP, I assume you are talking about the Guarenteed CFI job? If so, Before you CfI there, you will go to Jacksonville to answer phones while doing the instructor Proficiancy program, then you wait to be assigned an airport to Cfi at, then you begin instructing. (You may already know this but I wrote it incase you didn't)
As far as how much you will make, ATP says CFIs make APPROXIMATLEY 1800-2200 per month. You can make more but can also make a lot less.
I don't suggest anybody take out a loan for flight training, it just isn't worth it, and 3.1% is very low, not everybody can get an interest rate that low..
10-06-2014 | 03:12 PM
#27
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Joined: Dec 2009
Posts: 2,115
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From: 127.0.0.1
Interestingly, the local TV station's website had a slideshow of top 50 paying jobs in South Carolina. Obviously these folks have been employed at these jobs for some time.
50. Commercial Pilot 78K
30. ATC 85K
18. Airline Pilots/co pilots and FEs 92k
Source: US Bureau of Labor Statistics
Slideshow Landing Page - wistv.com - Columbia, South Carolina |
50. Commercial Pilot 78K
30. ATC 85K
18. Airline Pilots/co pilots and FEs 92k
Source: US Bureau of Labor Statistics
Slideshow Landing Page - wistv.com - Columbia, South Carolina |
10-06-2014 | 03:15 PM
#28
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Joined: Feb 2010
Posts: 92
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From: CFI/CFII/MEI
Interestingly, the local TV station's website had a slideshow of top 50 paying jobs in South Carolina. Obviously these folks have been employed at these jobs for some time.
50. Commercial Pilot 78K
30. ATC 85K
18. Airline Pilots/co pilots and FEs 92k
Source: US Bureau of Labor Statistics
Slideshow Landing Page - wistv.com - Columbia, South Carolina |
50. Commercial Pilot 78K
30. ATC 85K
18. Airline Pilots/co pilots and FEs 92k
Source: US Bureau of Labor Statistics
Slideshow Landing Page - wistv.com - Columbia, South Carolina |
10-06-2014 | 03:20 PM
#29
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Joined: Nov 2013
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From: Captain CL-65
My opinion is that most CFIs make much less unless you are maxing out flying everyday at a busy flight school.
Being that you are going to ATP, I assume you are talking about the Guarenteed CFI job? If so, Before you CfI there, you will go to Jacksonville to answer phones while doing the instructor Proficiancy program, then you wait to be assigned an airport to Cfi at, then you begin instructing. (You may already know this but I wrote it incase you didn't)
As far as how much you will make, ATP says CFIs make APPROXIMATLEY 1800-2200 per month. You can make more but can also make a lot less.
I don't suggest anybody take out a loan for flight training, it just isn't worth it, and 3.1% is very low, not everybody can get an interest rate that low..
Being that you are going to ATP, I assume you are talking about the Guarenteed CFI job? If so, Before you CfI there, you will go to Jacksonville to answer phones while doing the instructor Proficiancy program, then you wait to be assigned an airport to Cfi at, then you begin instructing. (You may already know this but I wrote it incase you didn't)
As far as how much you will make, ATP says CFIs make APPROXIMATLEY 1800-2200 per month. You can make more but can also make a lot less.
I don't suggest anybody take out a loan for flight training, it just isn't worth it, and 3.1% is very low, not everybody can get an interest rate that low..
10-06-2014 | 03:37 PM
#30
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Joined: Dec 2009
Posts: 2,115
Likes: 1
From: 127.0.0.1
EDIT: "covering the bases" might turn out to be punny. Are there "FEs" on C17s out of CHS? Would they make that much?
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