Notices
Flight Schools and Training Ratings, building hours, airmanship, CFI topics

Pilot Financing

Old 10-06-2014, 04:12 PM
  #31  
Gets Weekends Off
 
OnCenterline's Avatar
 
Joined APC: Jun 2014
Position: 737 FO
Posts: 360
Default

OP,
My suggestion is that you avoid financing. You're only 20. If you are on track for a 4 year degree, finish that first. Work as much as you can for some cash. Put as much in the bank as you can, and when you finish your degree, see where you are financially. If you still need to borrow money, you'll need to borrow much less. College will be behind you, so you can concentrate totally on flying.

If you really want to save some money, buy a plane to build your time, fly it like crazy to get your ratings, and sell it. But if that isn't an option, work and stockpile cash, then finance the difference.

CFI pay will likely bring you around $1000-1200 a month, after taxes, give or take. First year regional FO pay won't be much better. You'll need to pay rent ($500 with a roommate, NOT including utilities or cable), health insurance ($200 or more a check), cell phone ($80-100?), gas for your car ($150?) and any other bills before making your loan payment. Oh, and you have to eat, which is no small thing. Just using those numbers, you might only have a few hundred dollars left over. And none of this takes into account the cost of commuting, if you choose to do that.

So, you really need to think this through. You can't discharge a student loan in bankruptcy. I spent a lot of years as a regional captain listening to my FO's complain about their finances and their loans. Many just stopped paying, and their credit is destroyed. The majors look at your credit history, and I have to believe that it affects their decision on you.

You will essentially be financing a new car, but you won't have a car to sell if you need to liquidate and get cash.
OnCenterline is offline  
Old 10-06-2014, 04:54 PM
  #32  
Line Holder
 
rev4life03's Avatar
 
Joined APC: Feb 2010
Position: CFI/CFII/MEI
Posts: 92
Default

Originally Posted by N9373M View Post
That threw me too. UPS (air hub) and FedEx both fly here. Are there 727s left? Or maybe it's just "covering the bases".

EDIT: "covering the bases" might turn out to be punny. Are there "FEs" on C17s out of CHS? Would they make that much?
No FEs on the -17, just two pilots and the loadmaster. FE are enlisted aircrew so I don't see any enlisted coming close to making that unless they flew A LOT.
rev4life03 is offline  
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
cgull
United
113
03-10-2013 08:37 PM
cgull
United
6
12-19-2012 07:56 AM
TylerbPilot11
Flight Schools and Training
5
02-10-2011 11:36 AM
Superpilot92
Major
5
10-31-2008 11:23 AM
RockBottom
Major
0
08-25-2005 09:11 PM

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Thread Tools
Search this Thread
Your Privacy Choices