Pilot Financing
#31
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.
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.
#32
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.
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