Im 23 years old, about to get my PPL. Always wanted to make aviation a career, But I am stuck. I want to attend the Community College of Beaver County near Pittsburgh, PA. The only thing is for 2 years it costs around $50,000 and I cannot get a loan to go. They give you your PPL all the way up through CFI is you want it. But my parents aren't willing to help with any kinds of costs. Wont cosign or anything like that. The way I got to where I am now in training is through Pilot Finance Inc. Im wondering is there anyway to get that loan for college? Or do I say screw it to college and just stick to pilot finance and try to get my ratings through them at the local airport? The only thing is pilot finance wants you to have half of your loan paid off before you can take out anymore financing (Once I get my PPL I'm going to have to wait a while before I can start my instrument). Anyone out there that can shed some light on the situation and steer me in the right direction as to what I can do to get my ratings done in the quickest, cheapest way possible? Also I must add to help you guys out, I make about $2000 a month at my full time job and have $1200 in bills I pay. and thats including my PPL finance payment I make now.

Thanks for the help!

 

Hey Ben, seems like your financial life is much like mine! Although I'm already flying and have been a few years, I am very familiar with the salary and loan payments struggle. I went to an expensive academy and then trained those who were smarter and more hard working than I; and I regret spending some serious dough. Be glad your parents aren't willing to co-sign.

My advice is do not go where you have to take out a loan for that much! I doubt (without having read about their program) that you'll be all set and done at only $50k.

Pilot finance is a pain...but they teach you a valuable lesson..which is not to get into debt you can just barely handle now and will choke you in a few years. Ask me how I know...
They make you pay them back ASAP, and you'll be less indebted when you start working as a pilot.

Seek much cheaper financing (avoid it if at all possible) or just take your time and pay it out of pocket as you go. There is no rush. There will always be some kind of job out there and you still have quite a bit of flying to do before you get your chance at a decent paying job. Calculate your loan payments, then budget for them with the expected income of a CFI (takes a lot to make $2,000 after taxes), then do that for every year you will be a CFI and every year you may spend at a regional (reference the pay scales here on apc), include your living expenses like rent, food, gas, insurance, bar tabs, and you will get an idea of what you're going to get into. Then think of how you want to live when you're all grown up, have your commercial, are working your way up and start wanting a nice place, a family, toys, and on and on. Not to kill your hopes, but really think twice man...financial hardship isn't worth it. Take your time, pay it off, and you'll be happier as you work your way up while flying. Trust me...

I don't want to divulge my life story here but if you have questions about what it's like, feel free to send me a message.

I hope you find a way to make your dream a reality.

 

Pilot finance is a complete rip off. Just pay as you go if possible. Never, ever pay ahead of time. With the exception of a few fast track schools, paying before flying is just an easy way for someone to rip you off. The 18% interest fro. pilot finance makes it even worse.

 

I completely understand your situation and where you are trying to go! Here is a thread that developed about these questions about three weeks ago and I have my own insight in it with other flight training possible finance institutions that you may be able to use.

http://www.airlinepilotforums.com/fl...financing.html

 

Many/all airlines will want to see a college degree of some type nowadays so keep that in the back of your mind as well. Does not have to be from an expensive college but you should work towards a 4yr degree.

We are all guilty of wanting instant gratification sometimes but you gotta let it go sometimes. I would not seek out ANY additional loans if I were you. I know it might seem like it sucks now but you will regret the debt at some point in your life. If there is anything I could change about the past it would be that id have taken on less debt.

You make $2K/month now, thats a start, is it any kind of work you can "move up" in? Any other career prospects right this second? What I'm getting at is id look to increase my income enough to really start to knock out the ratings on a pay as you go basis. Then instruct on the side to build time and if you think you are in a position to jump ship to a flying career and you have the minimum hours, you can decide to jump on it.

Any reasonable cost/benefit analysis will conclude that you should not go into piles of debt to jump ship to a flying career. Many years at the "bottom" await and even then, its an uncertain path. Its not like medical school then a $100K+ salary.

Again, Id look elsewhere to provide for yourself/increase your income, continue to fly as much as possible and instruct part time when qualified. When you find yourself at 1K-2K total time and loosely qual'ed for airline work with NO debt, you will be in a much better situation to maybe jump on that low paying regional job and make it work vs going into it a year from now with an additional $75K in debt to pay off.