DEBT
 

All I got to say is, which is the most efficient way in terms of cost and time to do flight training while in college so I won't have debt on the flight training side since Everyone here says the worst thing ever is debt. Is it even possible to finish flight training without debt? And I'm not aiming for the military route. I was planning to do weekend courses at MIAMI FLIGHT CENTER LLC since I have to have a job also, and just pay it off by AOPA flight training financing or pay as it go idk. Do u guys have any suggestions ??? Thanks

The sooner you get your licenses and ratings the sooner you can start getting paid to fly. Instead of getting 100-250 hrs a year learning you'll suddenly be logging 500-1000 hrs a year. Spend the money to ACCELERATE your career. If you spend $50,000 in one year it might gain you an additional year at the end of your career. That's worth $200,000 to $400,000 as well as more money every year when you're at a major airline since you might be hired several months, or years, sooner.

Sometimes debt makes sense.

You will probably need to go in to debt, the question is what kind of rates can your get on those loans. There needs to be a % cutoff point where you say, "no thanks".
The people that are crushed by crippling debt, didn't say "no thanks.

I never went into debt for a aviation career and wouldn't advise a younger person to do so. If you go into debt for a career make sure its in a field where you can make some money in the short term to pay it off. The law and medical fields have debt and there's many options to go beside a lawyer or doctor. Aviation does not have that type of diversity!

Without going into debt how long will it take the average person to come up with $50,000 to get their ratings?

The airline business is about being hired first. Being better or smarter still goes behind the guy hired ahead of you. If debt helps you advance your date of hire it's money well spent.

Whether or not this is good advice depends on the hiring conditions...you DO NOT want to get stuck as a regional FO with big loan payments. I saw that play out for years between 2001 and about 2012. People's entire lives revolved around servicing their debt. One young lady I knew resorted to stripping (and then some) on her days off.

That said, the current hiring climate would probably justify taking on debt as sliceback described. But take into account the interest paid over the length of the loan. If it's a $50K loan but will cost $100K in interest over 30 years then it's a pretty weak justification to incur that risk just to make $200K at age 64.

I would say balance the length of the delay vs. the cost of the loan. I wouldn't incur a multi-year delay right now to avoid a reasonable debt load.

Exactly, how is not falling debt even possible when all the ratings added together are around 45k, and I'm just a kid in high school heading to college without a job. That's where the the ATP 6 month training comes into hand, i know they are expensive but right after I finish high I can go with them and after I finish that justhead to college and be a CFI at the same time while building my hours, getting an accounting degree for ex, and paying the debt from the ratings.

Idk the only bad thing is that they say ATP is ton of money

That's true but,
What do you do to not be in debt?

It is a risk, as all investments are.

Risks include:

- loss of medical
- regulatory changes which affect supply (retirement age, cabotage, 1500 hr rule, etc)
- economic downturn
- etc



Yes, the investment makes sense in the current enviroment, even with debt, but just make sure you understand the risks.

Yea there's always a negative as you can see, but do u think that idea is good? ^^ the one i mentioned earlier

How old are you?

17, heading 18 in May and aiming to be all set on a right seat of a regional straight when I finish college.

Specifically which idea?

The 6 month atp

If you have a cheap degree, and do that immediately after college, then yes, no problem. If you have an expensive degree with lots of debt, then that is bad because it limits your options. Getting the licenses you need will be between $50-80k depending on where and how. You don't want to pile that on top of college debt too.

This is the worst advice ever.

All this is why being a pro pilot is mainly for rich kids. The only a way a poor kid can make it is with extreme focus and/or some good luck. You can work your way through the ratings for half the cost of a flight school. That way you can stop and walk away without regret/debt if it doesn't work out.

"This is the worst advice ever."

Don't leave us hanging. Why is it the worst advice ever?

They take poor kids in the Air Force Academy.

Unless you're rich or have rich family, or are in the military, it is pretty impossible for most people to get to an ATP cert without going in to debt. That is unless you want to take 10 years doing it.

Yea, but the rich kids get first dibs. The poor ones end up in helicopters.

This works, IF you finish and IF you get hired by a major. The problem is a lot of people take out college loans and never graduate. They are left with a pile of debt and a small shovel to dig themselves out with. Add the aviation component and debt and it leaves a chance for epic disaster IF you don't finish either the college or the training.

Read through the "leaving the career" forum for examples of people quitting with debt before ever reaching a major.

I still say, enlist in the military or Guard and get a GI bill at the very least, if you (or your parents) can't afford this.

I'm glad you bring this up. I know a guy who wasn't as serious about the industry like he thought he was. (He's a bit older than me. I'm 18 and he's probably 28 or 30) He stopped flight training and switched to business school but not after racking up nearly $200k in debt at Embry-Riddle. Now he's paying off that debt with a business degree he got.

I think it comes to determination. I am working 60 hours a week now to pay for my current training. Some people want to put in the work but others want to see if there is a way to cut to the chase.

I plan on being in a little debt with college but it is a lot smaller when you work while training rather than committing fully to the industry before you even have a job. Hoping to make sure the college debt is manageable to the point of being able to have a regional job but still manage it. (just incase I can't make legacy out of college)

Edit: Just my ramblings

Short of WW2 the climate for hiring has never been better, maybe once in a lifetime time, period. (Discounting the 66-68 F/E binge brought on by FAA pilot quals for third man.)

Kid, go fly in the military, you do not want to be at the bottom of the aviation industry for the next few years.


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This is a 4 year old thread. He’s probably at United now.