AliBabba

Ok, hopefully this won't sound like a stupid question and I'm really not trying to start another argument about academies and "earning it". I'd like to hear from any regional guys that did go to a flight academy or at least handed over a good chunk of change to learn to fly.
It seems to me that if you take out a sizeable loan to go to school it would be near impossible to pay back the loan and eat at the same time. Considering a paycheck of approx. $20/hr and a 1000 hrs/year or $20k a year for simplicity, you could be paying 1/3 to 1/2 of your monthly check to the loan. Now, there aren't too many people I know that can live off of $10k or $12k a year. So I know there are at least a few pilots out there that went to an academy and haven't starved yet, so I must be missing the key. Maybe someone could let me in on the secret and tell me if I'm missing something important or at least how they are still flying and eating while paying back their loan. Thanks for any help.

Punkpilot48

Yeah I think the monthly payment on my loan is 800 a month. I make maybe 1500 a month. I think the easiest (probably not the best) way to do this is to enroll in online school or community college. This is what I am about to do with UVSC. As like as you are a half time student your loan can be deferred. Unfortunatly with this the interest rate is still working on the total owed number.

Packer Backer

Just do like all the airlines are doing. Graduate college and then immediately declare ch. 11.

G-Dog

Who says I am gonna pay back the loan?

Loan companies are the suckers.

ryane946

Well, I had saved all the money for my flight training from jobs from age 16 to 22. That, and a little help from the stock market, and I never had to go into debt. I did do my flight training relatively cheap (at a cheap FBO out in Colorado), and not some crazy flight academy.
I am actually slightly scared of getting on at a regional even without a loan payment. I am saving some money as a flight instructor to pay for the first year or two.

Punkpilot48

Hahaha those fools!

Hey ryane946. Thats awesome that you were able to do all that and now you don't have a loan payment. Do you have any advice for someone (uh...me) who has to save up some money now?

EngineOut

Oh, if were only that easy. You cannot discharge educational loans in bankruptcy. You can, however, collect a bunch of high limit credit cards, pay off your loan with those dumb checks they always send, and THEN declare bankruptcy.

Just a thought.

fosters

Hopefully you know that you can't simply get rid of your loans. 60 minutes had a great story on educational loans tonight.

They interviewed a guy that went from 60k in debt to 100k+ because he simply "stopped paying". They are charging him interest on the fees as well...

AirWillie

Actually FBO flying is not that much cheaper than some Major academies. At my FBO its going to cost about 35K all the way to CFI rating. ATP is a few more thousand than that. You have to shop around. If you have done the math, most 30-40K loans for flight training take about 250-500 bucks a month to pay back, based on 15 year loan and good APR. Most I've talked to borowed from friends/family part of the cost so they don't have to pay the Bank all the cost with interest.

SkyHigh

My generation did not have the option of loans. We had to earn every dollar as we went. It took a few years and multiple jobs but we were debt free. The problem is that when someone is that determined and capable they are not satisfied with a miserable regional job that pays only 20K and quit to better serve their talents elsewhere. Getting a loan is easy and few think of the consequences. Perhaps it was better the old way?

SkyHigh