Flying or eating?
 

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.

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.

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

Who says I am gonna pay back the loan? :D

Loan companies are the suckers. :eek:

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.

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?

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. :D

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...

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.

Loans
 

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

^ They also had to walk to school bare-foot in the snow; up hill - both ways.

Yeah, deferred pymt (forbearance) can catch up to you. I ought know. :D

However, I did hear of a rumor, and it just may be that...a rumor, that the Feds may forgive some of the interest that has accrued on some accounts. Some of the interest that has accumulated over the years account for 80-90% of principal on any given loan.

ps - Have you checked your credit report lately?:eek:


atp

Alternatives?
 

All right, these are some encouraging replies! Ok, so what is the possibility at a regional of having a second job to bring in some supplemental income for say the first three years? Do you even have the time/energy/flexibility?
Next question, if someone were to go about it the debt free way,you know, slogging to and from the airport 5 mi through the snow and uphill both ways, are there generally accepted mins for small, part 135 operators?

Probably won't have time/energy/flexibility. Remember, after your initial year with a regional, and depending on how much flying you do, you should be making somewhere around 30K-35K. By the third year, you should be ready to upgrade to Capt. They make 50K+.

It all depends...


atp

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the 135 IFR PIC mins are much higer than the 121 FO mins. 1200 TT

F15-

Just wondering who your instructor is over at the Flight Academy. Ankor did my instrument rating back in 2002.

They say officially your not allowed to have a second job when you fly at an airline but I hear some still do work second jobs. You second question, keep in mind that no one will look at you unless you have multi-engine time. What you can do is seach part 135 operators that have their own flight school. that way after you become CFI you can jump right into their part135 flying. To give you an example a charter operation I know flying citations hires their cfis with around 1000k hours vs 2-3000 for street hires. Also you still need around 100 multi engine.

Thanks AirWillie!

AirWillie is smoking crack (do you really work at ZW??). The only guidence AWAC gives pilots is that they cannot have a 2nd flying job. As long as you report for your trips on time and can report within 2 hrs while on reserve they could care less what you do in your off time.

I know plenty of FO's that have second jobs. It ranges from the lower-tier pizza delivery specialists, to the mid-tier construction laborers to the high-end ex-professionals that use their prior knowledge or degree to earn extra income such as real estate appriasers, consultants, etc. Probably the most important thing about the second job is that it must be flexible enough while you are on reserve, to allow you to leave on a moments notice for up to 4-5 days at a time. You are still guaranteed 12 hard days off/month as a reserve pilot at AWAC.

Then there is Long Call reserve, basically a reserve where you find out at least two days ahead of time if you are going to work (around a 40-hr minimum callout period). The Long Call guys that get it the entire month are getting called out an average of 6-10 days/month for their 18 days of availability. It goes both senior and junior (even some reserves get it now and then) so its plausible you'd get it early on. That line will certainly allow you to get an extra job and make decent money at it. I work a second job and bid LC (now that it's available) and think its nice to be getting essentially two salaries.

Probably one of the biggest ways you can earn "extra" money is by taking a cooler along with you on your trips. I use about $50 of my $450 in per diem a month. That's a pretty good chunk of change, IMO. All tax-free.

Hmmm. Never thought of it that way, but you have a valid point.

Military reserves is a good supplement for airline guys (especially if you get a military flying slot). There is no work conflict becuase the airline legally has to give you whatever time you need off. Most airlines are used to this, so it's easy.