LIFT: RPA commitment for training?

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07-28-2018, 06:17 AM

#91

GoJuice

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Joined APC: Feb 2018

Posts: 78

Correction, repayment begins after completion of the training period (CFI). You are required to make interest only payments as a CFI though.

07-28-2018, 09:41 AM

#92

FightKing92

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Joined APC: Jul 2018

Posts: 9

Quote:

Originally Posted by deftone

So just to update, I have managed to get home and check my mail but nothing yet, however I did get an email with all of the web links to apply for the financing etc.

Guess what, despite earlier information directly from LIFT, Republic is NOT guaranteeing the finance and I was rejected by the finance company. This is despite having a 6 figure salary and decent credit. So at this point I guess I will be looking elsewhere. I will have my commercial mins in a few weeks so will most likely go get my comm and multi and find a pt 91 or 135 gig.

Well that's depressing. I guess that's a no for a lot of us then. Oh well I guess I can cancel my appointment with them.

07-28-2018, 09:42 AM

#93

FightKing92

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Joined APC: Jul 2018

Posts: 9

Quote:

Originally Posted by GoJuice

I haven't gotten my packet yet but i did get an email last night with more information on the loan. Im pretty disappointed to be honest. The maximum term is 10 years and it looks like repayment begins while you are an instructor.

Wow I thought this was not a repayment plan. At this point your better off going to ATP and then coming in as a cadet. At least you retain the $17000 bonus.

07-28-2018, 02:35 PM

#94

therealbrucelee

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Joined APC: Jul 2018

Position: Interviewing@RAH

Posts: 18

Quote:

Originally Posted by deftone

So at this point I guess I will be looking elsewhere. I will have my commercial mins in a few weeks so will most likely go get my comm and multi and find a pt 91 or 135 gig.

Tough break, man. The fiscal part is the biggest obstacle to my training with LIFT as well. I'm with you; 122k a year and an 804 Credit Score.....but how do I pay for living expenses like room, board and food? Crack open a 401k? Forget about that noise.

Their main pitch is that (paraphrasing) money will not be an obstacle if you have the desire and talent.

I still wish everyone the best luck and will be working towards commercial along with Deftone and may re-engage this process next summer once it matures a bit.

Shame, too; I was hyped up for this adventure.

Deanna, if you are reading this, I think this may end up biting LIFT in the @ss. Or not; some folks will have the financial means to do this.

07-28-2018, 03:08 PM

#95

FightKing92

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Joined APC: Jul 2018

Posts: 9

Quote:

Originally Posted by deftone

I'm confused as to what's the point then? This seems like another ATP. At that point most students would be better off just going to ATP at least they keep the $17000 bonus.

07-29-2018, 11:45 AM

#96

sflpilot

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Joined APC: Jan 2007

Posts: 692

Quote:

Originally Posted by deftone

I was surprised when they claimed they would co-sign. Financing for flight training has gotten pretty strict over the years. It used to be easier years ago, but as training got more and more expensive the pilot wages were still very low. So the rate of repayment was not good. Realistically if you want to become a pilot you need to either have the money or a good enough income to pay as you go. If they are expecting payments as a CFI that is a recipe for disaster. Anyone know what the interest rates for this deal are?

07-29-2018, 12:27 PM

#97

itsmytime

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Joined APC: Jun 2017

Posts: 963

Quote:

Originally Posted by sflpilot

I wonder what their plan is to fill this school, if their is no help on financing? I cant imagine there are that many people with 65k cash laying around.

07-29-2018, 07:13 PM

#98

deftone

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Joined APC: Aug 2013

Posts: 445

Quote:

Originally Posted by sflpilot

If they are expecting payments as a CFI that is a recipe for disaster. Anyone know what the interest rates for this deal are?

Taken directly from the Financing Application page...

LOAN RATES AND FEES
There is a 2.00% loan origination fee for each funding disbursement which will be added to the loan amount.

The interest rate is a variable loan rate of 7.57% over the 3-month LIBOR adjusted quarterly.

Current LIBOR is 2.33%, so I guess this makes the financing 9.9% at todays rates. Spread over the 10 year maximum term that would make you pay back $103k on your $65k loan @ $850 per month. Doesnt seem such a good deal now...

07-29-2018, 09:02 PM

#99

Making it Count

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Joined APC: Jan 2018

Posts: 47

Quote:

Originally Posted by deftone

This is why many people can not become pilots (and shouldn’t). Jobs in the industry don't pay enough to allow this kind of payment. I would be curious what they are planning for offering as a CFI wage. I bet its comical compared to the amount of debt that will be taken on to get there.

07-29-2018, 09:16 PM

#100

sflpilot

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Joined APC: Jan 2007

Posts: 692

Quote:

Originally Posted by itsmytime

I wonder what their plan is to fill this school, if their is no help on financing? I cant imagine there are that many people with 65k cash laying around.

The impression I got from some previous posters was their current jobs had 100k plus income. If you keep your current job you could cash flow the training for less money at a school at your local airport. Also some of the regionals are reimbursing for certain amounts of flight training costs. The industry may get to a point soon where they will have to cover the entire cost of your training.