futurepilot1
Well-Known Member
For those of you who took out loans to finance their flight training, would you mind talking about how much you borrowed, where you went, how much your payments are, and if you regret it.
Thanks
Thanks
"Borrowing" Your Flight Training
- Thread starter futurepilot1
- Start date
futurepilot1
Well-Known Member
Thanks for the detailed response 
$45,000
ATP
$267.46 per month
No regrets at this point. Still surviving on flight instructor wages.
If the situation does not improve in a year or so I'll have to go back to doing accounting for Uncle Sam. Always have an out!
$45,000
ATP
$267.46 per month
No regrets at this point. Still surviving on flight instructor wages.
If the situation does not improve in a year or so I'll have to go back to doing accounting for Uncle Sam. Always have an out!
That isn't too bad of a payment for a $45K loan. If you don't mind me asking, what is the term on your loan (10, 15 years, etc). Also, did you finance directly through ATP? The reason I ask, is I am considering the possibility of going through ATP's program. They have dropped the price about $10K, and on top of that, I have a good bit saved up, to put down. I've been doing the part 61 thing, at a local FBO, but that route hasn't been working well, and so I'm now thinking of one of the academies, like ATP.
25 years. Variable prime rate. Financed with Wachovia. I am looking to refinance at a fixed rate (especially since rates are real low right now), but I have not been able to find a lender that will refi a private loan.
If you have a choice on the term, my recommendation is to go for the longest term possible. If you do well in aviation (certainly not guaranteed), you can pay the loan off sooner. If not, you have the benefit of a lower monthly payment while you find something else to do.
Silverhawkpmm
Well-Known Member
Plan what works best for you given the state of the industry...
My backup plan is working at a University Teaching and managing IT projects for the school.
22k - Undergrad ( State School + help from parents first year )
15k - Master's (Got a job @ the College - free tuition once hired )
28k - Ratings at FBO/Local Community College
Monthly payment for all three loans combined: $378
Best of luck !!
My backup plan is working at a University Teaching and managing IT projects for the school.
22k - Undergrad ( State School + help from parents first year )
15k - Master's (Got a job @ the College - free tuition once hired )
28k - Ratings at FBO/Local Community College
Monthly payment for all three loans combined: $378
Best of luck !!
Bsmiller05
Well-Known Member
Money for school...50K
Getting my private at DCA in Orlando and the rest at Falcon Aviation in Atlanta...A LOT
Monthly amount...about $130
No real regrets...Priceless
I couldn't resist! But seriously, I don't have any real regrets. I knew starting out it was going to be expensive, so that's why I made darn sure that I truly knew that this *is* what I've always wanted to do and I love it. I'm glad I made the decision to quit work (fast food at the time) and pursue my dreams/goals.
Bottom line, make sure that whatever you do, do it because you love it. For me, it's flying.
Getting my private at DCA in Orlando and the rest at Falcon Aviation in Atlanta...A LOT
Monthly amount...about $130
No real regrets...Priceless
I couldn't resist! But seriously, I don't have any real regrets. I knew starting out it was going to be expensive, so that's why I made darn sure that I truly knew that this *is* what I've always wanted to do and I love it. I'm glad I made the decision to quit work (fast food at the time) and pursue my dreams/goals.
Bottom line, make sure that whatever you do, do it because you love it. For me, it's flying.
Yank&BankmyRJ145
New Member
Wachovia-Private
60K- rolled 8k left over from undergrad & Masters
In Forbearance for another month, hard times
$525
ATP
No Regrets, Yet
60K- rolled 8k left over from undergrad & Masters
In Forbearance for another month, hard times
$525
ATP
No Regrets, Yet
Boris Badenov
Fortis Leader
Working/Mom
MomNPop FBO
About 10k from Mom
She died, not like she was wanting it back when alive
$0/month/$150/month college loans
I don't regret it in the least, but I worked my nuts off to do it AND was fortunate enough to have a non-predatory lender involved. You're certifiable (if you'll pardon the expression) if you go for your ratings in this economy with money you got at whatever ungodly rate they're offering. We're looking at consistent deflation for the foreseeable future. Airplanes aren't going to stop existing. They'll be there when you actually have some money. Don't become an indentured servant to banking interests because you think planes are cool. Regrets about not doing it are way, way better than regrets about doing it, imho.
MomNPop FBO
About 10k from Mom
She died, not like she was wanting it back when alive
$0/month/$150/month college loans
I don't regret it in the least, but I worked my nuts off to do it AND was fortunate enough to have a non-predatory lender involved. You're certifiable (if you'll pardon the expression) if you go for your ratings in this economy with money you got at whatever ungodly rate they're offering. We're looking at consistent deflation for the foreseeable future. Airplanes aren't going to stop existing. They'll be there when you actually have some money. Don't become an indentured servant to banking interests because you think planes are cool. Regrets about not doing it are way, way better than regrets about doing it, imho.
CoffeeIcePapers
Well-Hung Member
I would advise against taking out a loan to get done in 90 days at ATP. With the job market today, you won't get a flying job after 90 days. For now, I would just save or pay as you go.
tonyw
Well-Known Member
I've never understood the desire to take out a loan in this kind of job market. Take your time. Pay as you go.
Taking out a loan to get qualified in a hurry for a job where there's very little hiring going on is the same kind of thinking as taking out a no money down loan on a house that's a surefire flipping option.
It'll get you just as burnt.
Taking out a loan to get qualified in a hurry for a job where there's very little hiring going on is the same kind of thinking as taking out a no money down loan on a house that's a surefire flipping option.
It'll get you just as burnt.
pilot4500
IT Architect/ Former Cirrus Charter Pilot
I was lucky. Back in 2001 I borrowed $40,000 from my grandfather, may he rest in peace. It covered my tuition ($24,000) to get all of my ratings, Private through CFI-I plus my living expenses. I also used some of the money to help look for my first CFI job and pay for multiple moving expenses (four moves in four years while I went through training and then began flight instructing).
My grandfather died before I had a chance to pay all of the money back. There is absolutely NO WAY that I would take out a huge bank loan to pay for flight training right now. It is just not worth it. Pay as you go and don't become a slave to banks to pursue a career that may or may not work out the way that you want it to. Take your time, and if things don't work out, at least you won't have a huge mountain of debt to pay back.
My grandfather died before I had a chance to pay all of the money back. There is absolutely NO WAY that I would take out a huge bank loan to pay for flight training right now. It is just not worth it. Pay as you go and don't become a slave to banks to pursue a career that may or may not work out the way that you want it to. Take your time, and if things don't work out, at least you won't have a huge mountain of debt to pay back.
Acadia
Well-Known Member
Paid cash for my private in 2001, and borrowed $50K for my instrument, commercial (multi/single), and CFI in 2002. It was 20 year Key loan at around 4%, with close to a $315 a month payment. I paid it in full after about five years, but I didn't earn that money in aviation.