How did you pay for ATP?

LoadMasterC141

LoadMasterC141

Well-Known Member
I am trying to find the BEST balance of "Time to Regional airline job" and "debt incurred". It really is tough.

Here I am paying off everyone and everything I owe money too; selling anything that is not fastened down, turning cell phones and cablee/internet off......so I can go to ATP. Still though, I would have to take a loan out. GOD THAT SALLIE MAE LOAN SCARES KITTY!
I mean for $45k, you are going to pay back 3 times that amount, especially if you defer for 18 months.

I have no other ways of getting the money, not all of it anyway. I am definitely going to try and save as much as I can toward it, but I'll still end up with some kind of loan. The problem is, I am 31....tick tick tick......so time to save $45k is even more important than if I were, say, 21. Currently, I am on 7-8 month plan to pay off all my other debt except the house(Wife says "no way" on selling that) and college student loans(Which I refinanced and have a very low payment on).

I am curious to hear how others financed ATP, and if they swallowed the loan, how they feel about it now that they are sitting at a regional in the shiny jet?. Was it really worth it? Are you surviving financially? Did your wife leave you?
 
For now, the cellphones (Wife AND mine) are cancelled. I have no use for them. When (and if at this point) I go to ATP, I will reinstate both and cancel home phone.
 
Well I really cant help you on the financial stuff my parents set up a college fund when i was born and thats how i paid for it all. As far as the rest of your question if you are really serious about a career as a pilot ATP is probably the best choice you can make in my opinion. I went to the Arlington location from December to April, got a job at a flight school in College Station and next month i start at Express Jet. (In case you are wondering i got hired with about 700/175), and as far as sitting in the shiney jet i will have to let you know. But like i tell everyone if you are serious about it and can swing it i think ATP is among the better ones out there
 
LoadMasterC141 said:
For now, the cellphones (Wife AND mine) are cancelled. I have no use for them. When (and if at this point) I go to ATP, I will reinstate both and cancel home phone.
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man, i left my cellphone home one time, and i felt completely naked without it! i dont know how you can live without it. lol i dont even have a house phone.
 
It is pretty easy actually—I do not like being that available. I think it comes from always having a work cell phone.
I had a cell phone AND a pager in the AF because I was a crew scheduler for my position. Got called night and day and weekends.
I had a cell phone when I was a trucking company dispatcher. Got called night and day and weekends.
I had a cell phone as trucking company manager. Got called night and day and weekends.
Finally, I don’t HAVE to have one and am enjoying it. Life is so much more peaceful this way.

I am not against them and know it is a necessity as a pilot, but I just do not need one right now.
I travel for business a lot though. I use a prepaid phone ONLY when on business and charge it back to the company. Any personal calls are usually to my wife and its’ like that collect call commercial – “IAMATTHEHOTELCALLMEBYE”.[/FONT]
 
I own a home in the San Francisco area. Thanks to the housing market there, I developed a lot of equity quickly. We used a home equity line of credit because it gave us a better rate than SM. Deferment isn't an option though, we've been making payments since February. We cashed in part of a 401k to cover the cost of payments until we had income comeing in. And since we can mostly live on my salary (which isn't much, but we don't have a lot of debt), all of that instructor salary will go towards the payments at an accelerate rate.

I'm a sugar momma and a creative thinker determined to find a way to make this work.

K
 
How did I pay for ATP?

I was home schooled by my parents, started working in construction full time since I was 12 years old, at 18 I started getting paid for it, at 19 I became part owner of the construction company, now at 21 I finally saved enough to go to ATP and college... and if the pilot industry falls, back to the real work I go..

PS, Please don't tell me how stupid it is to leave a good job like this, to become a (low paid) pilot... I hear it like every day. I had enough of construction
 
Well you did it the best way Unity. No worries ont he job tossing. I am throwing a $70k/yr job away at the age of 31 because I do not want to live the real life of Dilbert anymore.
 
LoadMasterC141 said:
Well you did it the best way Unity. No worries ont he job tossing. I am throwing a $70k/yr job away at the age of 31 because I do not want to live the real life of Dilbert anymore.
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Wanna trade? :) I can hook you right up with a $19K a year job flying right seat in the JBall..
 
I got approved for $51k easily through NextStudent. Was going to be more but I decided to pay for the PPL out of my pocket. Rate is about 9.75%. I have about $20k in the bank and will be doing some computer work on the side.
 
Don't hate me... Cash. Straight from the money market account. That one hurt... years of saving going toward a dream that may or may not have worked out. Looking back... I wouldn't change a thing!

Bob
 
I don't hate ya at all Bob. Cash is what I am leaning towards. There is no way I am paying the whole thing in a loan. I might surrender to a little bit of one, but I cannot fathom paying that kind of interest back.
 
I have a loan through Key Bank for $56k. Interest is through the roof now over 8%. I instruct at ATP and I keep talking to airline pilots and making a jump back to my previous job to pay this loan off is sounding better and better everyday.
 
I danced for a lil' while at the Fantasy Ranch in Dallas, while going through training at GKY to pay some of my payments.. :D
 
...school loans. Man, I'll be paying for the rest of my life, but it's worth it. My parents have 5 kids, they don't have money to pay for college and definitely no money for flying! If you want something bad enough, you'll do anything to get it--sacraficing my entire social life (no money to go out) for the next 10 years was my price:)
 
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