SpiraMirabilis
Possible Subversive
no, its just 5%. prime + 0. not an introductory rate either. I'm a p-i-m-p with good credit!
12% interest
- Thread starter VATechPilot
- Start date
VATechPilot
Well-Known Member
You mind feeling me in on this job?
And does anyone have any suggestions on jobs I can do either to build money before going to this school, or a job to have while doing the pay as you go/FBO route?
Scandinavian13
New Member
Right about now, I'm feelin' Av-Ed back at JYO or OKV. It's where I got my private.
I can't help the feeling of giving up, though. I can't say I'm giving up on the dream because I'll be training somewhere, but I feel like I'm giving up here in AZ.
I can't help the feeling of giving up, though. I can't say I'm giving up on the dream because I'll be training somewhere, but I feel like I'm giving up here in AZ.
Barty
Well-Known Member
I feel your pain, but as I discussed in another thread, the days of easy and cheap credit for flight training have passed for now. One positive effect this can have is that (hopefully) schools and FBOs will bring their prices down in order to attract other business. With the hiring situation being what it is, I believe more and more people are going to come to the same conclusion you have,it isn't worth going into that much debt without the expectation of a job to pay it off afterwards.
You certainly don't need to give up on it, but you need to develop a plan "B" as well. Personally, whatever job you get, don't look at it as something just to pay for flying, but look at jobs that will allow you to learn a skill or trade if you have no other education. At the least, you'll have something to fall back on if things don't start to pick up in a couple of years.
killbilly
Vocals, Lyrics, Triangle, Washboard, Kittens
Yeah. You could potentially get a gig pulling cable (data and voice) with a telecom or data shop. This is an excellent point of entry into the business as well, which can land you technical certifications and allow you to learn a skill/trade while flying.
It can pay well (especially with overtime) and if you get good at it, you get paid more. It's an art, really, to do cable installations correctly.
I haven't dusted this one off in a while, so here you go:
http://forums.jetcareers.com/general-topics/27591-stevecs-accumulated-loan-rant-posts.html
http://forums.jetcareers.com/general-topics/27591-stevecs-accumulated-loan-rant-posts.html
VATechPilot
Well-Known Member
Hmm...interesting. What's the official name for this job??
And please keep the job suggestions flowing people!! Especially high earning jobs, and/or jobs that I can get with my history degree.
Scandinavian13
New Member
Thanks, Steve.
killbilly
Vocals, Lyrics, Triangle, Washboard, Kittens
No title, really. Cable puller, cable tech, etc...
dakovich
Well-Known Member
i remember good ole' Pan Am Academy. i also remember the sales pitch...wish i could go back and kick myself in the goodies right before i signed away a good portion of my life. i also wish i could have seen the big picture back then. anyway, if you're gonna do it, listen to the guys on here and work a second job, take your time, pay as you go. take the upfront pain of that second job and sacrafice some free time so you don't sacrafice your future savings and ability to live a normal life. plenty of guys/gals on here have taken out those stupid loans and when they read your post i bet money (that i no longer have) there was a collective "NOOOOOOOOOOOO!!!!" going out through the country. personally i'd say this JOB is not worth it. it is awesome, don't get me wrong, but after awhile you realize its a JOB. it doesn't pay you back in the way a normal job would. Its also volitale in nature, there are just soooo many ways things could go bad, in a career sense, and then all that money spent for nothing. so, if you HAVE to do it pay as you go. leave yourself that option in the future to walk away if you need/want to without having the ghost of what you've done follow you through life.
killbilly
Vocals, Lyrics, Triangle, Washboard, Kittens
Y'know, I was thinking...
If you do have the credit and financial wherewithal for SLM to approve you, you might have the ability to actually buy an airplane. It's kind of a big monthly payment, but you sell it when you're done with it and get some money back.
There are some good threads around here about ownership, and it shouldn't be taken lightly, but it might be an option for you. We have a few owners around here.
And I bet your total cost for note payment, insurance and tiedown would be less than the SLM Payment. Then all you need is maintenance reserves and an instructor.
If you do have the credit and financial wherewithal for SLM to approve you, you might have the ability to actually buy an airplane. It's kind of a big monthly payment, but you sell it when you're done with it and get some money back.
There are some good threads around here about ownership, and it shouldn't be taken lightly, but it might be an option for you. We have a few owners around here.
And I bet your total cost for note payment, insurance and tiedown would be less than the SLM Payment. Then all you need is maintenance reserves and an instructor.
Yes, I agree that the loan, insurance and tiedown would be less than your SLM payment. But it's the unexpected costs of ownership that kill the economics. If you have a cylinder go down and need to replace it, think at least $800, depending on the airplane.
Maybe a partnership arrangement would work best. You can split the fixed cost and just pay for your hourly use of the airplane.
Dont' buy an airplane unless you are independently wealthy or can sacrifice part of your income to mantain it.
Maybe a partnership arrangement would work best. You can split the fixed cost and just pay for your hourly use of the airplane.
Dont' buy an airplane unless you are independently wealthy or can sacrifice part of your income to mantain it.
SpiraMirabilis
Possible Subversive
I second the buy an airplane and sell it when done thing. I wish I had done that.
VATechPilot
Well-Known Member
Very interesting.
Hey what do you guys think about being an FA while paying as I go. Perhaps get the last ratings and what not at an academy?
Ian_J
Hubschrauber Flieger
:yeahthat:
My card is 5% straight up. Prime plus zero with a credit limit that tempts a guy to go out and buy a nice car.
I've never really used that 5% though as I refuse to carry a balance, but I suppose it's there if I need it.
Ian_J
Hubschrauber Flieger
And I certainly have to :yeahthat: that. I've pimped SteveC's loan rant posts before, and I hope people give them a serious look-see.I haven't dusted this one off in a while, so here you go:
http://forums.jetcareers.com/general-topics/27591-stevecs-accumulated-loan-rant-posts.html
trafficinsight
Well-Known Member
I don't have any credit cards
thehobbit
Well-Known Member
:yeahthat:
My card is 5% straight up. Prime plus zero with a credit limit that tempts a guy to go out and buy a nice car.
I've never really used that 5% though as I refuse to carry a balance, but I suppose it's there if I need it.
yeah but put a balance on it and wait. It wont be long before they stick it to you by upping your rate's. they know that people with good credit are going to pay it back b/c they want their credit to stay in good standing. I borrowed about 28,000.00 at 6 percent fixed for the life of the loan from jp morgan chase. about seven months later they upped it to twenty percent. I stopped paying them afterwards and I'm filling a complaint with the office of comptroller of the currency. most likely I'll just settle the account for a fraction of what I borrowed. banks are hurting for people to pay their accounts right now and they will take anything at the moment.
Scandinavian13
New Member
I thought about it and started to look around some. Most aircraft that I've found that are less expensive are either ridiculously old or not equipped to reasonably tackle the IR. Most of the aircraft I've found are more expensive than the numbers I've run for the cost of my ratings, too (IR, Comm + Multi).Y'know, I was thinking...
If you do have the credit and financial wherewithal for SLM to approve you, you might have the ability to actually buy an airplane. It's kind of a big monthly payment, but you sell it when you're done with it and get some money back.
There are some good threads around here about ownership, and it shouldn't be taken lightly, but it might be an option for you. We have a few owners around here.
And I bet your total cost for note payment, insurance and tiedown would be less than the SLM Payment. Then all you need is maintenance reserves and an instructor.
The only way I could justify purchasing an aircraft would be if I could know for sure that I'd own it for the long run. Even though I plan on owning at some point, most of the aircraft I could afford, based on loan payments, aren't exactly in the position to accept the demand of longevity.
That's the issue. It isn't the purchase price, it's the upkeep and insurance. I drive a BMW, so I'm familiar with the pitfalls of specialized maintenance and how to avoid it. Unfortunately, in the case with an aircraft, there's only so much you can do yourself.
It's definitely something to consider, but also realise that what you purchase isn't going to satisfy everything for all of the ratings (A 172 isn't going to take care of your Complex req for the Comm, a cheap aircraft without IFR capability won't take care of your IR, and anything with one engine won't take care of your Multi). So you're going to have to rent at some point. Then again, the fact that you've "saved" the cost of renting for a majority of the time helps out.
I'd argue, on the other hand, that buying for the long run is more the way to go. I'd only buy an aircraft if I was sure I'd keep it around for a while, I was capable of keeping it around for a while, and it could handle being kept around for a while. Also consider how you'd be using it in the future. If you plan to put around on the weekends locally, there's no problem with buying a 172 and keeping it around, but if your future aspirations involve carting the family around across states, a 172 probably isn't going to be your most efficient option. Then again, though complex aircraft are faster and more capable, they're also more costly to maintain, etc.
Long story short, I've looked into it and I'm still looking into it.
Along the lines of the thread, and as I've mentioned before, I dumped Sallie Mae because of the ridiculous offer. I'm figuring out the best, least costly way to get out of here and back towards home where I can pick up at job or two, rent a place with some friends to save on rent, and train out at the flight school I got my private from.
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