Cessna Driver
New Member
Hi Everyone,
My first post here at JC, although I've been reading them quite a bit lately, and learning a lot.
A bit about me, and then I'd like to solicit some advice!
I just graduated from Embry Riddle through the Distance Learning Program, so the 4 year degree is finally done. It wasn't financially possible for me to fly AND go to school, so now I'm looking at flight training options. I do already have my private pilot certificate, but want to flying for a living someday.
I'm looking really hard at ATP's 90 day program, possibly starting in January sometime. I'm figuring at least $45,000, maybe $50,000 by the time its all said and done. I know the program is $39,995 right now, but you have to factor in food, misc. expenses, and examiner's fees, etc. These loans would be with SLM, and possibly Wells Fargo...the going rate is 12-14% now - with great credit. There is so much I like about ATP, but those rates and 20 year terms are daunting.
Another option is (believe it or not) to go through an in-state community college, where I can enroll in aviation ground school classes that have associated “flight labs.” These labs are considered to be a class, and as such I would be able to use my remaining VA benefits for them. Whatever the VA didn’t cover would qualify for federal loans (5-7% with 10 year terms). Through the community college I could get my instrument and commercial over the course of the next 12 -18 months or so, and then always go to another school (such as ATP) to get the CFI with Instrument and Multi-engine add-ons in a matter of weeks.
The downside to this local route is the longer period of time to obtain the same ratings that would be possible in 90 days with ATP. Going the local route would mean I would earn my CFI in March or so of 2011. With ATP I could have it done by March of 2010, and start building time right away. Additionally, ATP includes the multi time, which I understand is extremely attractive to future employers.
I think perhaps my biggest hang-up right now is shelling out $45,000+ at private loan rates to rush into this current job market, or lack thereof. I really want to go to ATP, but am having a harder and harder time convincing myself that’s what I should do all things considered. If it wasn’t for my wife working as a nurse, I wouldn’t even be considering this dream, but even her hours have been cut back lately, and taking on too much in the way of student loans is sounding less and less fun. Fortunately the VA paid for my Bachelors, so as of now I’m student-loan free.
My bottom line question would be: can the expense of ATP be justified given our current conditions and market outlook for the next 12-24-36 months? Or would a slower, more financially conservative route be advisable? I’m leaning towards the latter, but would appreciate any thoughts and feedback.
Thanks!
My first post here at JC, although I've been reading them quite a bit lately, and learning a lot.
A bit about me, and then I'd like to solicit some advice!
I just graduated from Embry Riddle through the Distance Learning Program, so the 4 year degree is finally done. It wasn't financially possible for me to fly AND go to school, so now I'm looking at flight training options. I do already have my private pilot certificate, but want to flying for a living someday.
I'm looking really hard at ATP's 90 day program, possibly starting in January sometime. I'm figuring at least $45,000, maybe $50,000 by the time its all said and done. I know the program is $39,995 right now, but you have to factor in food, misc. expenses, and examiner's fees, etc. These loans would be with SLM, and possibly Wells Fargo...the going rate is 12-14% now - with great credit. There is so much I like about ATP, but those rates and 20 year terms are daunting.
Another option is (believe it or not) to go through an in-state community college, where I can enroll in aviation ground school classes that have associated “flight labs.” These labs are considered to be a class, and as such I would be able to use my remaining VA benefits for them. Whatever the VA didn’t cover would qualify for federal loans (5-7% with 10 year terms). Through the community college I could get my instrument and commercial over the course of the next 12 -18 months or so, and then always go to another school (such as ATP) to get the CFI with Instrument and Multi-engine add-ons in a matter of weeks.
The downside to this local route is the longer period of time to obtain the same ratings that would be possible in 90 days with ATP. Going the local route would mean I would earn my CFI in March or so of 2011. With ATP I could have it done by March of 2010, and start building time right away. Additionally, ATP includes the multi time, which I understand is extremely attractive to future employers.
I think perhaps my biggest hang-up right now is shelling out $45,000+ at private loan rates to rush into this current job market, or lack thereof. I really want to go to ATP, but am having a harder and harder time convincing myself that’s what I should do all things considered. If it wasn’t for my wife working as a nurse, I wouldn’t even be considering this dream, but even her hours have been cut back lately, and taking on too much in the way of student loans is sounding less and less fun. Fortunately the VA paid for my Bachelors, so as of now I’m student-loan free.
My bottom line question would be: can the expense of ATP be justified given our current conditions and market outlook for the next 12-24-36 months? Or would a slower, more financially conservative route be advisable? I’m leaning towards the latter, but would appreciate any thoughts and feedback.
Thanks!
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