financing for private training

R

rb3000

Well-Known Member
hello

i was just wondering what are the options to finance for the private part of the training except sallie mae and my own pocket are there any other source for financing?
thankx
 
If your current plans are to only obtain your PPL and instrument rating, do yourself a favor and pay out of pocket. I would not advocate going into debt even if it was your intended career, but you need to pay cash if it is purely for pleasure at this point. I know people advocate taking lessons 2-3 times a week, but there's nothing wrong with doing it once a week if that's what it takes to be affordable to you.

If you want to do it badly enough, you'll find a way to make the extra money.
 
rb3000 said:
hello

i was just wondering what are the options to finance for the private part of the training except sallie mae and my own pocket are there any other source for financing?
thankx
Click to expand...

I would also recommend trying to pay as much out of pocket as possible. Avoid Pilot Finance like the plague. It is very complicated for both the student and the flight school and their interest rates have historically been terrible. There really isn't anyone outside of them and SLM in the loan department. If you have a good relationship with your bank, you might just want to go in and ask what they can offer you.

Michael
 
MichaelCPS said:
I would also recommend trying to pay as much out of pocket as possible. Avoid Pilot Finance like the plague. It is very complicated for both the student and the flight school and their interest rates have historically been terrible. There really isn't anyone outside of them and SLM in the loan department. If you have a good relationship with your bank, you might just want to go in and ask what they can offer you.

Michael
Click to expand...

My cousin was actually able to secure a loan from his bank when he was doing his IR and CSEL. I think he put everything else on a CC. I just remember him telling me one day he had like $20k in CC debt from all the time building he was doing...:panic:
 
get a continuing education loan. wachovia, sallie mae, and suntrust to name a few, all have these types of education loans. the interest is not too bad and they will work with you directly, not the flight school. all of them offer deferment plans untill after your training is done, but dont forget that the interest acrues regardless of when you start paying back the loan. i think wachovia has the best deal, check it out on their website under the link 'education loans' on the front page. then click 'more loan options'.

good luck
 
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