Financing

Erauboi1984

New Member
I am currently a student at riddle and looking to leave riddle to join an academy. However, I have to finiance the entire thing, and was wondering how it is possible to pay off the loans if it is hard to work while you're in training, and as a flight instructor i hear you don't make enough money to make a $500 loan payment every month. This ismy main concern iwth joining an academy is that I wont be able to pay back the money I borrowed. Any help would be appreciated. Thanks
 

Acadia

Well-Known Member
It probably depends on each individual’s situation. Do you already have many other fixed expenses (mortgage, car loan, kids, credit card debt.)? If so throwing another large payment into the mix would probably be bad news.

I borrowed every cent for my training at FSI. I had my private already, but I did everything else through CFI. I borrowed an extra 10k for my wife and I to live on and my total payment is $470 (finished at FSI 8/2002). We own a house and the mortgage is reasonable and neither one of us have car payments or other substantial debt (plus no kids). I dont love sending out the check every month, but even in the winter we get by ok (no major surplus though). I work as a free lance CFI, ferry aircraft, and in the summer I fly scenic flights and tow gliders. I hope to have my minimum hours for an airline application within 6 months. No regrets at this point.
 

CLR4ILS

Well-Known Member
You can defer the Key Bank loan beyond two years. I think they tell you 1-2 years of deferment but I keep getting additional deferment options in the mail. I beleive you can defer the payment as long as you are enrolled in school. I hope this helps...ILS
 

Flybub

Well-Known Member
Yup, if it's the Key Alternative Loan you will still accrue interest while in deferment. From what I was told the only way it will not accrue is if it's a subsidized loan.
 

EatSleepFly

Well-Known Member
I used the Key Alternative Loan as well. My APR is 5.27%. The Variable Rate is the Current Index + 2.9%.
 

ERJ-135

New Member
Find out how much you will pay on a monthly pay plan. Use the program Key Bank has on the website: www.key.com/educate

This program will give you an estimate on what the monthly payments are and how much you can afford to borrow.
 
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