How much money should I use for flight training?

I

inspiringpilot96

Well-Known Member
I'm considering borrowing a loan from Pilot Finance Inc or from some bank to get a Private pilot license all the way up to commercial and flight instructor so that I can go straight into getting a career as a flight instructor after I get all those ratings and stuff. So how much money will I need to get to work my way up to a flight instructor? How much can be expected?
 
Last edited:
You might aspire to complete your training g through hard work at another job, and without loans. A career instructor can't afford a loan payment. Having a goal to instruct will inspire you to succeed at your other career.
 
gotWXdagain said:
If you just want to be a flight instructor, pay as you go with a side job. CFI money isn't enough to justify student loans.


Sent from my iPad using Tapatalk Pro
Click to expand...
I actually want to get into the airlines. My first goal is the regionals. Why have a side job? I won't have enough to fly often enough to keep current. To be honest, I want to become an airline pilot so badly that I am willing to be in debt later and I am trying to do anything possible to get there. Unfortunately, I am not going the military route.
 
NickH said:
You might aspire to complete your training g through hard work at another job, and without loans. A career instructor can't afford a loan payment. Having a goal to instruct will inspire you to succeed at your other career.
Click to expand...
But I eventually want to get into the major airlines so wouldn't I be able to pay it all over time?
 
You're talking about the rest of your life here. Do the math. Read the terms of the loan. APR, time of repayment, etc etc. Actually, now we have google, so just google "loan calculator". Then look at your payments, over time...pay special attention to how much more you wind up paying than you borrowed. What will you be doing while you repay this? What other ways will you want to be spending the money you'll be paying on your note? No one can do this for you, but if memory serves, the interest on unsecured loans for flight training is *ludicrous*.
 
Boris Badenov said:
You're talking about the rest of your life here. Do the math. Read the terms of the loan. APR, time of repayment, etc etc. Actually, now we have google, so just google "loan calculator". Then look at your payments, over time...pay special attention to how much more you wind up paying than you borrowed. What will you be doing while you repay this? What other ways will you want to be spending the money you'll be paying on your note? No one can do this for you, but if memory serves, the interest on unsecured loans for flight training is *ludicrous*.
Click to expand...

Not to mention, student loans generally aren't dischargeable through a bankruptcy, and if you default, they *will* ruin your life.
 
inspiringpilot96 said:
But I eventually WANT TO get into the major airlines so wouldn't I be able to pay it all over time?
Click to expand...

Emphasis obviously mine. I wanted to go to the majors at 25, too. Didn't work out that way. I'm not saying that it won't happen for you...you've picked (?) a much better time to be born than I did, at least for someone who wants to be an airline pilot (er, at least until the computers render you irrelevant). But if, let's just spitball, in my cohort, 25 guys out of 100 made it to the majors at an early age without developing a medical condition, screwing up just the one time necessary to put them out of the running, just getting unlucky, or having life intervene in one of the other billion ways it can (and often will). Then in your cohort, the odds will be better, I think that's fairly obvious. Let's go crazy and say it's 50 out of 100 make it. That's still a coin toss. You have to be prepared for what happens if you call heads and it comes up tails. The saving grace for me was that when I started out, it was (relatively) cheap to get the ratings. I've very few regrets (er, PROFESSIONAL regrets, at least), but the barrier to entry now is exponentially higher than it was for me. You're talking about frontloading an obscene amount of debt. I don't know the numbers anymore because I'm older than that first Big Mac under the heat lamps, but I'm going to guess that we're talking about well in to six figures. What do you do when the fickle finger of fate lands on your poor head and you're in to $150,000 in undischargable debt, you get a disqualifying condition (or whatever), and your only salable skill is Aviation Appliance Operation? There's a reason that when old pilots smile about "living the dream", the smile doesn't reach their eyes.

I'm not saying don't do it. Do it, if it moves you. But do it intelligently, or on your own head be it.
 
FlyingAccountant said:
Not to mention, student loans generally aren't dischargeable through a bankruptcy, and if you default, they *will* ruin your life.
Click to expand...

Student loans may not be, but this likely would be.. Anyone struggling with flight training debts and considering bankruptcy for combined debt should seek non-internet legal advice.
 
AFAIK, Nick is right about flight training loans (at least the sort you're talking about) being dischargable in bankruptcy. But bankruptcy also ain't no joke. No one will loan you a pot to piss in for 7 years. And in our 21st century Kleptocracy (editorial bent mine, I confess...and I have great credit!), being "credit worthy" is the key that opens the door to an existence which doesn't involve standing in line at check-cashing joints and prioritizing food vs. heat vs. day-care. Tread carefully, young Padawan.

Also: Any Plan A for which Plan B is "declare bankruptcy" is a bad Plan. First contact with the Enemy, and all that.
 
I make great money, and have a car payment that seems to never end. I have missed things in my life that this money could have paid for. If I could do it again, I would work and buy the cheapest plane and fly and get all my ratings cheap. Then, I would of borrowed for my CFI at a school, then instructed.
 
Boris Badenov said:
AFAIK, Nick is right about flight training loans (at least the sort you're talking about) being dischargable in bankruptcy. But bankruptcy also ain't no joke. No one will loan you a pot to piss in for 7 years. And in our 21st century Kleptocracy (editorial bent mine, I confess...and I have great credit!), being "credit worthy" is the key that opens the door to an existence which doesn't involve standing in line at check-cashing joints and prioritizing food vs. heat vs. day-care. Tread carefully, young Padawan.

Also: Any Plan A for which Plan B is "declare bankruptcy" is a bad Plan. First contact with the Enemy, and all that.
Click to expand...

Student or education loans are
 
I would also doubt a bank would do a personal loan for the amounts you will need. As loans over 25k most banks will want an asset to back it up. That is why education loans would give you the money as they are not normally discharged in BK, so the bank has less risk.
 
You must log in or register to reply here.
Back
Top