How much money should I use for flight training?

inspiringpilot96 said:
My ultimate goal is to use CFI to eventually get into the regional airlines and then into the majors. I honestly wouldn't mind being in debt later because there is no other career I want besides airline captain. I'm willing to risk anything for it.
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If you can do it smart, minimize the amount of loan, and take less risk why not?

We are not naysayers. We love being in the sky but we also know what the reality is like. Yoy say it is ok now, but could you possibly imagine earning super low wage ( don't plan on more than 25000 after tax unless you land a really well paying survey gig and even in that case, you make more money mostly by sharing a hotel room with like 2 other guys for 7 months in a row so you can pocket per diem at the cost of QOL) for the next 3 years building time? You could pretty much just afford rent, food, insurance and car maintenance. Being that poor and having that much debt is depressing and you will be more likely to make bad decisions when money problem bites.
 
Buy a cheap plane. An old C152 or an old Cherokee. Hell, buy an old beat up tail dragger to have some fun in. Flying is flying. Get your ratings in it. You will only be paying for fuel, Mx, insurance and instruction... No money wasted on renting. In the long run you save a ton of money, possibly even a profit.

Purchasing a Cherokee was the best decision I have ever made. It's an asset and I plan on selling it for a profit once I am done building my time and instructing in it. It also gives you the freedom to fly whenever and wherever you want on your own schedule.
 
Even with loans totaling around 65k, I worked 2 jobs. I should of taken 40k of that and bought a 150. The other 25k would of easily gotten me to CFI/I. Sell the plane and be done with it.
 
inspiringpilot96 said:
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?
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My local part 141 flight school quotes a complete flight training program; from zero to Flight Instructor (Airplane, Instrument, Multiengine) as $60,685.80. That's assuming you complete the training in the minimum time. Now plug that number into a loan calculator and see what it will cost you per month. My guess is that the numbers don't add up.

Neither a borrower, nor a lender be. Do not forget; stay out of debt!
 
There is more than one way to skin a cat. If you have the most essential ingredient , which is grit(persistence), then you will find a way to make it happen.
I had a 4yr degree prior to starting in the field, but I worked my way up the civilian route (as a fueler, ramp agent, line service tech, then a flight coordinator and then threw boxes for flight time and then got my first gig at 25k/ yr). Basically earned money, networked and knocked out ratings in a consistent manner. My lifestyle took a huge hit throughout the process and is only now starting to come back (I'm 30 and started at 25), and it is difficult to suck up your ego and go work the ramp with 18 yr old line boys when you are 27, but you know what, it pays off. I got on with a 135 company and the rest is history.

My family was able to help me with about 1/3-1/2 of the costs, but covering living expenses was still my prerogative. Let me tell you know it is very taxing to be working, then training, then studying, for months on end, with little social life and very little disposable income, but that is the way in the beginning when the burden of finance falls on your shoulders. The total cost of my ratings was in the vicinity of 45-50k. I didn't own a plane or have cheap instructors.

If you are young than time is on your side. You're going to have to hold a job, and be frugal, and knock out ratings one at a time. This career is a marathon not a sprint and it may or may not unfold exactly like you expect it too, so be adaptable, take opportunities as they arise, but take (calculated) risks as well. Once you get to multi commercial , there are a number of schools that will likely sponsor your CFI-MEI, that is something to work towards. Or be like me, and wh**e yourself out to get turbine time and at the same time network hard to get on at a 135.

I'm not sure of the aviation degree route but it might be something to look into if loans are available. I would go to a smaller school though, that still offers R-ATP advantage but not for the 150k price tag. This is an investment, so if you go that route, be smart about it.

Whatever you do, stay in good circles of people, and stay disciplined. You will most likely not be able to enjoy the same kind of 20's as most your peers but learning to fly and doing it for a living is an amazing and rewarding thing.

Good Luck!
 
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SFLAX said:
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.
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Borrow $17,000 and buy my Piper 140- it's valued at $27,000.
Aviation is all about flight hours- get your ratings paying a CFI, fuel, insurance and maintenace, cutting the greatest expense in half.
Fly this low time bird until you have 500 hours.
Write the business off taxes, sell the plane for $17,000 or keep it to instruct in.
$600 a month payments - you'd spend that weekly renting.
Rent it out as well.
 
texas_pilot said:
Borrow $17,000 and buy my Piper 140- it's valued at $27,000.
Aviation is all about flight hours- get your ratings paying a CFI, fuel, insurance and maintenace, cutting the greatest expense in half.
Fly this low time bird until you have 500 hours.
Write the business off taxes, sell the plane for $17,000 or keep it to instruct in.
$600 a month payments - you'd spend that weekly renting.
Rent it out as well.
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Your airplane is IFR certified, yes? What do the hourly costs break down to for operation?
 
flyinghedgehog said:
Don't need to get your CFI right away. There are commercial pilot jobs that do not require that. Drop skydivers till you hit about 500 then look for a job in the right seat flying commuter airline. Good to get a cfi, but no need to break the bank if you can't afford it right off the bat.
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While it is possible, sure, it is also easier having the CFI cert. It can also be one of the cheaper ratings, depending on who you know. If you are in a flying club and they are short on instructors, they may well do it for free for you (how I got my first CFI ticket). Also, you don't have to study for it all at once in a short time. MOST of it is done at a desk, alone, with a book. So anyone can actually start now, as that doesn't cost anything.
 
about six hunnit fiddy

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inspiringpilot96 said:
My ultimate goal is to use CFI to eventually get into the regional airlines and then into the majors. I honestly wouldn't mind being in debt later because there is no other career I want besides airline captain. I'm willing to risk anything for it.
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ALL ATPs. That's the only flight school today I'd feel comfortable/ok with putting up 50-60k up front. Otherwise, like others have said above, just pay as you go.
 
To put loans into a little bit of perspective. I took out a $61,000 loan in 2008, The term is 25 years. the min payment is $330.00 ish a month with a variable rate that is currently at 4.11% IF I just make the min payment for the term of the loan (i'm not) it would cost me around $100,000 for that loan, IF the rate doesnt go sky high.

Thats a lot of extra money for having the privilege of becoming a pilot. And I know loan terms are not nearly as favorable now as the one I have.
Do I regret it, NOPE not one bit, I love what I do. Would I do it differently if I had to do it again? You bet. Loans are an OK thing but know what you are getting into before hand and you won't be blindsided later. There is money to be made in Aviation but one mistake, or some bad luck you won't be making that money, and you need a backup plan.

You need a degree and all your ratings and 1500 hours to see the right seat of an airliner, that job will most likely be there for the foreseeable future. Talk to the right people, and then talk to some more, to make an informed decision.

Just remember "there's a lot of money in aviation, I should know, I put it there"
 
skypilot6 said:
To put loans into a little bit of perspective. I took out a $61,000 loan in 2008, The term is 25 years. the min payment is $330.00 ish a month with a variable rate that is currently at 4.11% IF I just make the min payment for the term of the loan (i'm not) it would cost me around $100,000 for that loan, IF the rate doesnt go sky high.

Thats a lot of extra money for having the privilege of becoming a pilot. And I know loan terms are not nearly as favorable now as the one I have.
Do I regret it, NOPE not one bit, I love what I do. Would I do it differently if I had to do it again? You bet. Loans are an OK thing but know what you are getting into before hand and you won't be blindsided later. There is money to be made in Aviation but one mistake, or some bad luck you won't be making that money, and you need a backup plan.

You need a degree and all your ratings and 1500 hours to see the right seat of an airliner, that job will most likely be there for the foreseeable future. Talk to the right people, and then talk to some more, to make an informed decision.

Just remember "there's a lot of money in aviation, I should know, I put it there"
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Sorry to break this to you, but if you'd invested that $61,000 in the S&P500 in 2008, and reinvested the dividends, you'd be sitting on $195,926.

On the plus side, you were a terrible business decision for the bank.
 
NickH said:
Sorry to break this to you, but if you'd invested that $61,000 in the S&P500 in 2008, and reinvested the dividends, you'd be sitting on $195,926.

On the plus side, you were a terrible business decision for the bank.
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I believe it, I was 21 at the time, wanted to fly, an enrolled in the first program I found, I don't regret my decision, but knowing what I know now I would have done things very differently. I wish I had found JC before going to school.
 
I have a friend that went to college, worked part time as a ramper and paid for flight training out of his pocket. He eventually got his commercial and found a pretty cool full time flying gig to build hours. He did that for 2 years and saved as much as he could. He is now flying for the regionals with no debt and is in probably a much better position than those around him saddled with $65k-$100k in debt. If something happens medically, or industry wise, he is covered with his 4 year degree and will be able to ride out whatever comes his way.
 
Seb said:
Buy a cheap plane. An old C152 or an old Cherokee. Hell, buy an old beat up tail dragger to have some fun in. Flying is flying. Get your ratings in it. You will only be paying for fuel, Mx, insurance and instruction... No money wasted on renting. In the long run you save a ton of money, possibly even a profit.

Purchasing a Cherokee was the best decision I have ever made. It's an asset and I plan on selling it for a profit once I am done building my time and instructing in it. It also gives you the freedom to fly whenever and wherever you want on your own schedule.
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Yeah, I borrowed $17k against my 67 Cherokee when I came up against a suprise balloon note on my property, saving me from losing my house.
I would sell it for less tomorrow and still be ahead!
 
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