FlightItch
New Member
I was wondering how everyone is paying for ATP. I called the other day and the impression that I got was that the first repayment of the loan would be something ridiculous like 9k?!? Is this true?
How to Pay for ATP?
- Thread starter FlightItch
- Start date
FlyingNole
New Member
Rob a bank, take out a life insurance policy on your wife and then take her out, sell drugs, prostitute yourself out......or.....ask your parents 
Anyone else have ideas of paying for ATP?[/QUOTE]
I got hired by a company named Kellog, Brown, and Root. I'm set up to leave on Jan 15th. I'm going to Iraq for a year to work as a civilian contractor. The position I was offered pays $85,000 to $95,000. 80K is tax free. I know this would be unthinkable to many. However, I just got back from there seven months ago. That being said, I know what to expect. As a civilian I'll be in much less danger then as a soldier. I've heard it preached many times on JC to stay away from debt. I think it's excellent advice and I have thought long and hard about it. It is worth another year of sacrifice to me to relize my dream. At this point it's not about flying RJ's or KingAir's or any of that stuff. It's about Flying, period.
I got hired by a company named Kellog, Brown, and Root. I'm set up to leave on Jan 15th. I'm going to Iraq for a year to work as a civilian contractor. The position I was offered pays $85,000 to $95,000. 80K is tax free. I know this would be unthinkable to many. However, I just got back from there seven months ago. That being said, I know what to expect. As a civilian I'll be in much less danger then as a soldier. I've heard it preached many times on JC to stay away from debt. I think it's excellent advice and I have thought long and hard about it. It is worth another year of sacrifice to me to relize my dream. At this point it's not about flying RJ's or KingAir's or any of that stuff. It's about Flying, period.
GAPILOT
Well-Known Member
FlightItch said:
I'm using a Key loan. After the end of the year you can no longer get the key loan for ATP, but they do have other lenders you can use. The loans are student alternative loans, so you don't start paying on them until 6 months after you finish flight school or college. My payments are only $420 a month for 20 years.
If you have a job where you can save up that kind of money in a reasonable amount of time then that would be the way to go.
Andy
jawright
Well-Known Member
Or if you have a job that pays well, you could take out the loan, do the 10 month ACPP and pay the loan back with the money you earn from the job. I've been pondering that lately, since I have a decent gig and there's an ATP 10 month location 40 min. from my house.
Try to stay away from debt as much as you can. Debt sucks.
cessna_cptn
New Member
GAPILOT said:
Man, that is over 100K for flight training. Ouch!!
Captain_Bob
Well-Known Member
You do know that that $150,000 house that you buy at 6% interest over 30 years will cost you upwards of $320,000 in the end right... ?cessna_cptn said:
Interest is interest... debt sucks... we all know it. Telling someone who may not have the immediate means to pay and who wants to get his training done now to take advantage of the hiring spree, to hold off until they can pay for it upfront, is like telling someone who want's to take advantage of the low interest rates on home loans right now to hold off until you can pay for the home up front. (not directed at you cessna_cptn, just a general statement.)
Both are investments. Both are risks. Both can see large returns on investment, and both can bite you in the a**.
If you have to get the loan... and you are concerned that you will pay so much in interest, then when you have the means to pay extra you can either refinance for a shorter term, or start doubling payments... even $50-100 a month extra makes a HUGE difference in the end.
For the record... I waited 15 years to take the plunge. I was able to pay for my training up front. That being said. If I had come into the industry 15 years ago I would be in much better financial shape than I am now... (depending on which airline I chose... there's that risk part.) I would be making over 100k a year with maybe 5-10k left on a 20 year loan if I didn't pay it off already. As it stands, I am debt free (not incl. house payment) but only making 35k as a 2nd year FO with a much more limited time frame on my career and earning potential. Which position would you rather be in?
Either way I have always USED credit to my advantage. Low interest rate deals for short term financing... Large debt consolidation loans to lower outgoing payments and interest rates until I can catch up then start doubling payments or refinance for the shorter term, buying a larger home than needed at the time, by taking advantage of lower interest rates... etc.
Many of my lessons came from credit USEING me. I firmly believe that experience helped me gain an appreciation of credit... as much as it hurt. So I am in no way a role model. But I did educate myself over the years on credit and how to use it versus being used by it. I suggest that to everyone.
Dreams are possible. Credit is probable. Don't be afraid of it. Educate yourself and use it to your advantage if neccessary. Even with the 10 month program at ATP you need to pay for the program within the first 5 or 6 weeks, so a loan is probable. If I had the time to do it all over... I would have done the 10 month program to maintain a source of income while busting my a** to get done within 3-6 months.
I now I rambled a bit here. Apologies... but do what is right for you only after you have done your research. Educate yourself on the potential opportunities and potential risks that may be available to you if you jump in whole hog right now... as well as the opportunities and potential risks of waiting...
Good luck,
Bob
GAPILOT
Well-Known Member
cessna_cptn said:
Yeah it is right over 100k. I agree it sucks. I tried to go with a cheaper flight school and with an FBO, but neither worked out very well. The planes were always down at the flight school and the FBO's both ended up selling their school and the planes. I spent 5 months thinking about what to do next and now I have decided to take the risk and go into debt. I'm only 20 and have the help from my parents if I need it. Without their support I"m not sure I would take the chance. Good luck.
Andy
cessna_cptn
New Member
GAPILOT said:
Sounds like you have your plan. Now go make your dream a reality. Best of luck to you.
cessna_cptn
New Member
eta71 said:
I know what it feels like to be in your shoes. If I can offer any advice, it is to save for whole amount of the PPL before you start. I know you are anxious, but trying to pay as you go can get real expensive and take a real long time. Hope all works out for you.
GAPILOT
Well-Known Member
scoobs said:
I have thought about that, but even a nice C-152 will cost you close to 20K. Then you have to pay for a tie down at an airport, pay an instructor, gas, oil, maintence, ect.. Then for the Commercial you will have to find a complex plane. This gives you no multi time and no multi rating. I think you're better off to finish at ATP in 90 days and not have the hassle of keeping up a plane and finding a private instructor.
Andy
Buy a house in California, sell it a year or two later and then use the money to pay for flight training?
Just sold a house in California after having for a little over three years and still had a good chunk left over after buying a less expensive home not in California and paying taxes.
Just sold a house in California after having for a little over three years and still had a good chunk left over after buying a less expensive home not in California and paying taxes.
