It's going to be a big loan, baby!

[jetJosh]

It\'s going to be a big loan, baby!

I'm planning to visit FSA in October. I'm excited about finally becoming a pilot but am more than hesitant on such a big loan. If I borrow $60,000 from Key and pay over 20 years, what will the minimum monthly payment be? Can I honestly expect to earn enough as a flight instructor to pay the loan each month and still have enough for living expenses? Will I be able to work part time while at the academy?

Thanks!

 

[Heat2151]

Re: It\'s going to be a big loan, baby!

Josh,

You probably wont like these numbers, but reality's like this:
$60,000 for 20 yrs = $500 per month, and that's current.

And the key loan dose not have to be paid back untill 6 month's after graduation. www.key.com

You should also note that, a lot depends on how much of the loan you are going to use, if you coming in clean ( no PPL) training, supplies, plus living expenses could easily cut into the loan.

Becoming a professional pilot, is something I wanted to do since I was a kid, it's in my DNA. /ubbthreads/images/icons/laugh.gif So I was in the boat as you are, is it expensive, very much so, is it worth it.?
you damn right it is. /ubbthreads/images/icons/grin.gif Like Mrs.Heat said, "You have a dream, well make it happen". So now I'm starting my training at FSI this Sept 30.

And as far as CFI pay at FSI, it's $14 per hour with benefits.

Best Regards,
Heat2151

 

[jetJosh]

Re: It\'s going to be a big loan, baby!

Heat2151,

Thanks for the tip. Becoming a pilot is something I've dreamed about since I was a boy. (Sure that's not the first time someone's said that on this site). Now that I'm 30 there's really no more time to waste. I suppose it's a matter of doing what it takes to accomplish one's goals. In this case making my way to the airlines. I'm single, no kids to feed, and no house payment to worry about. I'm in Austria now and have to finish up a commitment before I can make any visits to Florida or anywhere else in the States. But sometime early next year I plan to start training. Somewhere. I don't know where for sure yet but this site sure provides a valuable load of information to peruse. I'm glad I found this site.

Thanks again!

 

[chunk75]

Re: It\'s going to be a big loan, baby!

"It's going to be a big loan, baby!"

.....Aren't they all!?!?!?!