Hi All, I'm looking for some solid advice. Here's my situation:
I've been flying since I was 14 at a local FBO. I have always loved it and have always intended to make a career out of it. I went to ERAU in DAB for my freshman year of college, completely on private education loans. While I was down there I realized how bad the airline industry had gotten and that a career in aviation would be very difficult to pay off another 3 years of attending there, as I would be in debt over $130,000 upon graduating. I decided to move back home and transfer to the University of Connecticut where I've been studying for a BA in Anthropology.
I was lucky enough to immediately get a desk job working for Pratt & Whitney, running a training program for our suppliers the last 3 1/2 years. Meanwhile I was going to school part-time, as P&W was paying for my tuition, which kept me from having to take out more loans (I'm in the hole ~$45,000 already with a Key Alternative Loan for ERAU). The plan was to finish my degree while working at P&W and when I was done I would have enough time to finish my flight training. However, I was laid off last Wednesday. I still have access to paid tuition for a year, and will be done with my BA end of July.
I have my PPL and had completed my IFR training part 61. Unfortunately, I didn't have the time to take my checkride for it, so will need significant refresher training (it was 3 1/2 years ago). Rather than get a new job, unemployment should keep my finances at bay, as I am currently living with my parents. I can use all this extra free time to begin continuation of my flight training immediately. However, I will need to take out more financing to fund my training.
I was wondering if anyone had any suggestions for funding. I am aware of Sallie Mae's career training loans, but am wondering if anyone had good success with any other competitive options that maybe aren't as well-known.
Any other comments and advice about this would also be appreciated. I am anticipating some people will probably ream me for getting into more debt with such a shaky career field. However, I already have over $50,000 and many years invested in this so far. I love it, and am pretty good at it, and it's what I want to do. So why not another 6-12 months of training and another $10-15k?? I was ready to jump out a window at my desk job just to get some flight time!
I've been flying since I was 14 at a local FBO. I have always loved it and have always intended to make a career out of it. I went to ERAU in DAB for my freshman year of college, completely on private education loans. While I was down there I realized how bad the airline industry had gotten and that a career in aviation would be very difficult to pay off another 3 years of attending there, as I would be in debt over $130,000 upon graduating. I decided to move back home and transfer to the University of Connecticut where I've been studying for a BA in Anthropology.
I was lucky enough to immediately get a desk job working for Pratt & Whitney, running a training program for our suppliers the last 3 1/2 years. Meanwhile I was going to school part-time, as P&W was paying for my tuition, which kept me from having to take out more loans (I'm in the hole ~$45,000 already with a Key Alternative Loan for ERAU). The plan was to finish my degree while working at P&W and when I was done I would have enough time to finish my flight training. However, I was laid off last Wednesday. I still have access to paid tuition for a year, and will be done with my BA end of July.
I have my PPL and had completed my IFR training part 61. Unfortunately, I didn't have the time to take my checkride for it, so will need significant refresher training (it was 3 1/2 years ago). Rather than get a new job, unemployment should keep my finances at bay, as I am currently living with my parents. I can use all this extra free time to begin continuation of my flight training immediately. However, I will need to take out more financing to fund my training.
I was wondering if anyone had any suggestions for funding. I am aware of Sallie Mae's career training loans, but am wondering if anyone had good success with any other competitive options that maybe aren't as well-known.
Any other comments and advice about this would also be appreciated. I am anticipating some people will probably ream me for getting into more debt with such a shaky career field. However, I already have over $50,000 and many years invested in this so far. I love it, and am pretty good at it, and it's what I want to do. So why not another 6-12 months of training and another $10-15k?? I was ready to jump out a window at my desk job just to get some flight time!