Money for flying!!!

D

denvrunr

New Member
Hey guys. I need a little help. I'm trying to search for options on how to pay for flight school.
This is what I think I know:

I can go to an accredited university/college and apply for a federal loan...(I already have a master's degree and don't want to go back to school!)

I can find a flight school and go the sallie mae route (which I would like to avoid if at all possible)...or pay as I go (which will take me forever!!)

I know there are some scholarships that are offered and I plan to apply, but this won't take care of the entire cost.

Any other ideas?

Thanks so much!
Denvrunr
 
Going to an affordable accredited liberal arts university that happens to have an aviation program (NOT Riddle), the overall cost may be the same as if you were to pay for your training at a small Part 61/141 flight school. It is much easier to obtain student loans at lower interest rates (part of them being low interest subsidized Stafford/Perkins loans) through a University. If you go to a flight school at your local airport you will have to go the Sallie Mae or other private loan route. The latter route will not allow you to obtain the low interest government-subsidized loans which can offset the cost saved by finding a low-cost flight school.

My advice is this - consider joining a local flying club. You'll pay around a $40/mo fee for the membership but you will enjoy low cost airplane rates ($40-60 for a 152). The problem with this route is you will have a harder time getting financing for your training at the flying club. If you can work for 4 years, save your money, then do your training, it'll reduce the amount of time it'll take to pay back you student loans on CFI wages or 1st-year cargo pilot or regional airline pilot salary.
 
Do ya really need two kidney's?



Not to poisen the well here but have you considered pursuing a non-flying career you would enjoy and fly as a hobby? You could pay as you go on the training since you'll be in no rush and later join a flight club or buy into a fractional ownership and fly your way on your own time. You'll save tens of thousands not to mention you'll probably be making two to three times what a new hire pilot makes.
 
Man, the title made me think that you were giving out money. Anyway, just work your way through it, and say no to loans. You might just enjoy your first flying job more if you do not have a huge loan over your head.
 
I started my flight training in Sep. '01 (GREAT TIME TO START, BTW!!!!) and it took me 6 years to get my CFI, because I paid cash, but it was worth it. I have no debt.
 
A job?

it worked for me, it worked for my parents, it worked for their parents...its just crazy enough to work
 
What about getting a job at the FBO you're training at and getting discounted rates through it? Does that ever happen?
 
Why not get a crappy loan to get your ppl, instrument and CFI- Shouldn't be too huge of a loan, then get a CFI job. If you are portable there are tons of schools down here in Florida teaching the Navy pilots. CFI is all that is required and they are logging 40hrs a week. Not a bad way to make some money to pay down your loan and build time . Just a thought. I would guess that if you lived cheap and worked all you could, you would have your loans paid off and have your commercial within a year. Just an idea! PM me if you have questions or need more info/ideas.
 
38bat said:
Why not get a crappy loan to get your ppl, instrument and CFI- Shouldn't be too huge of a loan, then get a CFI job. If you are portable there are tons of schools down here in Florida teaching the Navy pilots. CFI is all that is required and they are logging 40hrs a week. Not a bad way to make some money to pay down your loan and build time . Just a thought. I would guess that if you lived cheap and worked all you could, you would have your loans paid off and have your commercial within a year. Just an idea! PM me if you have questions or need more info/ideas.
Click to expand...

I thought you had to have your commercial BEFORE you got your CFI. Is that not true?
 
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