my app got accepted

mojo6911 said:
Even a good rate, like 6%, is a TON of interest on 15 years, especially when you factor in the current job market.

65k over 15 years, at 6%, is a $548/mo. payment and will be over 33k in interest alone. So you are looking at paying nearly 100k for your flight training if you pay over 15 years.

If you are doing the self paced, and only pay interested on incremental payments, that wouldn't be such a bad deal, I guess. Do you have to pay the loan payment on the lump sum, even while doing self paced?
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I'm doing the 90-day acpp, but pretty sure that as far as the loan goes it doesn't really matter. You still pay the interest on the lump sum. Another thing is that even if you go with the FBO, you still have to get a loan, unless you've got enough savings or can afford paying as you go. These days you're lucky to even get a loan, let alone a good interest rate!

I guess it depends on where you live. Most students in my ex-FBO here in NJ spend 15K+ on their Private, and few go for all of their ratings with them. Might as well just go to ATP and get it over with :crazy:
 
Hmm and how much does that 50 to 60 k loan cost after the 15 years of interest accrue? Seriously does anyone know? anyone that finished 15 years ago?
 
n6149s said:
Hmm and how much does that 50 to 60 k loan cost after the 15 years of interest accrue? Seriously does anyone know? anyone that finished 15 years ago?
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No one payed 50-60k in training loans 15 years ago. 15 years ago you could get your training done for like 20k or less. Hell, about 10 years ago you could go through the ATP ACPP for like 30k.
 
Back when I went through the ACPP was like 40k I think? And I was quoted a loan through SLM where I would end up paying 100k, I seriously said 'eff you guys' on the phone. I managed to pay it up front, somehow.
 
3enginejock said:
No one payed 50-60k in training loans 15 years ago. 15 years ago you could get your training done for like 20k or less. Hell, about 10 years ago you could go through the ATP ACPP for like 30k.
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Back in 2003-2004, the ACPP was $27,000. Of course, that was before they had to find a way to pay for D-Jets..:rolleyes:
 
Wicked. I have been reading the harsh posts on here about my future school. Although I know what I am getting myself into, it makes me a little sick to my stomach reading the criticismI am waiting until the 1st week in OCT to apply for student aid to ATP. I am wanting to go to the 90 day wonder course (GI BILL).
 
really at this point for me, the cost is not that big of an issue. What I am confused about however is the fact that these programs claim to get you done in a hurry. Why? Is someone going to be hiring in 90 days that I just don't know about? SO lets hurry up and wait.
 
Well, in my case, going full time to flight school is time away from ANY sort of income (no matter how small it may be as a pilot). the sooner I am done with school, the sooner I bring TOP RAMEN back to the table to eat.
 
USRaven said:
Well, in my case, going full time to flight school is time away from ANY sort of income (no matter how small it may be as a pilot). the sooner I am done with school, the sooner I bring TOP RAMEN back to the table to eat.
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Why limit yourself to income "as a pilot"??? There are plenty of jobs out there that pay more (some even pay A LOT more;)) that would allow you to provide for yourself and your family and probably come with benefits. You could then do your training on the side and pay for it as you go. If you don't have a 4 year degree and are using your GI Bill for flight training, that is probably a mistake. You can go to school and get the BAH of an E5. Or if you do have your degree, why not use that to get a job (or even a contractor/GS job). I have seen many people use their VA benefits for flight training instead of college and I think most regret it; especially when you consider that after you finish wth ATP then what are you going to do?

Anyway, good luck to you with whatever you choose. I just hate to think that you are going to ATP because you believe it is the only path to earning a paycheck.
 
USRaven said:
Wicked. I have been reading the harsh posts on here about my future school. Although I know what I am getting myself into, it makes me a little sick to my stomach reading the criticismI am waiting until the 1st week in OCT to apply for student aid to ATP. I am wanting to go to the 90 day wonder course (GI BILL).
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Reality kinda sucks, doesnt it?
 
guywhoflies said:
Why limit yourself to income "as a pilot"??? There are plenty of jobs out there that pay more (some even pay A LOT more;)) that would allow you to provide for yourself and your family and probably come with benefits. You could then do your training on the side and pay for it as you go. If you don't have a 4 year degree and are using your GI Bill for flight training, that is probably a mistake. You can go to school and get the BAH of an E5. Or if you do have your degree, why not use that to get a job (or even a contractor/GS job). I have seen many people use their VA benefits for flight training instead of college and I think most regret it; especially when you consider that after you finish wth ATP then what are you going to do?

Anyway, good luck to you with whatever you choose. I just hate to think that you are going to ATP because you believe it is the only path to earning a paycheck.
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I think what USRaven meant is that the sooner you get done with flight training, the sooner you'll be able to get [some] job and earn [some sort of] money - any kind of money, as opposed to having to spend months and months shuffling a full-or part-time job and 141 FBO training.
How much you'll be making once you're out of ATP - that's another story.
 
guywhoflies said:
Why limit yourself to income "as a pilot"??? There are plenty of jobs out there that pay more (some even pay A LOT more;)) that would allow you to provide for yourself and your family and probably come with benefits. You could then do your training on the side and pay for it as you go. If you don't have a 4 year degree and are using your GI Bill for flight training, that is probably a mistake. You can go to school and get the BAH of an E5. Or if you do have your degree, why not use that to get a job (or even a contractor/GS job). I have seen many people use their VA benefits for flight training instead of college and I think most regret it; especially when you consider that after you finish wth ATP then what are you going to do?

Anyway, good luck to you with whatever you choose. I just hate to think that you are going to ATP because you believe it is the only path to earning a paycheck.
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(Forgive me for running away with this thread).

Well... I started writing out my life story, until I realized no one cares! HA. Thanks for the input, I am always open to other peoples recommendations and ideas. Ive got experience to fall back on if I need to - in avionics repair and weather forecasting.

As far as the GI BILL... luckily I still have about 10K dollars on the bill left over after flight school to use. When that runs out, the POST 9/11 GI BILL kicks in for AN ADDITIONAL 12 MONTHS!!!!!!!!!!!!!!!!!!!!! What a freakin deal!!! So... I am jumping all over it.

I am trying out ATP on Wednesday. I am going to pay for the 4 hour G1000 DA40 package. I am excited!!!!
 
USRaven said:
Well, in my case, going full time to flight school is time away from ANY sort of income (no matter how small it may be as a pilot). the sooner I am done with school, the sooner I bring TOP RAMEN back to the table to eat.
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Low Expectations = High Morale indeed... Best of luck. Make sure you do that RJ course too so you can get hired at my airline after I get recalled in 2012...
 
Dont knock the guy for wanting to get his ratings done fast. Its his money if he wants to do it then go for it.

ATP is a great school. However, it is expensive. The airline industry isnt doing so hot right now and the few airlines that are hiring are not hiring anyone with 250 hours. Having said that, if you have some connections and you can get job right out of school I would say getting your ratings fast is definatly worth it. I was able to secure a 135 SIC gig right out of school so it can happen.

If you do not have a connection then all your gonna have a debt and no job. Even CFI jobs are difficult to come by these days.

IMO, if you do not have a job lined up for you already when you get your ratings then take it slow. If you need to work then get a job at Home Depot (lord knows it pays more than being a regional pilot) and get your ratings part time at a FBO. You will save money and hopefully the industry is a bit stronger when your ready.

Thats my 2 cents, take it for what its worth...
 
It obvious that a choice to attend ATP at this moment in time is based on a combination of emotion and tunnel vision.
 
3enginejock said:
D

ATP is a great school. However, it is expensive. The airline industry isnt doing so hot right now and the few airlines that are hiring are not hiring anyone with 250 hours. Having said that, if you have some connections and you can get job right out of school I would say getting your ratings fast is definatly worth it.
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There is no place today that will hire you with 250 hours even if you know someone, unless you are paying for the job. The days of wet commercial to a tprop or jet job are over.
 
bunghole said:
It obvious that a choice to attend ATP at this moment in time is based on a combination of emotion and tunnel vision.
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Actually in her case it doesn't matter since it's GI Bill. I would actually even go to a more expensive place than ATP, like Flight Safety Academy. 78k!!!!! for private to instructor. And you will be paid 16 an hour as a CFI too!
 
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