Paying for flight school. What are my options? What's your advice?

[SkyWalker1992]

Hi there. I'm a Private Pilot in need of some advice on how to pay for the rest of my training.

I got my PPL in February and have then since been trying to figure out how I'm going to pay for the rest of my training. I figured I'll get my Instrument Rating, Single Engine Commercial, CFI, CFII, and then use my income once I'm hired as a flight instructor to finance my multi training if the school does not. My dad paid for my PPL training under 141, but he has many other financial obligations to take care of. Although I don't make his senior airline captain salary, I figure there has to be some way for me to pay for my training.
I think my best bet right now is to try to apply for loans. However, I plan to continue my training part 61, and it's at a small local FBO/Flight school (offering both 61 and 141). So I'm pretty sure a student loan is out of the question. I'm 20 years old with no credit history, and my dad has too much money out to cosign for me, so I don't really know how to make my next move. I work full time as a line girl at another FBO on the airfield and make ~$1,200 per month after taxes, not including tips, overtime, after hours fees, or any of the other extra stuff us rampers get. I live at home since I'm still a student, so I have no real expenses. I'm willing to pour my entire income into my training.
I just don't know how to get the financial help I need. It looks like I am only applicable for a personal loan, but I know they have high interest rates, short repayment terms, and are difficult to get approval for. I've tried a few credit unions, but don't really know what my other options would be. Should I look around for private lenders? Banks? How did you pay for your training? What was your experience like trying to pay for flight school?
If I have to, I'll just save as much money as possible, or fly 1-2 times a week, but I know this can be counterproductive for learning and a waste of money. I'm dying to fly again and want to get my ratings ASAP.
Any advice would be greatly appreciated!

 

[SteveC]

http://forums.jetcareers.com/threads/for-anyine-thinking-of-taking-out-a-loan.187781/

 

[drunkenbeagle]

If I have to, I'll just save as much money as possible, or fly 1-2 times a week, but I know this can be counterproductive for learning and a waste of money. I'm dying to fly again and want to get my ratings ASAP.
Any advice would be greatly appreciated!

Flying once per week is more than plenty. It isn't counterproductive - my students fly less than that, they seem to do just fine. The "it is a waste of money if you don't fly 5 days/week advice" mostly comes from CFI's in a hurry to pad their logbooks. They heard the same speech from their CFI's...

Don't borrow a dime. Some sage advice given to me by an old timer: "The secret to life is low overheard."

See if you can find a nearby glider club - good way to learn on the cheap. Being a regular at the airport pancake breakfast/fly inn/EAA mixer is also a good way to meet people that own airplanes.

 

[SkyWalker1992]

Flying once per week is more than plenty. It isn't counterproductive - my students fly less than that, they seem to do just fine. The "it is a waste of money if you don't fly 5 days/week advice" mostly comes from CFI's in a hurry to pad their logbooks. They heard the same speech from their CFI's...

Don't borrow a dime. Some sage advice given to me by an old timer: "The secret to life is low overheard."

See if you can find a nearby glider club - good way to learn on the cheap. Being a regular at the airport pancake breakfast/fly inn/EAA mixer is also a good way to meet people that own airplanes.

Really? That puts my mind at ease quite a bit. I don't mind flying once a week if that's all I can afford. I've just been discouraged from doing so. Thank you for your input.

 

[Ash Williams]

I paid for all my own training except for private. It was not easy. It took me 13 years to go from private to CFI. At one point during that time I was laid off 4 times in 6 years. I had many setbacks but I kept going. I did it the hard way and moved out and got married. Don't do that unless you want to spend the next 13 years trying to save up and pay for everything. If I were you, I'd stay at home and work as much as you can. You can even do a home study course for your written exams.

Also, it would be great if you can find a place to backseat ground briefs and flights. Take notes, ask questions. That way when it comes time for your lesson, you can just knock it out.

Work, fly, backseat, study, repeat. The more you study and backseat, the less money you will have to spend. You will reach your goals faster. Good luck!

 

[SkyWalker1992]

Thanks for the advice! I feel a lot more confident about my situation knowing that not everyone takes the fast track. I should have enough saved up to start my training again. Luckily, I'm surrounded by other aviators in my community who are willing to help me along the way.
Thanks again!

 

[MGUTIERREZ]

See if you can find a Civil Air Patrol squadron in your area, once you join you will have access to knowledgable pilots, cfi's, and inexpensiveC172s. There is no instructor charge and the 172s in our state comes to about $55-$60 an hour. You have your PPL, split some time $30 an hour is a great way to build time for the commercial.

 

[drunkenbeagle]

Glider clubs / Local EAA chapters and the Coast Guard Auxiliary are also good places to be involved with aviation on the cheap.

 

[rframe]

Flying once per week is more than plenty. It isn't counterproductive - my students fly less than that, they seem to do just fine. The "it is a waste of money if you don't fly 5 days/week advice" mostly comes from CFI's in a hurry to pad their logbooks. They heard the same speech from their CFI's...

While I agree that flying once per week is way better than none at all, there's also no doubt that 2 times per week people will advance faster and result in a lot less loss of knowledge and skills. That's my observation anyway, especially for the older guys who need a lot of repetition and when approaching milestones that require extra training.

People need to be realistic about the time needed to move forward. If you're barely squeaking by paying for 1 hour of dual I'd really think about saving up some cash before starting. I've got a couple students who've been at it for a year plus, saving up nickels and dimes trying to fly when they can and its frustrating for them and me because they just cannot stay proficient enough to progress. Then they feel so much pressure to perform in that 1 hour they've saved for that they end up putting too much stress on themselves and it's counter productive.

My advice would be to go sell some crap you dont need, go get an extra part time job for a few months, build up a nice savings, then hammer out your PPL. Relax, reload, repeat. You might not need to save up for your entire rating, but maybe have half of it in the bank, that way when you want to get in a few extra lessons in close succession to your first solo to keep things really fresh, or when you need to get in a 3 hour dual cross country you wont be staring at the wall wondering where all that cash is supposed to come from.

The money has to be there regardless and it's not that hard to save up over several months with some creativity and motivation. Then you can really focus on the flying when the time is right.