SkyWalker1992
Well-Known Member
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!
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!