I am looking to start my pilot training - starting from zero to Commercial. To be able to pay for the training I am looking to do the Career Training Loan from Sallie Mae. They unfortunately do not have a list to find out what Flight Training Schools provide their loans. Basically, they said just call us with the names of schools you are checking out and we'll tell you if they provide our loan - That could take forever. I am willing to relocate if need be. Does anyone know of Flight Training Programs that provide the Sallie Mae Financing???? I really appreciate any info!
Training schools with Sallie Mae Financing?
- Thread starter dblou
- Start date
Matt13C
Well-Known Member
ATP does, but you really should think long and hard about this decision. A Sallie Mae loan will be unsecured so interest will be HIGH, talking 15-20% range. Even at the lowest 15%, going from 0-hero will cost you 60k minimum. If paid off over 10 years that is almost 1000 a month in loan repayment! At the 20% mark its closer to 1200 a month.
Figure as a CFI and then a regional FO you will be making maybe 25k a year if you are lucky, your gross is only 2100 and your net monthly salary will be maybe 1600? That gives you 400-600 a month for food, clothing, rent and anything else you want to buy.
Not trying to discourage you, but that is a HUGE commitment. Working and paying as you go should also be considered even if it means doubling or tripling the time it takes to get your ratings. That route tends to be cheaper overall, just not a quick.
CoffeeIcePapers
Well-Hung Member
Sallie Mae pulled out of the game for the most part. Most schools who offer it are part of a college program.
I know it will cost a lot, but this is something that I am serious about & my wife is willing to support my decision. Her income will cover us until I build up my ratings and get a good position. I am trying to decide if I should just complete a university program (I have about 2 years college, but I don't have a degree) or go through a private flight school. I want to complete the program as soon as possible, but also do it wisely. ???
It's a very difficult situation to weigh out. I did most of my flight training through a college program where I borrowed only government student loans which is nice because of the fixed interest rate. But I also worked to pay for some of it out of pocket and just borrowed what I needed. I would highly advise AGAINST borrowing the total cost of a program just to get done quicker. Patience is the name of the game.
It's a strange situation:
If you have enough money to pay for all of your flight training out of pocket plus living expenses, then you probably don't need a job
If you make enough money to pay for training as you go and finish in a reasonable amount of time, then why would you leave that job?
Make sense?
I am looking to start my pilot training - starting from zero to Commercial. To be able to pay for the training I am looking to do the Career Training Loan from Sallie Mae. They unfortunately do not have a list to find out what Flight Training Schools provide their loans. Basically, they said just call us with the names of schools you are checking out and we'll tell you if they provide our loan - That could take forever. I am willing to relocate if need be. Does anyone know of Flight Training Programs that provide the Sallie Mae Financing???? I really appreciate any info!
Totally. I don't have the out of pocket to pay for it and I need to make a career change and I know for sure this is the career I want. The sooner I complete the sooner we are on our way to our new life. I know it will take years possibly before I actually work commercially, but still sooner done sooner I get there. What I've seen is there just isn't any financing out there to pay for the training. I guess I'm going to have to do the college route and do student loans???
Matt13C
Well-Known Member
Better route anyway, having a degree and training is better than just the training. Also should be able to get fixed rate loans.
I would go out and get some time in the plane before you commit to anything. Also, be sure you can get a first class medical and have no issues that may hurt your ability to keep your medical in the future.
Good luck and have fun!
Thanks - I still wonder, though if there are any private schools that work with the sallie mae loan because I only have one university choice in ky and don't want to pay out of state tuition??? Plus, I have 2 years credits in business and could just finish my degree instead of start another one from scratch. I could finish with a private school much quicker than the university.
What does anyone know about ATP? Are they good?
ryan1234
Desensitized Member
No one on here knows anything about ATP
on another note.... you can get 'creative' about financing your flight training experience. Most state schools will offer Stafford Loans. If you can mitigate your expenses (and get scholarships, etc), you can use the 'excess' money from the loan to cover flight training at say, a part 61 school. It will come at slower pace than the Sallie Mae route. The benefit is that over time you'll have a degree and flight training as well as not have a crazy loan payment to make.
IslandFlyer
Well-Known Member
Search ATP here on the forums, there is a lot of information about the school. There are quite a few people on this forum that went to that school. Very expensive but I am assuming that sallie Mae still works with them.
drunkenbeagle
Gang Member
Finish your degree first. Find a job that will cover learning to fly as you go part 61. If flying doesn't work out, you aren't in a ton of debt with nothing else to do. If it does work out, you aren't drowning in debt.