Financing School

[Hedge36]

If I had a chance to do it over again, I'd go CG without a moment's hesitation.

[ADRidge]

Ugh this is all very depressing. I have been saving for the past year in order to buffer loan payments once i get my CFII. Now it looks as if this would be a HORRIBLE time to take out a loan for training. I have even been considering the coastguard for flight training at this point (11 year commitment ...yahoo!).

 

Variable interest rates? Isn't that what's causing SO many people have their houses foreclosed on? 13% is godawful to begin with, and I don't even know if I would be able to get a loan with a strong cosigner and 742 credit score.

 

Does anyone have any advice for me? Should i just wait until the new pres gets in office? Should i just join the CG? Maybe i should go up to Canada & train there? At least their banking industry isn't suffering nearly as much as the U.S.'s.

 

Sorry to be all doom and gloom...I was just so ready to get out from behind this desk by the end of the year. blah.

 

Here's my take on it. I was VERY hesitant to jump into such a huge loan. I spent 7 months on my PPL and paid cash for it, but I'm not in a position to keep doing that for another 2-3 years while I go all the way through CFII.

 

If you haven't started training yet, keep saving. Pay cash through at least your PPL. I looked long and hard at what my costs would be with a loan. While I can't see into the future more than anyone else, I know what my budget is, and if I stop drinking Shiner and start drinking miller lite, I can afford my payments for the foreseeable future.

 

If you can go military and train that way, I would, but that's just me. I can't, so here I am. It's probably not the best time to take out a loan, but it's not nearly as bad as some on this forum think it is. It didn't take me but one cosigner and a few good references. Of course, both myself and my cosigner have excellent credit, and the cosigner makes a ridiculous amount of money.

 

I plan on paying this loan off within five years. It's completely doable in my eyes, too. Of course, I'm betting the farm on that first CFII job, sure. But then again, I try very hard to maintain the mindset that I'm going to be not only the best pilot and instructor I can be, but my personal best is going to be head and shoulders above everyone else's best. Seems like that's one of the key factors in landing that first job and paying off such a huge loan.

[jehh]

It's probably not the best time to take out a loan, but it's not nearly as bad as some on this forum think it is. It didn't take me but one cosigner and a few good references. Of course, both myself and my cosigner have excellent credit, and the cosigner makes a ridiculous amount of money.

 

And of course those people can always borrow money, no matter the time...

 

You're right that it isn't all bad, as I said we've gotten several approvals this month. The only downside is that the days of 5% interest rates are gone. We had our last one of those in June, just before Sallie Mae switched from Prime to LIBOR...

 

I plan on paying this loan off within five years. It's completely doable in my eyes, too. Of course, I'm betting the farm on that first CFII job, sure.

 

Isn't everyone? Not everyone will make it, but then that is true at Harvard as well, so you take your chances and roll the dice. Life is an adventure, why spend it doing something you dread every day?

 

But then again, I try very hard to maintain the mindset that I'm going to be not only the best pilot and instructor I can be, but my personal best is going to be head and shoulders above everyone else's best. Seems like that's one of the key factors in landing that first job and paying off such a huge loan.

 

So true, and I wish more people would pay attention to this. Also remember that being a great pilot and instructor is half the battle. Being professional and having the right attitude are the other 50%. Bring all 4 of those to the table, and you'll never have trouble finding work.

 

Fly Safe!

[Rotorfiend]

So one of the options i've been checking into is flight school in Canada.

 

Does anyone have any info about procuring a non-collateralized loan up there? I spoke to an owner of a school and he said that the banks require you to have some kind of collateral.

 

Also, the commercial training in Canada is 100 hrs...does anyone have any info about how that translates to U.S. commercial license? Would another 50 hours of flight alone make up the diff in order to test & get your U.S. CF?

 

I guess just any insight or info into this topic would be helpful, not necessarily just answers to the questions i asked.

Edited October 15, 2008 by Rotorfiend

[Pohi]

As far as the CPL and the FAA helicopter pilot license, I hear they have been moving more towards an easier transition. In Canada they require more certificates, such as a night flying certificate. Here is a link to their requirements... http://www.tc.gc.ca/CivilAviation/Regserv/...s/cars/menu.htm

 

School, financing, waiting, etc etc... My two cents are that if you know what you want to do, and can manage it then do the research before you jump in. I was in that boat, and I took a few months deciding if poverty was something I could handle for a year or two. Eventually I decided that a little short term difficulties would be a small price to pay for such a great career. I have never regretted my choice to go to flight school.

 

This decision is like so many others, and there is usually no perfect time. If you wait for the perfect time to buy a house, you will rent for your whole life. I had been working for quite a while and had never managed to save up enough to pay for complete training. If I had decided to try and save or invest to pay for school, I would still be driving to a horrible job for the next thirty years.

[OhhAndy]

If I had a chance to do it over again, I'd go CG without a moment's hesitation.

Count me in as well, without hesitation. My problem is Im 35 so maybe in another life.