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Where and how has everyone financed their training if they had to go that route? I am looking at starting my training in the next couple months and am having trouble finding a place to finance the entire amount of the training. My plan is to get a loan for the entire amount, or as I need it, and do the training as quickly as possible without having to wait for money or to pay down enough of the loan so they will loan me more for the next step. Any thoughts?

 

Sorry if there is a post about this already, I couldn't find any. Is there a way to search the forums by key words or am I just blind?

 

Thanks everyone for your help. This is my first post, but I have been reading and learning from this site for a while now.

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It's a rough time to get financing, especially since most of the loans are unsecured. With decent credit and perhaps a co-signer you might get $20K out of Sallie Mae but I haven't heard of too many other options.

 

If you're eligible, the GI Bill will pay for part of your training at a Part 141 school but I think I heard you have to have completed your private on your own already.

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It's a rough time to get financing, especially since most of the loans are unsecured. With decent credit and perhaps a co-signer you might get $20K out of Sallie Mae but I haven't heard of too many other options.

 

If you're eligible, the GI Bill will pay for part of your training at a Part 141 school but I think I heard you have to have completed your private on your own already.

 

 

That is right. My fiance tried with the GI bill and they said they will pay for like 50% or something of your commercial but not your PPL. You could always cheat the system, and sign up for full units of school at random community college, and halfass your way through it. And collect the now, 1300 or something a month and save it up for a year or so. That is of course, if you have the GI bill available.

 

I didn't do the loan. I pay for it as I go. And yes, it's rough, it's long, and I don't get to fly all the time. But I got my PPL that way. I have a little over 100 hours now, working on my comm and IFR doing it. Been a few years, but I'm young. I have time.

 

When I was looking at loans, I heard of Sallie Mae (Like hedge said) and Pilotfinance.com? I think it was...

 

Goodluck!

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I am in the same boat, pretty much. Got money from pilot finance for my Private, but cant get any more money out of them until half of loan is paid off, two years. Also, PF is pretty restrictive on how they let you train. Good to talk to your school about bending some of their rules. But pretty easy to get approved if you dont have a high debt to income. Yeah who has that right. So now I am left wondering what bank to rob to finish. Just kidding, but seriously, a 141 school will probably be your best bet to get a loan.

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Now is a really tough time to be starting out as a new CFI/Commercial Pilot. I would recommend either 1. Joining the military and flying for them. Or 2. Putting off your training for a year, and reevaluating than if it is still what you want to do. With what's going on in the economy as a whole, and Oil and Gas, and the Tour industries as well as the surplus of low time CFI's post collapse of SSH now is not a good time to take on $60,000 of debt. Get the books you need and spend this year studying for your PPl CPL I CFI and CFII ground and written tests. By the end of the year you will have a much better idea if this still for you. You can take the written tests anytime with an instructors endorsement. Good luck to you. Go into this with both eyes open.

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Thanks everyone for their feedback. With a kid, wife, and a house I would need to finance it all to make it happen. And at the moment military would not fly with the wife. I was kind of thinking what you said K-38, doing what I can right now and re-evaluating in a year or so. I hate to wait too long to pull the trigger, being 25 and the family.

 

Has anyone noticed a surplus of pilots with the economy the way it is?

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What ever happend to "Pay as you go" flight training? :huh:

 

RW

 

It's not easy! I'm not married, 24, cruddy job (But a job that pays, AND pays overtime). With bills to pay, a fiance to feed (Out of a job and can't find one because of the job market), it's difficult. I fly once every week, but lately every OTHER week (holidays are hard on the bank account). I can't even IMAGINE trying to do it with a wife, kids, and house payments. Unless you make a lot of money at your current job, and even at THAT it's probably difficult!

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Now is a really tough time to be starting out as a new CFI/Commercial Pilot. I would recommend either 1. Joining the military and flying for them. Or 2. Putting off your training for a year, and reevaluating than if it is still what you want to do. With what's going on in the economy as a whole, and Oil and Gas, and the Tour industries as well as the surplus of low time CFI's post collapse of SSH now is not a good time to take on $60,000 of debt. Get the books you need and spend this year studying for your PPl CPL I CFI and CFII ground and written tests. By the end of the year you will have a much better idea if this still for you. You can take the written tests anytime with an instructors endorsement. Good luck to you. Go into this with both eyes open.

 

 

I agree, these are tough times. I wouldn't say it's all doom and gloom, however.

 

I think the CFI's will probably feel it the most, due to the reduced number of new students coming in.

 

It's not like the oil industry just shut down, or EMS abandoned the use of helicopters, though. Lets not forget what a unique tool the helicopter is and just how valuable (and irreplaceable) it is. The need for helicopters is not going to go away, there are so many jobs that can only be done using a helicopter. As expensive as helicopters are to operate, if there was another option it would already be in use.

 

I'm sure you understand this, K-38, but I wanted to make the point to new people coming into this industry.

 

This economy is going to make it tough for people to pursue all types of careers, aviation, getting a college degree, anything. It's hard to pay for these things with the economy the way it is. The good new is that the economy has not erased the need for helicopter pilots (or nurses, architects, or engineers for that matter).

 

Tourism will likely slow down, and new student numbers will likely drop, however I don't think the big picture is a completely bleak one. If your dream is to become a helicopter pilot, don't let the fear of the current economic crisis keep you from pursuing your dream.

 

Be responsible with your finances though, and don't borrow even one dime more than you can afford.

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Here's what I did: I'd say I'm a fairly average case, as far as actual hours go to get your PPL are concerned. It took me roughly 70 hours to get through. Or in money, around 18,000 bucks all told. Get a job (or two) and save up, pay your own way through Private. This will give you a better idea about the industry as a whole and where you think you fit in. I actually learned, through the course of PPL, that there are volumes upon volumes of things about this industry I've yet to learn.

 

Get a rating under your belt on your own dime, and then re-evaluate whether or not this is something you want to commit another 35-40k to. It's probably not the answer you wanted, but I'd say it's the best choice.

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Here's what I did: I'd say I'm a fairly average case, as far as actual hours go to get your PPL are concerned. It took me roughly 70 hours to get through. Or in money, around 18,000 bucks all told. Get a job (or two) and save up, pay your own way through Private. This will give you a better idea about the industry as a whole and where you think you fit in. I actually learned, through the course of PPL, that there are volumes upon volumes of things about this industry I've yet to learn.

 

Get a rating under your belt on your own dime, and then re-evaluate whether or not this is something you want to commit another 35-40k to. It's probably not the answer you wanted, but I'd say it's the best choice.

 

That's a great suggestion. I did pretty much the same thing - I did my private slowly on my on dime, then re-evaluated. When I got part way into my instrument rating I decided to borrow the money for the remaining training costs and go hard at finishing my training.

 

This is a really good compromise between paying as you go for the whole thing through CFII (which depending on your income could take a loooooong time) and borrowing a stack of cash up front only to find that this whole flying thing is not for you.

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Whatever don't put a whole wad of money down PAY AS YOU GO, if times are hard try for discount on 10 hour blocks but no more.

As 2\3 people said doing it on your own dime is slower, but if things gets tougher you have only spent what you can afford :ph34r: but you are young 2\3 years is not that long & remember there are all those SSH cfi looking for jobs to get to 1000 hours.

Just the thoughts of an old f**t

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I plan on getting my PPL while I'm working and having at least that paid for and then I can decide from there if I want to go on...have to make sure this old dog can learn new tricks before getting a large loan! I'm hoping by the time I get my PPL that the credit crunch will have eased up and so I can go to school full-time and concentrate on getting the rest of my certifications without working so I can finish up as soon as possible.

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  • 2 weeks later...

Anyone tried AOPA's financing? I saw in AOPA Flight Training that they can get you up to $25,000 (notice it said "up to," not "guaranteed"). I plan to check soon, though if their publications are any indication of their interest in the rotary world (more than obviously FW-biased), it could be slim pickin's!

 

I'm in the same boat here. I'm waiting for the FAA to approve my medical, but I want to get moving sooner rather than later. I'm hard up for funds as well which is why I plan to enroll in UVU's program and train at Quantum Heli here in Chandler once I get my ticket.

 

My main concern with the "pay-as-you-go-get-your-PPL-then-decide-if-this-is-for-you" idea is this: I know I want to fly. I've wanted to since I was a small child, and it's killing me that I'm not in the air already. I realize all good things come with time, and I'm willing to take the time if needed. However, pay as you go makes for a potentially LONG training period (and that's just for PPL), which will increase the cost as it is. And the chances of you getting half way there and then quitting (which is a big waste of money, IMHO) are MUCH higher for the "Pay As You Go" route.

 

I do not have a college degree, which is why the UVU degree is an option. Last I heard they could get students $13,800/semester, which I could go through pretty quick I'm sure. I'd take out a loan for the remainder. But once the FAA approves my medical, I'd like to get my CFII/Comm as quick as possible to reduce the need for relapsed training. No point in learning things twice if you get it the first time but couldn't afford to keep the skill sharp.

 

All of this is still up in the air (I still need to contact UVU, but my work schedule really stinks for making phone calls), but we'll see. Either way, I'm getting in the right seat! I'm not about to let things hold me back, and I'll take 20 years to get my CFII if I have to. It'll be hard work, but far more than worth it. :)

 

So that's another option, if you can swing it.

Edited by Basher
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Waiting a year and then re-evaluating the situation is the BEST THING YOU CAN DO! VERY SMART IDEA! At least give it 6 months to see what happens with the banks and the economy.

 

Good Luck

 

Just remember, the economy will get better. It may take a while (especially now with the Gov. bailing everything out!), but it will get better.

 

So if you wait a year or so to start training, then a year from now the economy is booming again and jobs are plentiful, you will just be starting training...with higher fuel prices...

 

And, I bet flight schools are starting to hurt a little, so their prices may also be coming down...also lower fuel prices...

 

Just my opinion.

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Thanks a lot for everyone's input. Hopefully some others have gotten something out of this thread too. Like some have mentioned, I hate the idea of putting so much money into training to have to re-learn some of it because I am waiting on money, but it sounds like I would not be the first to go through that and would not be the last. The economy is one of the reasons why I would like to start as soon as possible so that I can get in and start making money when everything starts turning around and everything starts going crazy again. But then again that could be a little bit of a gamble also.

 

Any input from others who have done a career change into helicopters while supporting and keeping your family?

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Thanks a lot for everyone's input. Hopefully some others have gotten something out of this thread too. Like some have mentioned, I hate the idea of putting so much money into training to have to re-learn some of it because I am waiting on money, but it sounds like I would not be the first to go through that and would not be the last. The economy is one of the reasons why I would like to start as soon as possible so that I can get in and start making money when everything starts turning around and everything starts going crazy again. But then again that could be a little bit of a gamble also.

 

Any input from others who have done a career change into helicopters while supporting and keeping your family?

 

Doing it right now, and while it sure isn't easy to keep so many balls in the air at once, it CAN - and in my case, WILL - be done.

 

Flying's a bit cheaper right now and I'm banking on the notion that we're looking at an upswing in hiring once the economy starts to turn around.

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BASHER---

 

I have checked into UVU and yes they can get you some money. I was told I was approved for 8600.00 a semester but the remaining of the money per semester needs to come from a outside lender. So while that is good I think it is best for me to get the extra cash before I start school.

I do think though the UVU is a good choice just for the simple fact that if some day you can't pass a medical you can stay in the aviation field with their degree. I love aviation and anything to do with it,so staying close to it would be fantastic. Don't feel bad Basher you are not alone.lol

 

TOAD

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I was able to get the $25k from AOPA. You must be an AOPA member to apply and it's good idea to be a member anyways. The AOPA loan is a "Line of Credit" through Bank of America. What that means is that it acts similar to a credit card. You can pull out money whenever you want, and whatever you pay back you can pull out again. It does come with a higher rate similar to a credit card though.

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