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Financing issues? Employment? I have a plan.


csw1000
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I'm a 35 year old father of four. I lost a pretty lucrative sub-contracting business a few years back ( thank you ex wife), and am now starting over. I have been trying for three years to come up with a plan to get behind the stick, and thanks in part to the advise I got on this site, I think I now have a good one. The main problems and concerns for me have been:

1.) How to finance training.

2.) How will I pay my loan back if I can't find a job?

3.) What school should I use?

4.) What chopper should I train in?

5.) What ratings should I pursue?

Well here is my solution. UVU Global Aviation Degree program. Although getting all the info has been difficult I think I've about got it figured out. I can do all the course work on-line. I can get gov. grants and low interest student loans that will cover tuition and a good part, almost half I think, of the flight training (still need some help from Mom). If I play my cards and loans right, I should be able to get my hours up to maybe 200 - 300 in the first couple years. Then I still have 2 - 3 years to finish my degree and defer loan re-payment (although interest will accrue) until 6 mo. after that. By then I may have 1000hrs as CFI or whatever I can get, and be able to get a job that pays. If not, I have a BS in aviation admin. and can at least get a desk job to pay loans and hold me over till I can get a good pilot job. Also, since the degree requires no actual flight time, you are free to choose any school or schools you want to train at. I can train a little on a 300, a 22, and a 44. I can also get any ratings I choose to pursue. I'm going for CPL, CFII, and IFR. It will take time,uugh, but there are no jobs now anyway. As I work to become a truly professional pilot over the next few years, hopefully the industry will pick back up and I'll be there waiting, first and best in line. If anyone is interested in taking the long road, I would be happy to share the info I have.

P.S. If any pros see any big holes in this plan, please let me know.

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If your going to UVU I take it your in Utah more than likely. About 6 months ago the last school in the area using the 300 had to shut its doors, if your living around SLC I doubt you will be able to get many hours in that ship.

 

UVU offers their degree exclusively online, allowing you to take the classes anywhere in the US

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VNYcfi, I live in Independence, KS, the south east corner. I plan on training in Tulsa, OK, about an hour and a half to the south. ADRidge, I think one of the best things is that by pursuing a degree is that over the next few years the industry will have time to re-coup and by the time I graduate the job market will hopefully improve. Cajunjack, as wopilot stated you can take the on-line course anywhere, globally actually. R22butters, I know it is a daunting task to repay those deferred loans, but I think it will be quite difficult to start full payments until I am making some real money. Also, I intend to make interest only payments while in school, so that should help.

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They don't require any flight time, but a big draw for students (at least me) is that you get college credits for getting your ratings. Some credit is for flight and some is for ground.

 

Private pilot- 7CR

Instrument- 6CR

Comm.- 10CR (2 phases)

CFI- 4CR

 

So that will fulfill all of the elective requirements of the degree, as only 19 elective credits are needed (15% of total credits). I am currently doing something very similar to what you are considering, and you are correct this is a long road. There is no short road to become a Helicopter Pilot. At the current rate, it will take me about three years to get all of my ratings.

 

The way UVU loans work is they basically push their calculated "Cost of attendance" as high as they can, while keeping their actual cost as low as they can, so that Students are able to borrow the calculated amount, leaving them with about $20,000 a year to put towards flying.

 

If you have any questions about the loan process I can help you though PMs or email if you want more info. Just make sure you have the means to pay it back, especially since your first job is going to potentially pay you less per month than your monthly loan payments.

 

You will need a Cosigner.

Edited by Sparker
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Are you sure about the credits? I talked to a gal in the aviation student support dept. and she told me that your ratings only count if you are a fixed wing pilot. She said for fixed wing you can get a BS professional pilot degree and the ratings do count, but for a heli pilot you can only do a BS aviation administration and then the ratings do not count since there is no flight time actually required. I would appreciate any help, I have to figure out how to PM. Mom will help, credit next to God, as they say. Much better than mine!

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Good luck in your endeavor, csw! I wish I'd known about the UVU and UND programs before I started college. Now I'm too far in to switch around. I say go for it, because you don't want to look back later in life and say "man, I wish I'd done that." I already do that and I'm only 20. Take control of your life, assess the risks. Don't be afraid of risk, but don't rush blindly into it. That said, looks like you have a fairly solid plan. Paying the interest-only payments while in school is a great idea. I would do that for my college loans now, but I've got no money and no job. Make sure you have a couple back-up plans for when you graduate, since you seem to be banking (literally) a bit on the economy being better three, four years down the line. It will probably be better, but it probably won't be great. Even if it does improve drastically, there are a lot of people ahead of you in line already. You can never have too many backup plans. But take the risk. I am - I'm joining the Army after I graduate to learn to fly. It's a huge risk, but I know that it is my path. If I don't do it, I will always kick myself in the rear. Never falter, never quit.

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I will say the same to you Lindsey....take the risk! Don't look back and say "what if?". I had kids at 18 and always wanted to serve my country and never did, I have felt guilty ever since. Kinda like I'm taking the freedom ride for free. I think I know how your parents may feel, life is risky and they probably are just afraid something may happen to you. I am sure they are very proud of you on the inside, if not yet, then they will be. I admire every soldier in the field, without them we would have nothing. I read your post " It was meant to be.." I commented as well. Best wishes, CSW.

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They aren't exclusively online, you can take classes locally, too.

 

 

I just meant you could get the degree all online if you wanted to. Exclusively was probably the wrong word :P

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Are you sure about the credits? I talked to a gal in the aviation student support dept. and she told me that your ratings only count if you are a fixed wing pilot. She said for fixed wing you can get a BS professional pilot degree and the ratings do count, but for a heli pilot you can only do a BS aviation administration and then the ratings do not count since there is no flight time actually required. I would appreciate any help, I have to figure out how to PM. Mom will help, credit next to God, as they say. Much better than mine!

 

UVU did accept heli ratings in the past but will not any longer. The aviation administration degree is the only option for an aviation degree from UVU without fixed wing ratings. I'm a current UVU student nearing graduation. I was able to apply my heli ratings to the pro pilot degree but that is no longer an option. I would recommend UVU but the limitation on heli ratings is a drawback. Check with some of the other schools that offer aviation degrees. You may find one that better meets your needs.

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yes, of course. That is a big part of my motivation. I am trying to get to a point where I have a good career so I will have the financial resources to help them if and when they need it. I also hope to set an example that with hard work and dedication they too can reach their goals. I also hope to show them the importance of a good education so they go to college right away and don't wait until later when it is much more difficult. Why do you ask?

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yes, of course. That is a big part of my motivation. I am trying to get to a point where I have a good career so I will have the financial resources to help them if and when they need it. I also hope to set an example that with hard work and dedication they too can reach their goals. I also hope to show them the importance of a good education so they go to college right away and don't wait until later when it is much more difficult. Why do you ask?

 

Since you asked, your plan seems like it has little chance of becoming "a good career" in time to help your kids. You're going to borrow a lot of money just to get the entry level requirements to begin an apprenticeship...i.e., working for minimum wage instructing for at least 1,000 hours. And that's for an occupation that will probably require that you to relocate to Louisiana. If you're lucky and start right away it will be four years before you can apply for a real paycheck generating flying job.

 

You said you had your first child when you were 18 so s/he is 17 now. Too late to help that one. How much help will you be for the others if you're going to school and then in debt and working for minimum wage while they are moving toward getting out of high school?

 

Just my two cents.

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thank you for your input. without getting too far into the personal financial position of my entire family lets just say I have already been preparing for my two oldest daughters' college plans for about 16 years already. My oldest, 16 actually (good guess though), wishes to pursue a life of dance and theater. To this date I have already spent many, many thousands of dollars, along with her mother and both our parents to put her through several reputable dance companies. Savings plans, gov. bonds, and certain other assets have already been allocated. Not to mention she maintains good grades and is incredible as a dancer. So in addition she should be able to get a scholarship of one type or another. Same for my 2nd daughter, but lacrosse instead of dance, and honor role instead of good, though both are great! Now are you starting to see why I am broke and need assistance? Also, neither wants to fly choppers so their educations will be more reasonably priced. That said, I have a 13 year window until my 5yr old daughter is ready to go off to school.

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Are you sure about the credits? I talked to a gal in the aviation student support dept. and she told me that your ratings only count if you are a fixed wing pilot. She said for fixed wing you can get a BS professional pilot degree and the ratings do count, but for a heli pilot you can only do a BS aviation administration and then the ratings do not count since there is no flight time actually required. I would appreciate any help, I have to figure out how to PM. Mom will help, credit next to God, as they say. Much better than mine!

 

I'll have to call them again. My instructor said something about UVU telling him his ratings wouldn't count for an associate's degree, but they would for a BS. Also I enrolled a few years ago, so there is a chance I may just be grandfathered in. Also there's a chance I will submit my PPL and not get credit. At the time I enrolled I understood that my ratings would count.

 

To send PM, click a person's name, and choose "Send Message"

Edited by Sparker
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