Funding licensing and school! Help!

[nickdelvecchio]

Are there any pilots out there who got trained through a civilian flight school? I've wanted to fly Helicopters since I was 3 and my wonderful fiance' (wife on Nov 13th!) is edging me on to go for it, and shes supporting me through it (which is amazing). I'm starting up in January to go through my helicopter flight training. I'm going for my commercial and ratings, basically the works, but seeing that price tag is making me nervous!

 

how did you guys do it?! any tips or tricks to financing and paying for this?? school? Sallie Mae? inherited a sum of money?

 

also how is it going if you did get loans in paying it back???

 

thanks so much! I can't wait to be a part of this job market!

[kodoz]

Do your research and have a back-up plan before jumping in. There are lots of civilian-trained pilots...heh, that's actually part of the problem. Easy credit the past few years opened the door for many of us, and now that the economy has contracted, there aren't the jobs to support us all. Especially the guys with

 

So my tip would be to have a career that you are established in and can live off of when the going gets rough in the helicopter industry. Avoid loans if you can. Look before you leap.

[nickdelvecchio]

cool thanks. I've been looking around at different schools and ways for financing, I have options, but I'm looking for any way I can to have to not pay for it. I'm definitely solidified in a job, and I'm planning on rocking out my training 4 days a week in the afternoons

[HeliUtah]

Hey Nick,

 

Congrats on taking the leap (on Nov 13 as well as in January). The only realistic way to get your training without paying for it yourself is the military. Otherwise, you can sell your house, car, kids, etc. to pay for it yourself. I went that route (unfortunately I didn't have kids ... I'm sure they could have brought a hefty price). I dug into some of my retirement savings, and the rest I borrowed from family.

 

kodoz gives good advice in terms of having a fallback. I am lucky enough to be able to keep doing software contract work so I can pay the bills. I will be finishing up my cfi/cfii in about 3 weeks, and there aren't any prospects for a job at this point. A couple of the schools in my area will let me train any students that I can recruit, so I am building up a website and putting together a marketing plan to try to recruit my own students, but I don't know if anyone has ever had any success going this route ... I am apprehensive.

 

Enough about me ... as for the financing, you should try to be able to pay for all of your training before getting started (savings, loans secured, etc), especially if you are going to be cranking 4 days per week ... you will burn through the money quickly. Nothing worse than getting your private, then 20 hours into your instrument and running out of cash.

 

Good luck, and let us know how it goes.

[Rick McWilliams]

You will have so much fun and personal development. There is nothing easy, but every step is very satisfying. Beware, your wife might notice you having too much fun and need to fly helicopters as well. It happened to me.

Edited November 11, 2009 by Rick McWilliams

[r22butters]

Both you and your wife are going to have to keep your day jobs for a very, very, very, long time. Don't borrow money! If you loose your day job, as I did, you won't be able to make the payments, and your credit will be destroyed, not something a new couple needs.

 

If you ever find a job as a Flight Instructor, and yes, you will have to teach, you will probably only make about $800/mo., for a couple of years, and you will most likely have to re-locate at some point. Things to consider.

 

Good luck, you're going to need it.

[Inferno]

Don't let the downers ruin your dream. if you have the initiative, ability and drive to do it, go for it.

 

I constantly have to pinch myself to check and see if I'm dreaming. The stuff you get to do flying is absolutely amazing.

 

Good luck!

[ftbl74]

Dude congrats on the wedding. Learn as much as you can. That will help you in finding your first instructor job. Also I found that its a very good idea to make sure you have enough money to carry you through a rating. I ran out of money when I was working on my Instrument rating and I sat around for almost 2 months trying to get some more. When I started up again it was almost like I forgot how to fly using the instruments, so it was like I was starting over. Which is throwing your money away. Good man and have a blast. Flying is the greatest thing I have ever done!

[Hawkeye0001]

If I were you I would save all the money before starting the training.

I did it this way and trust me, I'm glad I did it. Now the money starts getting short, there are barely any jobs available at the moment which is bad. But I don't want to think of the same situation with the additional pressures if I'd to pay back a loan or any debt in time.

 

I know guys doing it on a loan and obviously it works for them (at least for now) but I would never allow myself to be in someones debt when starting a career that doesn't offer any safety in terms of employment or even low-time jobs.

 

And have a Plan B!